New Delhi: On December 24, 2024, Indian equity markets opened on a subdued note, with the BSE Sensex gaining 30.41 points to reach 78,570.58, while the Nifty 50 index remained flat at 23,754.25. This opening comes in the wake of a relief rally that ended a five-day losing streak, driven by positive global cues.
Market Overview
The Indian stock market opened with mixed sentiments as traders prepared for a holiday-shortened trading week ahead of Christmas. The previous day saw the Nifty 50 close up by 165 points, reflecting renewed investor confidence following reduced foreign institutional investor (FII) selling.
Key Indices:
- BSE Sensex: +30.41 points (0.04%) at 78,570.58
- Nifty 50: Flat at 23,754.25
Global Market Performance
Global markets exhibited mixed performance, influenced by tech stock rallies in the U.S. On Wall Street:
- The Dow Jones Industrial Average rose by 66.69 points (0.16%) to close at 42,906.95.
- The S&P 500 gained 43.22 points (0.73%) to finish at 5,974.07.
- The Nasdaq Composite increased by 192.29 points (0.98%) to close at 19,764.89.
In the Asia-Pacific region:
- Japan’s Nikkei 225 slipped by 0.33%, while Hong Kong’s Hang Seng Index rose by 0.31%.
- Australia’s S&P/ASX 200 climbed by 0.35%, reflecting a positive sentiment in the region.
Technical Analysis
According to Vaishali Parekh from Prabhudas Lilladher, the Nifty has established support at the 23,600 mark, with resistance looming at the 24,000 level. She indicates that for a sustained upward trend, the index must decisively close above this resistance level.
Key Levels:
- Support Level: 23,600
- Resistance Level: 24,000
Parekh also mentioned that the Bank Nifty index is expected to trade within a range of 51,000 to 51,900, showing signs of recovery following recent lows.
Conclusion
As trading continues on December 24, investors are advised to monitor key resistance and support levels closely while considering potential opportunities in individual stocks amidst mixed global cues and a holiday-shortened trading week.
Disclaimer
This article is intended for informational purposes only and does not constitute financial advice. Investors should conduct their own research or consult with certified financial advisors before making investment decisions
