After achieving gains for the seventh consecutive week, the Indian stock market experienced a decline on Monday. The Nifty 50 index closed 38 points lower at 21,418 levels, while the BSE Sensex corrected 168 points to close at 71,315. The Bank Nifty also corrected by 275 points, ending the day at 47,867 levels. In the broader market, the small-cap index gained 0.48%, and the mid-cap index added 0.28%.
**Market Overview:**
Domestic equities traded lackluster as profit booking ensued following a sharp rally over the last three sessions. Global markets also exhibited caution ahead of the Bank of Japan’s meeting on Tuesday, where the central bank might announce plans to end its ultra-loose monetary policy.
While the Nifty ended the session with a loss of 38 points at 21,419 levels, the broader market, represented by Midcap100/Smallcap100, closed in the green with gains of 0.2%/0.6%. Sector-wise, Pharma, Auto, Metals, and Infra recorded marginal gains, while Banking and IT stocks took a breather. Niche sectors like sugar, shipping, and defense stocks were in focus.
Siddhartha Khemka, Head – Retail Research at Motilal Oswal, commented on the market’s performance, noting the resilience in certain sectors such as sugar and defense.
**Nifty and Bank Nifty Outlook:**
Subash Gangadharan, Senior Technical and Derivative Analyst at HDFC Securities, expressed a positive outlook, stating that the markets took a breather after the sharp rise last week. He emphasized that any corrections are likely to be short-lived and can be viewed as opportunities to buy quality stocks. The immediate resistance for Nifty today is placed at 21,483 levels.
Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities, provided insights into the Bank Nifty outlook, mentioning that the index encountered resistance around 48,000 levels. The immediate support for Bank Nifty is positioned at 47,800, and a breach below this level could intensify selling pressure.
**Key Factors for the Day:**
– The market remains bullish overall, supported by robust domestic economic data, healthy corporate earnings, and strong foreign institutional investor (FII) flows.
– Despite the recent strong rally, bouts of volatility are anticipated.
– Key events to track include the Bank of Japan’s policy meet, European CPI data, and China’s trade balance.
**IPO Subscription Updates:**
Several IPOs, including Happy Forgings, RBZ Jewellers, Mufti Menswear, Motisons Jewellers, Sahara Maritime, and Electro Force India, reported varying subscription levels on Day 1 and Day 2.
**India Shelter Finance IPO Allotment:**
India Shelter Finance IPO share allotment has been declared, and the IPO is set to list on December 20. Investors can check their allotment status online on the KFintech website or through their bank account and Demat login.
**Day Trading Tips for Today:**
Market experts provided day trading tips for today, focusing on specific stocks:
1. Marico
2. Cipla
3. Sun Pharma
4. Tata Chemical
5. Granules India
6. Zydus Lifesciences
**Nifty and Bank Nifty Call Put Option Data:**
Chinmay Barve, Head of Technical and Derivative Research at Profitmart Securities, shared insights into the Nifty and Bank Nifty Call Put Option data, highlighting key levels and open interest details.
**Disclaimer:**
Investors are advised to verify the information provided by individual analysts or broking companies and consult certified experts before making investment decisions.
*Note: The market conditions are subject to change, and investors should stay updated with real-time information.*
