On December 1, the NSE Nifty50 had a good start and a strong close which has been rare nowadays. There are two things to note – the index now must hold yesterday's (December 1) low and on the upside, it needs to break above 17,250 or so and close above it to add confidence that this upmove is durable.

COVID-19 concerns crept in late session after confirmation of the first US omicron case. However, the reaction was isolated to US equities, which fell around 3 percent from the day’s highs and closed near the day's lowest point.

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Trade setup for Dec 2: Can Nifty50 hold on to gains? What charts suggest on key levels, market strategy ahead of today's session

The rates markets continued with choppy, technical-focused trading. There was repeat performances from Fed chair Jerome Powell and Treasury Secretary Janet Yellen, which failed to move the needle. US treasury curves continued to bear flatten, though yields dropped across the curve. The backend of the curve saw the biggest decline, as US 30-year closed below the important 1.76-1.78 percent range - it has now opened the room for large extended losses.

Brent oil moved down 2.5 percent to just under USD 69 per barrel.

Watch the accompanying video of CNBC-TV18’s Prashant Nair for more details.