Hear from Lloyd Jude Sunny about the market ups and downs on 8th December   

One of the key elements in providing businesses with all the information they need to make informed business decisions is market analysis. To help such businesses, Fund Manager Lloyd Jude Sunny explained the market on 8th December,2022 and analyzed it through his years of experience. 

LLoyd Jude Sunny

Hailing from Bengaluru, Lloyd Jude Sunny is recognised for providing its acclaimed and trusted clientele with fund management support thanks to its understanding of the stock market and exchange in conjunction with kite platform by Zerodha. So with his experience,  he said that our markets traded within a limited range as the RBI policy conclusion was on predicted lines and did not have much influence. The index lost around 0.5 percent and finished the day slightly above 18550.

After the recent 2000 point gain in the Nifty, the index entered a corrective phase as the momentum readings on the daily chart crossed into the overbought region. The index is still trading above the 20-day EMA and the index’s critical support range of 18500-18450. Even the Bank Nifty index is trading above the level of its 20 DEMA, which is situated above 42650. Since a rate hike of 35 basis points was widely expected based on recent RBI rhetoric, today’s event of the RBI policy was already discounted in the market. All eyes will now be on the election results in Gujarat, where the exit polls

If the outcome is consistent with expectations, the market may not react too much, but if there is a big departure from those expectations, there may be some jarring movements. However, traders should place greater emphasis on the aforementioned support zone and now view the current correction as a time-wise corrective phase. However, if the support is broken, it would trigger a price-wsie decline in which Nifty will attempt to retrace the whole 2000-point increase. Due to the unwinding of some of their long holdings, FIIs’ “Long Short Ratio” has decreased from 76 percent to slightly about 60 percent as of last.This shows that in recent sessions, stronger hands have successfully unwound long positions. On the day of the weekly expiry, the immediate resistance range to watch would be on the higher side, between 17600 and 17700.

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Technology and energy stocks helped the S&P 500 advance on Thursday, but a spike in weekly unemployment claims signalled the jobs market was slowing down.

The benchmark index on Wall Street has lost 3.6% in the last five sessions as a result of anticipation for a prolonged rate-hike cycle and pessimistic assessments of the economy from some of the top business executives. Investors found little solace on Thursday, though, after statistics revealed that the number of Americans requesting unemployment benefits grew slightly the previous week while unemployment rolls reached a 10-month high near the end of November.

The work force is diminishing slightly, as evidenced by the increase in unemployment claims, according to Thomas Hayes, chairman of Great Hill Capital LLC in New York. “It’s only one data point, but it suggests that the Fed should scale back its impulsive hikes,” you say. Prior to the Fed’s policy announcement on December 14, attention will be focused on the producer pricing index, the consumer sentiment survey from the University of Michigan on Friday, and the consumer price data from November the following week.

Investors estimate that the key benchmark rate will increase by 50 basis points to 4.25–4.50%, culminating at 4.94% in May 2023, with a 91% chance that this will happen. In the fastest increases since the 19., the U.S. central bank increased its target rate by 375 basis points this year. Rent the Runway Inc. increased 33.9% as the clothes rental company increased its 2022 revenue target, while Salesforce Inc. declined when Baird downgraded the stock of the software company to “neutral”.

On the NYSE, advancers exceeded decliners by a ratio of 3.36 to 1. On the Nasdaq, advancers outweighed decliners by a ratio of 2.67 to 1. The Nasdaq posted 53 new highs and 132 new lows, compared to the S&P index’s 11 new 52-week highs and two new lows.

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