As the markets head into the trading session of December 17, here’s a summary of the latest developments:
- Nifty Outlook: On December 16, the Nifty entered a consolidation phase, trading within a range before ending with a slight negative bias. Despite this, the near-term uptrend remains intact, according to Nagaraj Shetti of HDFC Securities. He believes the market will eventually break the 24,800 hurdle and advises buying on dips, with support at 24,550.
- Market Expectations: GIFT Nifty was trading lower, indicating a negative start for the Indian market, with a discount of over 70 points compared to Monday’s close of Nifty Futures.
- Stocks to Watch: Key stocks to track include Vedanta, Wipro, Indus Towers, Mindspace REIT, Gravita India, Adani Wilmar, GMR Airports, Prataap Snacks, Bikaji Foods, TCS, and others.
- Central Banks’ Policy Decisions: This week, 22 central banks, including the US Federal Reserve, the Bank of England, and the Bank of Japan, will announce their monetary policies. While rate hikes are mostly priced in, market participants are keenly awaiting the forward guidance on interest rates.
- Global Market Overview: Asian equities are following Wall Street’s gains as traders await key central bank announcements. The focus is on Wednesday’s Fed decision, which will be followed by policy updates from Japan, the UK, and other regions.
- Corporate Developments: In corporate news, President-elect Donald Trump revealed that SoftBank Group plans to invest $100 billion in the US over the next four years, leading to a 4% rise in SoftBank’s shares.
- Other Markets: Bitcoin hit a record high following Trump’s endorsement of digital assets, and oil steadied after economic data from China raised concerns about weaker demand. Gold remained little changed, holding a slight gain.
As central bank decisions unfold and key stocks see movement, the market outlook remains cautiously optimistic, with a focus on interest rate policies and corporate announcements.
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