CUES FOR TODAY

Sharp fall in crude oil overnight may act as a positive for equities

After a weak session yesterday, GIFT Nifty indicates a flat-to-weak start (around -15 pts) Rupee weakened past 91 vs USD Nifty trading near an important support of 50-DMA at 25,789 Key question: Will weakness in dollar and crude support the market today? WALL STREET OVERNIGHT Dow Jones: -0.6% S&P 500: -0.2% Nasdaq: +0.2% US markets ended mixed as energy stocks dragged benchmarks lower. S&P and Dow declined for the third consecutive session. US JOBS DATA – WEAK US added 64,000 jobs in November October job losses revised to 1.05 lakh Unemployment rate rose to 4.6%, the highest since September 2021 OIL SLIPS SHARPLY Brent crude slipped below $60/barrel (around $59) Crude prices are at the lowest levels since 2021 Decline driven by aggressive production ramp-up by OPEC+ members INDIAN MARKET SNAPSHOT Nifty is hovering near its 50-DMA at 25,789 Broader markets witnessed deeper cuts in the previous session Bank Nifty needs to reclaim 20-DMA at 59,300 for strength to return FLOWS & POSITIONING FII cash outflow: ₹2,382 crore DII inflow: ₹1,077 crore FIIs sold ₹1,767 crore in index futures FII long exposure dropped to 9%, the lowest this month OPTIONS DATA Nifty expected range: 25,750 – 26,050 OTHER GLOBAL CUES GIFT Nifty flat around 25,920 US 10-year yield down 3 bps to 4.15% Dollar Index at 98.2 Brent crude around $59/barrel Fed Presidents Bostic and Waller are scheduled to speak today