# Market Recap:
In yesterday’s trade, Nifty ended below the psychological 26000 mark and most importantly, the drubbing continued for the 4th straight day.

The market breadth (12:38) was clearly in favour of the Bears.

The positive takeaway however was that Bank Nifty rebounded from lower levels as the expectations remain elevated for a strong year-end finish.

# The 2-Big Questions:
Will Nifty’s bullish traders have to brace for another drop?
Will the FPI come back strongly?

# What Technicals Tells Us On Nifty?
Technically, Nifty’s near-term trend stays vulnerable as long as it trades below its all-time high of 26,326, with sellers defending every bounce.

However, there’s a strong chance that bulls will regroup near the major support at 25,703 and attempt to flip momentum decisively, reopening the path toward fresh record highs.

Bulls Kneel and Pray as Bears Dominate — but Nifty’s 25,703 Support Still Holds the Key.

# The Biggest Headwinds:
# Our call of the day suggests Nifty bulls are unlikely to plot a meaningful reversal on backdrop of 3-negative catalysts:

1) Manufacturing PMI Slumps to a nine-month low at 56.6.

2) Rupee weakness deepens to hit a fresh lifetime low of ₹90.30 per USD.

3) Relentless FII Selling: YTD FII outflows have swollen to ₹1,40,490 crore.

# The Key Catalysts Ahead:
1) A key RBI policy decision and US payrolls on December 5 — potentially a major volatility trigger.

2) Geopolitics enters the frame with Putin’s India visit (Dec 4–5),

3) Inflation checkpoints begin with US CPI (Dec 11) followed by India CPI and WPI (Dec 12 & 15).

4) Mid-month attention shifts to global central banks, with the Fed meeting on December 17 and the ECB decision on December 18.

# The 2-Big Positive Catalysts:
1) Dual Rate-Cut Hopes from both the U.S. Fed and the RBI .
2) U.S.–India Trade Deal Optimism

# Bottom-line: An up-and-down session is quite likely as overbought technical conditions, FIIs selling + Weaking INR + no new triggers = bears back in action.

# Long Story Short: Nifty’s rally is at a crossroads with stronger headwinds for now — but a dovish RBI could still pull a rabbit out of the hat and propel the index back toward its all-time high of 26,325.80.

For now, the bears appear to have the marginal advantage.

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