Nifty 50, Sensex today: What to expect from Indian stock market in trade on December 3 | Stock Market News

The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open flat on Tuesday amid mixed global market cues.

The trends on Gift Nifty also indicate a muted start for the Indian benchmark index. The Gift Nifty was trading around 24,435 level, a premium of nearly 7 points from the Nifty futures’ previous close.

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

The Sensex rallied 445.29 points to close at 80,248.08, while the Nifty 50 settled 144.95 points, or 0.6%, higher at 24,276.05.

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

“Technically, this pattern indicates that the market is preparing to surpass the crucial hurdle of 24,350 levels. A decisive move above the hurdle of 24,250 could not only confirm the higher bottom reversal pattern at 23,873 levels (28th November), but also signal important trend reversal in Nifty 50 on the upside. The said upside breakout is likely to result in sharp follow-through upmove towards 24,700 – 24,900 mark,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.

Nifty on the daily timeframe has sustained above 10 and 20 period EMAs (Exponential Moving Average).

“The short term trend of Nifty 50 remains positive. A sharp upside breakout is expected above 24,350 – 24,400 levels in the next couple of sessions and that could open more upside towards the next resistance zone of 24,700 – 24,900 levels in a quick period of time,” Shetti added.

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

Nifty OI Data

The highest call open interest observed at 24,500 and 24,800, marking significant resistance zones, while the highest put open interest at 24,000 indicated a strong support level, noted Mandar Bhojane, Research Analyst at Choice Broking.

Nifty 50 Prediction

Nifty 50 continued its upside momentum amidst a range movement on December 2 and closed the day with decent gains of 144 points.

”Nifty 50 moved up after absorbing the initial weakness, as the index surpassed 24,200. It formed a green candle following a bullish harami pattern on the daily timeframe. The RSI has broken out of its recent consolidation and is in a bullish crossover. Additionally, the index continues to sustain above the 21 EMA. In the short term, 24,420 remains a tough hurdle. A decisive move above this level could trigger a rally towards 24,770. On the lower end, support is placed at 24,100 and 24,000,” said Rupak De, Senior Technical Analyst, LKP Securities.

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

“The momentum indicators in the daily chart show the upside move is picking up momentum in the index. The immediate resistance for the index is at the 24,500 level and its support is at the 24,100 level. The index is trading above the 20 EMA, suggesting bullishness at the present level. Options writer’s data for the monthly expiry showed an increase in the call and put writing at the 24,500 level, indicating strong resistance in the index at the 24,500 level,” said Dwarakanath.

VLA Ambala, Co-Founder of Stock Market Today highlighted that Nifty 50 also formed 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 closely monitor these levels and accumulate quality stocks at the dip. Amid these developments, Nifty 50 could hover for support near 24,300 and 24,200 and notice resistance around 24,550 and 24,750,” said Ambala.

Bank Nifty Prediction

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

“Bank Nifty again took support at 20 EMA today and bounced intraday, indicating 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 a further move on the upside in the index from the current levels. The support for the index is at 51,700 levels, which is likely to be held as the 20 EMA is also at the same level on the daily chart,” said Dr. Praveen Dwarakanath.

According to him, option writer’s data for the monthly expiry show no significant change in yesterday’s price action, however, the 52,000 puts are written in huge volumes, indicating the index is likely to stay above the 52,000 level for now.

Om Mehra, Technical Analyst, SAMCO Securities noted that Bank Nifty exhibited a hammer-like candlestick pattern near the 52,000 level, signalling a potential improvement in the short-term trend.

“The index sustained 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 would be acting as crucial support. This could pave the way for a potential move towards the next resistance level, 52,800. Additionally, the rising trendline supports the positive outlook, with the immediate support remaining at 51,750,” said Mehra.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.