Domestic benchmark indices are likely to kick off the new week on a flat note following a set of mixed global cues. Asian stocks were tumbling in the early morning, while US stocks settled with gains after positive economic data over the weekend trade. Back home, markets will be looking for decisive cues in the near term. However, action in the primary markets will kick off in the week later. Here's what you should know before the opening bell:Nifty outlook Amol Athawale, Vice President - Technical Research at Kotak Securities said that Nifty50 has formed a long bullish candle and is also holding higher bottom formation on daily and intraday charts, which is largely positive on the weekly charts. We are of the view that the market texture is bullish and any meaningful correction should be taken as a buying opportunity. "For the index traders now, 20,800-20,700 would act as sacrosanct support zones while 21,200-21,300 could be the profit booking areas for the short-term traders. However, below 20,700 uptrend would be vulnerable," he said.Nifty Bank outlook Arvinder Singh Nanda, Senior Vice President at Master Capital Services said that a strategy of capitalizing on downward movements as buying opportunities is recommended in the Nifty Bank, provided that the support level of 46,500 remains unbreached. "The immediate resistance levels to watch for an upward move are 47,500-47,800," he said.GIFT Nifty signals a flat start Nifty futures on the NSE International Exchange traded 1.5 points, or 0.1 per cent, lower at 21,075.50, hinting at a flattish start for the domestic market on Monday.Asian stocks fall in early trade Asian shares drifted lower on Monday ahead of a week packed with a quintet of central bank meetings and data on US inflation that could make or break market hopes for an early and rapid fire round of rate cuts next year. The MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.88 per cent. Japan's Nikkei surged 1.64 per cent; Australia's ASX 200 added 0.06 per cent; New Zealand's DJ dropped 0.42 per cent; China's Shanghai tanked 0.90 per cent; Hong Kong's Hang Seng plunged 1.73 per cent; South Korea's Kospi fell 0.03 per cent.Oil prices nudge higher Oil prices inched higher on Monday, extending gains for a second session as US efforts to replenish strategic reserves provided some support, although concerns of crude oversupply and softer fuel demand growth next year lingered. Brent crude futures rose 11 cents, or 0.2 per cent, to $75.95 a barrel by 0119 GMT, while US West Texas Intermediate crude futures were at $71.30 a barrel, up 7 cents, or 0.1 per cent.Dollar steady with US inflation The dollar started Monday on the front foot, with a reading on U.S. inflation and the Federal Reserve's latest policy meeting for the year likely to set the tone for the week, while rising deflationary pressure in China leant on the yuan. The dollar index steadied at 103.95. The offshore yuan languished near a three-week low and last stood at 7.1842 per dollar. The greenback pushed back above 145 yen and last bought 145.12 yen. Sterling dipped 0.02 per cent to $1.2545, while the euro rose 0.06 per cent to $1.0767Wall Street settled higher US stocks closed higher on Friday, with the S&P 500 and Nasdaq notching their highest closing levels since early 2022 after a robust US jobs report fueled investor optimism about a soft landing for the economy. Investors pared bets that the Federal Reserve will cut interest rates in March. The S&P 500 climbed 0.41 per cent to end the session at 4,604.37 points. The Nasdaq gained 0.45 per cent to 14,403.97 points, while Dow Jones Industrial Average rose 0.36 per cent to 36,247.87 points.Stocks in F&O ban Seven stocks have been put under the F&O segment ban by the National Stock Exchange (NSE) for Monday, December 11. The new addition namely- Hindustan Copper- will join the existing retentions including Balrampur Chini Mills, National Aluminium Company (Nalco), Indiabulls Housing Finance, Steel Authority of India (SAIL), Zee Entertainment Enterprises (ZEEL) and Delta Corp. Companies where derivative contracts cross 95 per cent of the market-wide position limit are put under ban in the F&O segment.FPIs buy shares worth Rs 3,633 crore Provisional data available with NSE suggest that FPIs were net buyers of domestic stocks to the tune of 3,632.30 crore on Friday. On the other hand, domestic institutional investors (DIIs) turned net sellers of Indian equities to the tune of Rs 434.02 crore. Overseas investors have pumped in Rs 5,506 crore in the domestic equities in the month of December 2023 so far.Rupee falls 4 paise against US dollar The rupee declined by 4 paise to close at 83.40 against the US dollar on Friday after the Reserve Bank of India retained the inflation forecast at 5.4 per cent for the current fiscal. Forex traders said stronger American currency in the overseas markets and a rebound in crude oil prices also weighed on investor sentiment.
Note: With inputs from PTI, Reuters and other agencies