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Nifty 50, Sensex today: What to expect from the Indian stock market on December 3
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Nifty 50, Sensex today: What to expect from the Indian stock market on December 3

Indian stock market benchmarks Sensex and Nifty 50 are expected to open flat on Tuesday amid mixed global market cues.

Trends on Gift Nifty also indicate a tepid start for the Indian benchmark index. The Gift Nifty was trading around the 24,435 level, a premium of almost 7 points to the previous close of Nifty futures.

On Monday, domestic equity benchmarks each ended half a percent higher, with the Nifty 50 closing above the 24,200 level.

THE Sensex rebounded 445.29 points to close at 80,248.08, while the Nifty 50 settled 144.95 points, or 0.6 per cent, up at 24,276.05.

Nifty 50 formed a reasonable bullish candle on the daily chart with a lower shadow.

“Technically, this trend indicates that the market is preparing to surpass the crucial hurdle of 24,350 levels. A decisive move above the 24,250 hurdle could not only confirm the reversal trend from the bottom higher to 23,873 levels (November 28), but also signal a significant trend reversal in the rising Nifty 50 . This upward breakout is likely to lead to a sharp rise towards the 24,700-24,900 mark,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.

Read also | Indian Stock Market: 8 Key Things That Changed for the Market Overnight

Nifty on the daily time frame held above the 10 and 20 period EMAs (exponential moving average).

“The short-term trend of Clever 50 remains positive. A strong bullish breakout is expected above 24,350 to 24,400 levels in the next two sessions and this may open up more upside towards the next resistance zone of 24,700 to 24,900 levels in a quick span of time” , added Shetti.

Here’s what to expect from Nifty 50 and Bank Nifty today:

Clever RO data

The highest buying open interest observed at 24,500 and 24,800, marking important resistance zones, while the highest selling open interest at 24,000 indicated a strong support level, noted Mandar Bhojane , research analyst at Choice Broking.

Nifty 50 Prediction

The Nifty 50 continued its bullish momentum amid a range move on December 2 and closed the day with decent gains of 144 points.

“The Nifty 50 rose after absorbing the initial weakness, with the index surpassing 24,200. It formed a green candle following a bullish harami trend on the daily time frame. The RSI has broken out of its recent consolidation and is in a bullish crossover. Moreover, the index continues to hold above the 21 EMA. In the short term, 24,420 remains a significant obstacle. A decisive move above this level could trigger a rally towards 24,770. At the lower end, support lies at 24,100 and 24,000,” said Rupak De, Senior Technical Analyst at LKP Securities.

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According to Dr Praveen Dwarakanath, Vice President, Hedged.in, Nifty 50, in its shorter time frame, can be used to buy during the dips until it reaches the 24,500 level.

“Momentum indicators in the daily chart show that the upward movement is accelerating in the index. The index’s immediate resistance lies at the 24,500 level and its support is at the 24,100 level. The index is trading above 20 EMA, suggesting an uptrend at the current level. Options writers data for monthly expiration showed an increase in sales of call and put options at the 24,500 level, indicating strong resistance of the index at the 24,500 level,” said Dwarakanath.

VLA Ambala, co-founder of Stock Market Today pointed out that Nifty 50 was also forming a ‘Bullish Hammer’ candlestick pattern, suggesting that trading over the next few weeks could range between 25,000 and 23,650.

“In this situation, I would suggest participants to monitor these levels closely and accumulate quality stocks in the event of a decline. Amid these developments, Nifty 50 may oscillate towards support near 24,300 and 24,200 and notice resistance around 24,550 and 24,750,” Ambala said.

Read also | Stock market today: five stocks to buy or sell Tuesday – December 3

Bank Nifty Prediction

Bank Nifty ended up 53.40 points, or 0.1%, at 52,109 on Monday, forming a Doji-like candlestick pattern on the daily time frame.

Nifty Bank took support again at 20 EMA today and bounced during the day, indicating that the index is likely to move towards its immediate resistance at the 52,500 level. The expansion of the Bollinger band on The daily chart also suggests further upward movement in the index from current levels. The support for the index is at the level of 51,700, which is likely to hold as the 20 EMA is also at the same level on the daily chart,” said Dr. Praveen Dwarakanath.

According to him, the data of options writers for monthly expiration does not show any significant changes in yesterday’s price action, however, all 52,000 puts are written in huge volumes, which indicates that the index is likely to remain above the 52,000 level for now.

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Om Mehra, technical analyst at SAMCO Securities, noted that Bank Nifty exhibited a hammer-shaped candlestick pattern near the 52,000 level, signaling a potential improvement in the near-term trend.

“The index maintained levels above the 20-day and 50-day EMAs, reflecting underlying strength. A decisive close above 52,500 could strengthen the trend, with 52,000 providing crucial support. This could pave the way for a potential move towards the next resistance level, 52,800. Additionally, the ascending trendline supports the positive outlook, with immediate support remaining at 51,750,” Mehra said.

Disclaimer: The opinions and recommendations stated above are those of individual analysts or brokerage firms, and not of Mint. We advise investors to consult certified experts before making any investment decisions.

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