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India's trade deficit reached a record $37.84 billion in November, driven by high gold imports, raising concerns about the economy. The stock market has faced significant pressure, with the Sensex dropping 2,000 points over three days, influenced by a weak rupee and foreign capital outflows amid cautious market sentiment ahead of the US Federal Reserve's policy meeting.
The Nifty 50 index is currently consolidating, closing at 24,619 after minor profit booking. A rally is possible if it holds above 24,500, with resistance at 24,700 and 25,000. Conversely, a drop below 24,450 may prompt traders to exit long positions, with support at 24,200 and 24,000.
The Nifty 50 surged 1% to close at 24,708, marking a one-and-a-half-month high, as traders anticipate a dovish RBI policy. Holding above 24,700 is crucial for further gains, with support at 24,500 and a potential target of 25,000 if the bullish trend continues.
Shrikant Chouhan
People
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
Indian stock market faces sharp decline amid economic concerns and foreign outflows
United States Dollar
Indian Rupee
Kotak Securities Ltd.
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IND
Amit Goela
Vinod Nair
Shrikant Chouhan
Anuj Choudhary
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nifty faces crucial support at 24500 amid ongoing market consolidation
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