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Business News/ Markets / Stock Markets/  Nifty 50, Sensex today: What to expect from stock market indices in trade on December 5
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Nifty 50, Sensex today: What to expect from stock market indices in trade on December 5

The trends on Gift Nifty also indicate a flat to positive start for the Indian benchmark index. The Gift Nifty was trading around 20,823 level as compared to the Nifty futures’ previous close of 20,804.

Nifty 50 formed a long bull candle on the daily chart with a lower shadow. The huge opening upside gap of Monday remains unfilled.Premium
Nifty 50 formed a long bull candle on the daily chart with a lower shadow. The huge opening upside gap of Monday remains unfilled.

The Indian stock market today may take a breather and open on a flat note after witnessing a stellar rally in the previous session. Weak global cues may weigh on sentiment.

The trends on Gift Nifty also indicate a flat to positive start for the Indian benchmark index. The Gift Nifty was trading around 20,823 level as compared to the Nifty futures’ previous close of 20,804.

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The domestic benchmark indices ended at their record closing highs on Monday, witnessing the biggest one day rise in over one year.

The Sensex surged 1,383.93 points, or 2.05%, to end at 68,865.12, while the Nifty closed 418.90 points, or 2.07%, higher at 20,686.80.

Nifty 50 formed a long bull candle on the daily chart with a lower shadow. The huge opening upside gap of Monday remains unfilled.

Also Read: 5 things that changed for the stock market overnight - Gift Nifty to drop in US megacap stocks

“Technically, this pattern indicates strong upside momentum and a decisive upside breakout of the previous top at 20,200 levels. Though Nifty placed at the highs, still there is no indication of any reversal pattern unfolding at the new highs," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

According to Shetti, the next upside levels to be watched are around 20,900 levels, which is a 61.8% Fibonacci extension (taken from the March bottom, September top, and October bottom-weekly chart). 

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

Nifty 50 

The Nifty kicked off Monday with a gap up, propelled by BJP's exceptional performance in the state election. 

“Technically, the Nifty had already surged past the critical resistance level of 19,850. Since then, there has been a significant shift in Put positions towards higher strike prices, foreseeing a robust upward rally in the near future. The overall sentiment appears highly bullish, until Nifty falls below 20,400," said Rupak De, Senior Technical analyst at LKP Securities.

On the higher end, the index might move towards 21,000, he added.

Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — December 5

Bank Nifty 

The Bank Nifty rallied 3.61% to end at record closing high of 46,431 on December 4.

“The Bank Nifty bulls made a strong comeback, surpassing the all-time high levels and dispelling the bearish sentiment. The momentum is anticipated to persist, with robust support identified at the 46,000-45,800 zone, serving as a cushion for the bulls," said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities.

He believes the ongoing momentum rally has the potential to propel the index higher towards the levels of 47,000/48,000.

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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Published: 05 Dec 2023, 07:30 AM IST
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