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Morning Market Outlook

• The market is expected to open on a weak note due to a sharp decline in global markets and continued selling pressure from FIIs.

• US stocks dropped by 1% on the penultimate trading day of 2024, a year in which all three major indexes recorded strong double-digit gains.

• Tech stocks in the US experienced a significant drop due to profit-taking after the Nasdaq Composite surged 28% in 2024.

• The Gift Nifty is down 138 points, or 0.6%, while most Asian and European markets are closed today due to year-end holidays. Auto stocks will be in focus as December sales data will be released tomorrow.

• Defense stocks will also attract attention following the news that the government signed nearly Rs 3,000 crore worth of submarine deals with Mazagon Dock and Naval Group.

Nifty Technical Outlook

NIFTY (CMP : 23645) Nifty immediate support is at 23500 then 23350 zones while resistance at 23750 then 23900 zones. Now till it holds below 23800 zones weakness could be seen towards 23500 then 23350 zones while hurdles are placed at 23750 then 23900 zones.

Bank Nifty Technical Outlook

BANK NIFTY (CMP : 50952) Bank Nifty support is at 50750 then 50500 zones while resistance at 51250 then 51500 zones. Now till it holds below 51250 zones weakness could be seen towards 50750 then 50500 levels while on the upside hurdle is seen at 51250 then 51500 zones.

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