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Business News/ Markets / Stock Markets/  Nifty 50, Sensex today: What to expect from stock market indices in trade on December 6
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Nifty 50, Sensex today: What to expect from stock market indices in trade on December 6

The trends on Gift Nifty also indicate a positive start for the Indian benchmark index. The Gift Nifty was trading around 21,037 level as compared to the Nifty futures’ previous close of 20,953.

Nifty 50 formed a reasonable positive candle on the daily chart with a long lower shadow. (Image: Pixabay)Premium
Nifty 50 formed a reasonable positive candle on the daily chart with a long lower shadow. (Image: Pixabay)

The Indian stock market indices, Sensex and Nifty 50, are likely to open higher on Wednesday tracking positive global cues and upbeat domestic sentiments. 

The trends on Gift Nifty also indicate a positive start for the Indian benchmark index. The Gift Nifty was trading around 21,037 level as compared to the Nifty futures’ previous close of 20,953.

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The benchmark indices have been hitting record highs and the Nifty 50 is expected to scale the 21,000 mark soon.

On Tuesday, the Sensex jumped 431.02 points to end at 69,296.14, while the Nifty 50 settled 168.30 points, or 0.81%, higher at 20,855.10.

The Nifty 50 formed a reasonable positive candle on the daily chart with a long lower shadow.

Also Read: 6 things that changed for the stock market overnight - Gift Nifty, fall in US job openings to Mastercard buyback

“Technically, this pattern reflects ongoing sharp upside in the market and buy on intraday dips opportunity. The huge opening upside gap of Monday and another opening upside gap of Tuesday remains open. As per the gap theory, the recent opening upside gaps could be considered as a bullish runaway gap and this indicates that Nifty is in the middle of a sharp uptrend," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

He believes the underlying trend of Nifty 50 is sharply positive.

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

Nifty 50

On December 5, the Nifty 50 continued its upward momentum, marking gains for the sixth consecutive day. 

“The prevailing trend stays positive, supported by the critical moving average. The RSI's bullish crossover signifies a positive momentum. Towards higher levels, Nifty faces resistance at 21,000, a zone where significant call writers have positioned themselves," said Rupak De, Senior Technical analyst at LKP Securities.

Conversely, he believes the support is situated at 20,700 on the lower end.

Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — 6th December

Bank Nifty

The Bank Nifty index closed above the 47,000 mark for the first time on December 5. The index rallied 581 points and ended at 47,012.

“The Bank Nifty index maintained its robust buying momentum, although it formed a doji candle on the daily chart, suggesting a potential pause in the uptrend. A decisive breakout above 47,100, sustained over time, could propel the index toward 47,500 levels, indicating further upward momentum," said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities.

He believes the lower-end support has shifted to 46,400, serving as a crucial cushion for the bulls in case of any retracement.

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: 06 Dec 2023, 07:38 AM IST
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