Dec 6, 2024 7:17 AM IST
Editor’s Take | Prashant Nair’s View On Market
Overnight US session was dull, opposite of the Nifty thriller yesterday
US equities saw a small dip into the red by close, SPX -0.19%, Nasdaq -0.16%
Dollar Index broke below its psychological 106 handle
Dollar Index ended -0.56% to 105.72
Most of the move was driven by EURUSD’s pop towards 1.0585
Could see a bit more USD downside, especially if US jobs data is dovish
US jobs data later tonight; consensus around 215k & UER holding at 4.1%
USD strength is likely to resurface into year-end and continue through Q1 2025
UST 10y yield & Brent Oil prices were largely unchanged
RBI decision at 10 AM today
RBI may surprise dovish, too, even if it keeps rates unchanged
Nifty crossed 24,770 (50% retracement) briefly but finally closed under it
Nifty resistance at 24,993 & then 25,125 (61.8% retracement)
Bank Nifty marched above the 78.6% retracement yesterday
If momentum sustains, Bank Nifty targets all-time highs @ 54,467
Bank Nifty support comes in at 52,690 (40-HEMA)