Nifty 50, Sensex today: What to expect from stock market indices in trade on December 4
- The trends on Gift Nifty also indicate a gap up start for the Indian benchmark index. The Gift Nifty was trading around 20,630 level as compared to the Nifty futures’ previous close of 20,360.
The Indian stock market indices, Nifty 50 and Sensex today are expected to open sharply higher led by strong domestic cues after the announcement of four state assembly election results.
The trends on Gift Nifty also indicate a gap up start for the Indian benchmark index. The Gift Nifty was trading around 20,630 level as compared to the Nifty futures’ previous close of 20,360.
The domestic equity market ended higher on Friday, with the benchmark Nifty 50 hitting its fresh record high in the intraday session after upbeat Q2 GDP numbers.
The Sensex ended 492.75 points higher at 67,481.19, while the Nifty 50 rose 134.75 points, or 0.67%, to settle at 20,267.90, on December 1.
Nifty 50 formed a reasonable positive candle on the daily chart with a gap up opening.
“Though, Nifty placed at the all-time highs, still there is no indication of any reversal pattern unfolding at the highs. Nifty on the weekly chart formed a long bull candle, which signals sharp upside breakout in the market as per long term charts,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
He believes the short-term trend of Nifty 50 continues to be positive, and one may expect further upside in the coming week.
Here’s what to expect from Nifty 50 and Bank Nifty today:
Nifty 50
The Nifty continues to ascend as the bulls maintain control.
“A consolidation breakout on the weekly time frame seems probable, paving the way for a further rally in the index. The sentiment remains upbeat, marked by a bullish crossover in the weekly RSI. At the lower end, support stands firm at 20,200; any declines could be seen as buying opportunities as long as it holds above this level,” said Rupak De, Senior Technical analyst at LKP Securities.
On the higher end, resistance is anticipated around 20,450-20,500, he added.
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Bank Nifty
The Bank Nifty index jumped 332 points to end at 44,814 on December 1.
“The Bank Nifty index maintained its robust bullish momentum, breaching the resistance level of 44,700. The immediate hurdle on the upside is positioned at 45,000, marked by the highest open interest on the call side,” said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities.
Also Read: Day trading guide for stock market today: Six stocks to buy or sell on Monday — 4th December
On the downside, Shah believes a substantial support level rests at 44,300, serving as a protective buffer for the bulls.
“Any retracement towards this support presents an opportune moment for investors to initiate long positions,” Shah said.
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 taking any investment decisions.
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