The Benchmark index witnessed a gap Up Opening on 6/12/24 and remain on sideways to lower side through out the day with sharp fall seen in evening session after US Non Farm data which indicates more rate cut ahead by FED while subdued dollar index and lower level buying seen in late evening and which all resulted in index close marginally above over previous day close.

Now, Index has Resistance at 19000-19300, as long hold, more Downside expected towards 18200-17850-650/upto 17100-17000 in short term. Other side only Sustain above 19300-19600 seen again 20100-20200 in days to come.

Price is trading around short term 13-days SMA and RSI at 49 mark with Flat slope indicates mix of the view in the counter. Other side below zero line MACD seen pressure at every rally.

Metal Index

The Benchmark index seen a Flat Opening on 6/12/24 and remain on lower side through out the day as profit booking seen at higher level after some gain in dollar index while investors awaits fresh stimulus from top consumer China and Technical resistance pressure prices lower side which all resulted in index close near days low and well below over previous day closing.

Now index has a Resistance at 18000, as long hold, more Downside expected towards 16900 seen 16750-400-100-16000 in medium term. While on higher side only sustain above 18000 seen 18300-18500 again in days to come.

Price is trading above short term 13 SMA while RSI at 55-marks with Upward slope indicates more room for Up side in the counter. Other side below zero line MACD indicates more selling pressure at every rally in the counter.

Technical Levels

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Forex

Key Headlines

The Indian rupee against US dollar spot end higher on Friday tracking fall in dollar index and after RBI kept rates unchanged with cut in CRR by 0.5% easing monetory condition amid slowing economic growth.

At the NSE Future Dec 27 contract, the rupee ended gain by 2 paise to closed at 84.79 against the previous close of 84.81 and made low of 84.57 and high of 84.79 during day. The currency logged fifth consecutive weekly fall, declining 0.2%.

RBI cuts banks' cash reserve ratio; keeps policy rates steady. Cuts FY25 GDP growth forecast to 6.6% from 7.2%. FY25 retail inflation now seen at 4.8% vs 4.5% earlier and Higher rate ceiling on foreign currency deposits to ease rupee pressure.

US economy adds 227,000 jobs in November against Reuters had forecast 200,000 new positions. September and October payrolls revised up by 56,000 jobs and Jobless rate rises to 4.2%; workforce contracts.

India's foreign exchange reserves rose for the first time in nine weeks and stood at $658.09 billion as of Nov. 29, coming off five-month lows, data from the Reserve Bank of India showed on Friday. The reserves rose by $1.5 billion in the reported week. They had dropped by $48.3 billion cumulatively in the last eight weeks.

The U.S. dollar was mixed on Friday after data showed the unemployment rate in the world's largest economy edged higher in November, while gains in nonfarm payrolls were generally in line with expectations, keeping the Federal Reserve on track to cut interest rates later this month.