Market Commentary

Daily Markets Wrap - Dec 6, 2023 - HDFC Securities

Posted On : 2023-12-06 18:43:45( TIMEZONE : IST )

Daily Markets Wrap - Dec 6, 2023 - HDFC Securities

Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Nifty ended at a record high rising for the seventh consecutive session on Dec 06. At close, Nifty was up 0.40% or 82.6 points at 20937.7. Cash volumes on the NSE were high at Rs.1.18 lakh cr. Broad market indices rose less than the Nifty even as the advance decline ratio improved to 1.12:1.

Asian equities mostly gained on Wednesday as bets firmed for a peak in interest rates among major central banks globally. European steadied near the highest level in four months as traders added to bets central bankers are preparing a global policy pivot toward rate cuts.

Retail sales of automobiles in India hit an all-time monthly high in November, as the festive season boosted sales in two-wheeler and passenger vehicle category. As per FADA, November 2023 Auto Retail sale creates history by selling 28.54 lakh vehicles, surpassing March 2020, which sold 25.69 lakh vehicles during the auto industry's transition from BS-4 to BS-6 emission norms.

Nifty rose again on Dec 06 but formed a dragonfly doji like pattern which hints at top reversal. Although Nifty crossed 20915, the movement in the indices remained subdued later. Nifty could now remain in the 21,000- 20852 band for the near term. Dec 07 is the 8th day of rise which is a Fibonacci number and normally suggest a change of trend.

Source : Equity Bulls


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