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Nifty 50 and Bank Nifty experienced minor profit booking on December 6, following a five-day rally, resulting in bearish candlestick patterns. Nifty has immediate support at 24,500 and faces resistance at 24,700-24,800, while Bank Nifty needs to hold above 53,500 to target 54,000.
The National Stock Exchange (NSE) has expanded its futures and options (F&O) segment by adding 45 new stocks, effective November 29, 2024, increasing the total to 223. This inclusion, following SEBI’s revised criteria, aims to enhance liquidity and market participation, featuring notable stocks like LIC, Jio Financial Services, and Zomato. Analysts anticipate that this move will boost trading volumes and improve price discovery for these stocks.
Angel One's authorised person was penalized for sharing office space with an unregistered advisory, with dealers from the AP employed by the illegal entity. The Securities and Exchange Board of India (SEBI) imposed a fine of Rs 6 lakh for failing to ensure proper segregation and due diligence.
The Nifty 50 closed just below the 200-day EMA at 23,533, marking a 2.55% weekly decline, indicating potential further losses towards the 50-week EMA at 23,200. A rebound is possible but deemed unlikely to be sustainable. Meanwhile, the Bank Nifty closed at 50,180, with a potential bounce towards 50,500–50,800 if it holds above the 200-day EMA.
Kunal Shah's Cred is expanding its financial services by applying for a stock broking license through its subsidiary, Spenny. This move follows Cred's acquisition of a micro-savings and investment platform and aims to compete in the crowded stock broking market dominated by Zerodha and Groww.
Indian equity markets continued their downward trend, with the Nifty and Sensex both experiencing their sixth consecutive decline, falling over 2% this week. Concerns over foreign institutional investor outflows, a weak earnings season, and external pressures from a stronger US dollar and rising bond yields have intensified risk aversion among investors. Analysts indicate that the Nifty faces immediate resistance at 23,800, with potential further declines towards 23,200.
The Nifty 50 faced significant selling pressure, closing at 24,181 after a 219-point drop, with expectations of breaching the crucial support level of 23,894. The Bank Nifty also declined, ending at 50,787, with support anticipated around 50,200-50,000. Market breadth favored bears, with 2,138 shares declining against 376 advancing.

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