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Pre-market comment by Deven Mehata Research Analyst Choice Broking

Morning Outlook for 13th Dec 2023

The benchmark Sensex and Nifty indices are likely to open in the green on December 13 as trends in the GIFT Nifty indicate a positive start for the broader index with a gain of 55 points.

Nifty can find support at 20,900 after a gap up opening, followed by 20,850 and 20,800. On the higher side, 21,020 can be an immediate resistance, followed by 21,100 and 21,150.

The charts of Bank Nifty indicate that it may get support at 47,000, followed by 46,800 and 46,700. If the index advances, 47,250 would be the initial key resistance level to watch out for, followed by 47,500 and 47,600.

Foreign institutional investors (FIIs) net bought shares worth Rs 76.86 crore, while domestic institutional investors (DIIs) purchased Rs 1,923.32 crore worth of stocks on December 12, provisional data from the National Stock Exchange (NSE) showed.

The latest CPI inflation rate of 5.55 percent is lower than projected, with economists anticipating a 5.8 percent year-on-year increase in November. Lower-than-expected CPI in India will be a positive indication, and IIP growth of 11.7%, the highest in 16 months, will assist markets rise. Traders and investors should buy on dips with a stop loss of 20750.

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