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Nifty 50 Nifty Bank Analysis for December 04, 2024
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Chanakya’s Nifty Bank & Nifty 50 Investments Analysis Stock market today live
Nifty Bank (52696):
*Trend for December 4: On Wednesday, the bank Nifty is expected to show strong rally from the opening bell
*On higher side, it is expected to move up to 52912
*On lower side, it is expected to decline to 52348
Nifty 50 (24457): On Wednesday, at the opening bell, uptrend is expected to continue
*On higher side, it is expected to move up to 24532
*On lower side, it is expected to decline to 24331
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Technical Analysis of the Market by Mr. Nagaraj Shetti,
Senior Technical Research Analyst at HDFC Securities
After showing a sustainable upside bounce from the lows on Friday, Nifty continued its upside momentum amidst a range movement on Monday and closed the day with decent gains of 144 points. Nifty opened today with a slightly positive note and slipped into weakness soon after the opening. Sharp intraday upside recovery was occurred from the lows near 24K mark and the market sustained the gains in the mid to later part of the session.
A reasonable bullish candle was formed on the daily chart with lower shadow. Technically, this pattern indicates that the market is preparing to surpass the crucial hurdle of 24350 levels.
A decisive move above the hurdle of 24250 could not only confirm the higher bottom reversal pattern at 23873 levels (28th Nov), but also signal important trend reversal in Nifty on the upside. The said upside breakout is likely to result in sharp follow-through upmove towards 24700-24900 mark. Nifty on the daily timeframe has sustained above 10 and 20 period EMAs and closed higher on Monday.
The short term trend of Nifty remains positive. A sharp upside breakout is expected above 24350-24400 levels in the next couple of sessions and that could open more upside towards the next resistance zone of 24700-24900 levels in quick period of time. Immediate support is at 24100.
What is Vaishali Parekh’s prediction for Nifty 50?
(Vice President — Technical Research at Prabhudas Lilladher)
Market Preview
The Indian stock market indices witnessed a significant recovery, ending Monday’s market session in the green. Heavyweight stocks including Reliance Industries, HDFC Bank, Infosys, and Bharti Airtel supported the upward movement. The Nifty 50 index closed 0.6 per cent higher at 24,274.00 points, compared to 24,131.10 points at the previous market close.
The BSE Sensex index closed 0.56 per cent higher at 80,248.08 points on Monday, compared to 79,802.79 points at the previous market close.
Vaishali Parekh, vice president of technical research at Prabhudas Lilladher, said the Nifty witnessed another session of pullback recovery to close above the 24,200 mark. With the bias improving to an extent and the broader markets indicating active participation, the index is expected to rise further. Parekh estimates the Nifty 50 Spot index to find support at 24,100 points and face resistance at 24,450 points. The Bank Nifty index will likely move in the 51,700 to 52,600 range.
The stock market expert expects the BSE Sensex to find support at 79,800 points and face resistance at 80,700 points today.
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On the outlook for the Nifty 50 and the Bank Nifty index, Parekh said, “Nifty witnessed another day of pullback recovery to close above the 24,200 zone with bias improving to some extent. With the broader markets indicating active participation, anticipate a further rise.”
“The index needs to breach above the significant 50EMA-zone of 24,400 levels decisively to establish conviction and confirmation for a further upside move in the coming days,” said the stock market expert.
“Bank Nifty has been witnessing a narrow range-bound sluggish move with 52,600 zone acting as a tough resistance barrier and 51,700 level maintained as the immediate support. A clear decisive breakout above 52,600 level is much required to confirm a positive directional move on the upside,” said Parekh.
Parekh said that the Nifty 50 Spot for today has support at 24,100 points, while the resistance lies at 24,450 points. The Bank Nifty index would have a daily range of 51,700 to 52,600.
The stock market expert expects the BSE Sensex to find support at 79,800 points and face resistance at 80,700 points on Tuesday.
Share Market today live & Nifty Analysis by Shrikant Chouhan
Head, Equity Research Kotak Securities
Today, the benchmark indices continued their positive momentum, with the Nifty ending 145 points higher and the Sensex up by 445 points. Among sectors, almost all major sectoral indices traded in positive territory, but the Realty index significantly outperformed, rallying over 2.5 percent.
Technically, after an early morning intraday dip, the market found support near 24000/79300 and bounced back sharply. A bullish candle on the daily charts, along with a higher bottom formation on the intraday charts, indicates a further uptrend from the current levels. For trend-following traders, the 24000/79300 mark would act as a crucial support zone. As long as the market is trading above this level, the bullish sentiment is likely to continue. On the higher side, it could move up to 24400-24500/80500-80800. However, if it drops below 24000/79300, the uptrend would be vulnerable.
Analysis by Mr. Deepak Jasani – Head Retail Research, HDFC Securities
Heavyweights helped the frontline indices finish the last trading day of November month and the first month of December expiry in the positive territory.
U.S. markets were closed Thursday, November 28, in observance of Thanksgiving. After opening mildly higher, Nifty continued its upward journey throughout the day. Nifty ended the day with the gains of 216 points or 0.91% to close at 24131. NSE cash market volumes were lower by 7% as compared to Wednesday.
Nifty Midcap 100 and Small cap 100 Indices continued its upward journey for the sixth day on the trot where they gained by 0.16% and 0.75% respectively. Advancing shares outnumbered the declining shares for the six days in the row where advance decline ratio stood at 1.44 on BSE. Adani group stocks – Adani Green Energy, Adani Energy Solutions, and Adani Total Gas jumped as much as 23% following their inclusion in the F&O segment from today.
All the sectoral Indices closed in the green except Nifty Reality and Nifty PSU banks. Amongst them , Nifty Pharma, Healthcare, Media and OIL/GAS gained the most.
Short term trend of the Nifty has turned bullish. Immediate resistance is placed around 24350 levels where multiple tops are placed. In case of correction, Nifty could find support near 23900 levels. Further upside from here could confirm new higher bottom formation for the Nifty, which indicates completion of previous couple of months down trend that unfolded as per bearish lower tops and bottoms.
Analysis by Om Mehra, Technical Analyst, SAMCO Securities
Nifty closed at 24,276.05, up 0.60%, sustaining positive momentum throughout the session and closing above the crucial resistance level of 24,270. A green candle was formed following the bullish harami pattern, indicating a continuation of the short-term uptrend. The index moved above the 9-day and 20-day EMAs, approaching the 50-day DMA at 24,550, which serves as the next resistance. The daily RSI reclaimed the 50 mark, reflecting improved short-term strength, while the hourly chart displayed a base near 24,000, aligning with the 23.6% Fibonacci retracement level. If Nifty sustains above 24,350, it will likely form higher highs and higher lows on the hourly chart, maintaining a positive short-term trend.
Nifty Bank closed at 51,109, gaining 0.10% for the session, and 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 remains at 51,750.
Quote on market by Rajesh Bhosale, Equity Technical Analyst, Angel One.
Nifty wrapped up an eventful week with a gain of 0.94%
The week began on a positive note with a significant gap-up opening on Monday, driven by optimism following the Maharashtra state election results. However, the momentum fizzled during the first three sessions as prices moved within a narrow range without follow-through buying. On the monthly expiry day, hopes of breaching key resistance faded, leading to profit booking that erased the week’s gains. Fortunately, Nifty rebounded on Friday, ending the action-packed week with a 0.94% gain, closing a tad above the 24100 mark.
The past two weeks have provided some relief to bulls, with a steady recovery from the recent low of 23263. This week, however, was marked by consolidation as prices remained range-bound after Monday’s gap-up. On the daily chart, a defined range has emerged, with the support base shifting higher to the 24000–23900 zone. On the flip side, the 50 DEMA and 89 DEMA continue to act as a formidable resistance around the 24350–24400 zone. A clear breakout beyond the 23900–24400 consolidation is likely to determine the next directional move. Until the upper boundary is breached, bulls should remain cautious and avoid aggressive positions. A break below the lower end could signal a resumption of the downtrend, potentially retesting recent lows.
While key indices remained range-bound, thematic plays took center stage, with traders focusing on opportunities outside the index. A selective, stock-specific approach remains advisable. Special attention should be given to the banking sector, which stands at a critical juncture. As the key driver of the recent bounce, this heavyweight index recorded gains for November. Its next move will be pivotal in shaping the broader market trend.
Market analysis up by Mr. Osho Krishnan, Sr. Analyst, Technical & Derivatives of – Angel One
Positive start for the new month; Nifty heads toward key resistance
A knee-jerk reaction to the lower-than-expected GDP data released over the weekend initially impacted sentiments in our markets. However, the pivotal support level of 24000 played a crucial role in cushioning the decline, leading to a decent recovery. By the second half of the day, a surge in buying activity improved the market’s undertone, and the Nifty index closed the first day of December on a positive note at around 24300, gaining 0.60 percent.
The recent uptick in market participation, along with an increase in buying activity among index-heavyweight stocks, has significantly lifted investor sentiment. From a technical perspective, the Nifty index is now approaching a formidable resistance level at 24350, where the 89-day and 100-day EMA confluence. Additionally, the resilience exhibited by the market last week reinforces a cautiously optimistic outlook for the benchmark index. On the lower end, the 20 DEMA placed around 24100 is likely to cushion any upcoming blips while 24000 remains sacrosanct support in the comparable period.
Looking ahead, even though the key indices remain tentative and are likely to hover within a range, the broader market seems to have plenty of activity, so one must look for opportunities outside the broader space. Also, one must approach the markets with firm risk management until we witness any clarity in the overall market trend.
Weekly market analysis by Amol Athawale, VP-Technical Research, Kotak Securities:
In the last week, the benchmark indices witnessed volatile momentum, after a roller coaster activity the Nifty ends 0.94 percent higher while the Sensex was up by 685 points. Among Sectors, Media index outperformed rallied over 5 percent whereas Auto index was the top looser, shed nearly 1 percent. Technically, after a short-term correction, market took support near 20 day SMA (Simple Moving Average) and reversed sharply. Post reversal it is comfortably trading above 20 day SMA that is largely positive.
We are of the view that, the current market texture is volatile and non-directional hence level based trading would be the ideal strategy for the positional traders. For the bulls now, 24000/79000 or 20 day SMA would act as a sacrosanct level. Above the same market could move up till 24350/80500. Further upside may also continue which could lift the index till 24500/81000 . On the flip side, fresh selloff possible only after dismissal of 24000/79000 below the same market could slip till 23850-23750/78500-78100. For Bank Nifty now, 50 day SMA or 51800 would be the key level to watch out. Above 51800, it could move till 52500-52800. However, below 51800 it could retest the level of 20 day SMA or 51500 and 51300.
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