Nifty technical outlook based on market closing on December 3
The Nifty closed at 24,461.25 in Tuesday's trading, gaining 185.70 points or 0.76%. The
bullish momentum is expected to continue if the index surpasses the immediate resistance at
24,500.
During the session, the Nifty opened positively at 24,367.50, dipped briefly to an intraday low of 24,280.00, and then climbed to test the intraday high of 24,481.30 before closing at 24,461.25.
Most sectors, except FMCG and realty, ended on a positive note. Media, banks, metals, financial services, and auto led the gains. Market breadth was robust, with 1,903 stocks advancing, 755 declining, and 128 remaining unchanged. The top performers in the Nifty were Adani Ports, NTPC, Adani Enterprises, and Axis Bank, while the laggards included Bharti Airtel, ITC, Hero MotoCorp, and Asian Paints.
From a technical perspective, momentum indicators signal a positive trend, with the Nifty
staying above its short-term moving averages. The formation of a white candle on the daily
chart, closing above the prior day’s high, reinforces the bullish sentiment.
The Nifty continues to show strong bullish momentum, supported by positive market breadth
and technical patterns. A breakout above 24,500 could pave the way for the next target at
25,000. Traders should monitor these key levels closely for confirmation of the trend or
potential pullback signals.
Intraday outlook: Support levels: 24,400, 24,300, 24,200; Resistance levels: 24,500, 24,600-24,700.
Positional outlook: Support levels: 23,800–23,150 Resistance Levels: 24,500–25,200.
In the previous session, Bank Nifty closed at 52,706.25, gaining 597.25 points. Technically,
momentum indicators suggest a positive trend, and the index remains above both its short-term and long-term moving averages. The formation of a white candle on the daily chart, coupled
with a close above the previous resistance at 52,500, underscores strong bullish momentum.
Bank Nifty exhibits strong bullish momentum, supported by favorable technical indicators and a breakout above key resistance. A sustained move above 52,800 could accelerate the uptrend
toward 53,500 or higher. Traders should closely monitor support at 52,600 to manage downside risks.
Intraday outlook: Support Levels: 52,600, 52,400, 52,200 Resistance Levels: 52,800, 53,000,
53,200. Positional Outlook: Support Levels: 52,500–51,700 Resistance Levels: 53,500–54,400.
