Market on Dec 16, 2024

Daily Journal: US markets had a muted session on Friday. Futures are trading in green. US 10Y Bond Yield has risen to 4.4% now. Dollar Index is above 106. Brent Oil is at 74$. Asian Markets are weak. Consider global cues as negative for today. The macro indicators are not in the favour of the equity markets. Friday’s move in the market came as a surprise for everyone. There was a lot of weakness initially and Nifty broke the support zone of 24300-24400 on an intraday basis. Then there was sharp recovery leading to a strong close at 24768. This brought Nifty back above the support zones and the up trend remains intact. There was a sharp move of more than 500 points and traders were taken by surprise. Our strategy was Buy on the Dips towards the support zone of 24300-24400 and it worked out well. We still have the same view.