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    Indian Stock Market May Open Lower Ahead of US Fed Outcome on December 10

    1 month ago

    The Indian stock market is expected to open on a cautious note on December 10, with both Sensex and Nifty 50 likely to trade lower amid mixed global cues and ahead of the US Federal Reserve policy decision. The Gift Nifty futures indicated a negative start, trading around 25,902, nearly 58 points below the previous Nifty futures close.

    On December 9, the market ended lower, with Sensex falling 436.41 points (0.51%) to 84,666.28, and Nifty 50 dropping 120.90 points (0.47%) to 25,839.65. Analysts note that the Sensex is forming a lower high pattern, signaling potential further weakness, with support at 84,400 and resistance near 85,000–85,200. A break below support could see the index retest 84,000.

    Nifty 50 formed a Doji-like candle, showing indecision among traders. Short-term support is seen at 25,700, with resistance at 26,100–26,200. Derivatives data indicate strong overhead supply at 26,000 (call contracts) and support at 25,500 (put contracts), highlighting market caution. Bank Nifty also reflected some short-term profit booking, with support at 58,800–58,700 and resistance near 59,500–59,700.

     

    Investors are advised to remain cautious, as technical setups show mixed signals, with potential short-term consolidation before any sustainable upward move.

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