Nifty forms an inside bar on weekly chart; Nifty PSU Bank gains nearly 5 per cent for the week!

Heavyweights like HDFC Bank, ITC and State Bank of India (SBI) came to the rescue

Market Update at 3:30 PM: The Nifty recovered nearly 85 points from the lowest point of the day and despite the strong recovery from the lower levels the index closed below the 18,500 mark. Meanwhile, the Sensex has settled below 62,200 mark, down by 0.62 per cent.  

Heavyweights like HDFC Bank, ITC and State Bank of India (SBI) came to the rescue, while IT bellwethers Infosys and TC along with Reliance Industries dragged the index lower.  

On Friday, majority of the sectors ended in red barring Nifty FMCG, Nifty Pharma and Nifty Bank. Nifty IT was among the top losers as it witnessed a sharp fall of over 3 per cent.  

Among the broader markets, Nifty Small-Cap ended with a loss of more than 1 per cent, while Nifty Midcap declined by 0.40 per cent.  

On the weekly basis, the Nifty ended with a loss of over 1 per cent and it has formed an inside bar as the price traded within the high and low of previous week. For the next week, the range of 18,410-18,728 is vital for the index, break on either side of the range would result into a directional move. 

Market update at 2:40 PM: The fall in the Indian benchmark has accentuated as the day has progressed. With this the Nifty and Sensex have tumbled nearly 1 per cent and are seen trading near the lowest point of the day.   

The Nifty has slipped below its important short-term moving average i.e. 20-DMA for the first time since October 17, 2022.  The sectors which are leading the fall in the index are Nifty IT and Nifty PSU Bank as they are down by over 3 per cent, each. Only one sector is in green i.e., Nifty FMCG.   

The broader markets have also seen a sharp cut with Nifty Midcap, down by 0.90 per cent and Small-Cap plummeted nearly 1.5 per cent as a result, the advance decline ratio is firmly in the favor of bears

Market update at 12.50 PM: Indices witnessed a panic sell-off and BSE Sensex has tanked nearly 500 points. NSE Nifty 50 index has plunged 0.70 per cent to trade below 18,500 level. Midcap and Smallcap stocks are also trading under pressure.   

Nifty IT has tanked over 3 per cent and is the worst performing sectoral index. Realty and energy are also trading on a weak note. 

Market update at 11.15 AM: The benchmark indices NSE Nifty 50 and BSE Sensex have seen weakness at higher levels and have lost pre-opening gains. NSE Nifty 50 index has slipped over 0.30 per cent while BSE Sensex has lost over 200 points. The midcap and Smallcap stocks are trading on a mixed note.  

PSU Banks, FMCG and pharma stocks have seen good buying interest whereas weakness persists in IT and realty stocks.  

IndusInd Bank, Sun Pharma and L&T are the top gainers from the Nifty 50 stocks while HCL Technologies, Infosys and Tech Mahindra are weak today.  

About 859 stocks are advancing as against 1092 stocks that are declining.  

18,500 level holds a strong support for Nifty and any fall below this level can trigger fresh short positions.  

Market update at 9.30 AM: The broader market has been trading higher amid volatility. NSE Nifty 50 and BSE Sensex 30 are trading marginally higher whereas midcap and Smallcap indices are currently outperforming the largecap indices. 

PSU Banks and metals are the top performers while IT is weak. India VIX has slipped over 1 per cent.  

Pre-market update: The Wall Street indices snapped a 5-day losing streak after a rise in weekly jobless claims data suggested a slow pace of rate hikes. The tech-heavy Nasdaq climbed 1.13 per cent while Dow Jones surged 185 points. The Asian indices have followed the Western markets and have opened higher on Friday morning. Trends on SGX Nifty indicate a gap-up opening of about 60 points in Nifty.

In the last trading session, the FIIs sold to the tune of Rs 1131 crore while the DIIs bought shares worth Rs 772 crore.

Paytm board is expected to decide on the share buyback on December 13. The stock is likely to be in focus today.

Crude oil prices are on a free fall amid recession concerns and capping of Russian oil. Brent crude currently trades near 52-week low and below USD 77 per barrel.

Nifty is expected to open above 18,600 levels and price action at higher levels shall be keenly watched.