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Stock Market Outlook for December 5: Nifty 50 and Sensex Projections

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Anticipate a subdued opening for the Indian stock market on December 5, with expectations of a flat note following a robust rally in the previous session. Weakened global cues may contribute to a more cautious sentiment.

Gift Nifty trends suggest a flat to positive start for the Indian benchmark index, hovering around the 20,823 level in comparison to Nifty futures’ prior close at 20,804.

In the preceding session, domestic benchmark indices achieved record closing highs, marking the most significant single-day rise in over a year. The Sensex recorded a surge of 1,383.93 points (2.05%) to close at 68,865.12, while the Nifty concluded 418.90 points (2.07%) higher at 20,686.80.

On the daily chart, Nifty 50 formed a long bull candle with a lower shadow, signifying substantial upside momentum and a decisive breakout above the previous top at 20,200 levels, according to Nagaraj Shetti, Technical Research Analyst at HDFC Securities. Despite being at highs, there are no indications of a reversal pattern at the new highs. The next potential upside levels to monitor are around 20,900, marked as a 61.8% Fibonacci extension.

Technically, the Nifty experienced a gap up on Monday, driven by the exceptional performance of the BJP in state elections. The index had already surpassed the critical resistance level of 19,850, and there has been a notable shift in Put positions to higher strike prices, indicating a bullish sentiment. Unless Nifty falls below 20,400, the overall outlook remains highly bullish, with the possibility of reaching towards 21,000, as suggested by Rupak De, Senior Technical Analyst at LKP Securities.

In the realm of Bank Nifty, the index surged 3.61% to achieve a record closing high of 46,431 on December 4. The Bank Nifty bulls demonstrated strength by surpassing all-time high levels, dispelling bearish sentiments. Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities, predicts continued momentum with robust support in the 46,000-45,800 zone. The ongoing rally has the potential to drive the index higher towards levels of 47,000/48,000.

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