Nifty found resistance near its 200 days SMA for the third consecutive session - HDFC Securities Ltd
* It was yet another muted session for the index, as Nifty rose by 22 points or 0.10%, to close at 23750. Nifty remained in the 200 points range of 23654-23854 on the December monthly expiry day.
* Volumes remained on the lower side where NSE monthly expiry day cash market volumes were lowest since 26 October 2023.
* Nifty Midcap 100 Index gained by 0.12% while Nifty small cap Index fell 0.02%. Declining shares outnumbered the advancing shares for the seventh day on the trot where advance decline ratio stood at 0.72 on BSE.
* Amongst the sectoral Indices, Nifty Auto, Healthcare and Pharma gained the most while Nifty Media, FMCG and Private Bank fell the most.
* Nifty found resistance near its 200 days SMA for the third consecutive session. The trend of the index is still on the downside as Nifty is placed below 20,50,100 and 200 days SMAs. On the lower side, 23600 is expected to act as a support, while 23870 could act as an immediate resistance, above which Nifty could extend its pullback towards 24000.
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Market perspective by Dr. Joseph Thomas, Head of Research, Emkay Wealth Management