NIFTY TECHNICAL UPDATE
As of the market closing on Monday, December 04, 2023
The Nifty concluded the trading session at an unprecedented high of 20,686.80, marking a substantial gain of 418.90 points or 2.07 percent. The bullish momentum is poised to persist if the index continues to trade and sustain levels above 20,600.
Commencing at 20,601.90, the Nifty initiated the day with a positive gap, temporarily dipping to an intraday low of 20,507.90 before surging to its all-time high. The day concluded with a closing figure of 20,686.80. With the exception of the media and pharma sectors, all others ended positively, with the banking, financial services, realty, and metal sectors leading in gains. Market breadth reflected positivity, with 1,526 stocks ascending, 818 declining, and 139 remaining unchanged. Notable gainers beneath the Nifty umbrella were EICHERMOT, ADANIENT, ADANI PORTS, and BPCL, while major losers included HDFCLIFE, BRITANNIA, WIPRO, and TITAN.
From a technical standpoint, the Nifty persists above both short-term and long-term moving averages, with momentum indicators signaling a robust positive trend. The daily chart illustrates a white candle, affirming the closure at an all-time high. These factors collectively indicate the potential for the bullish momentum to endure in the forthcoming days. On the downside, the index finds short-term support at 20,600 levels, and sustaining above this threshold is crucial for the continuation of the bullish trend. The subsequent short-term resistance is anticipated at 21,000 levels.
Intraday Support Levels: 20,600 - 20,500 - 20,400 Resistance Levels: 20,700 - 20,800 - 20,900 (15 Minute Charts)
For positional traders, the short-term support levels are identified at 20,600 - 20,200, with resistance observed at 21,000 - 21,400. The technical outlook remains optimistic for the Nifty, indicating potential opportunities for continued upward movement.
BANK NIFTY UPDATE
In the most recent trading session, Bank Nifty achieved a historic high, concluding at 46,431.40 and marking a remarkable gain of 1,617.20 points. From a technical standpoint, momentum indicators strongly suggest a positive trend, with the index consistently positioned above both short-term and long-term moving averages. Notably, the daily chart reveals the formation of a white candle, closing near its peak, a pattern that augurs well for the potential continuation of the bullish trend.
Support at 46,300 levels serves as a pivotal point on the downside. The sustenance of the index above this level is crucial for the prospective continuation of the bullish momentum in the days ahead. The subsequent short-term resistance is anticipated at 47,000 levels.
For intraday traders, key support levels are identified at 46,250, 46,000, and 45,700, while resistance levels are positioned at 46,500, 46,750, and 47,000, as delineated by the 15-minute charts.
Positional traders are advised to monitor short-term support levels at 46,300-45,500, while resistance is recognized at 47,000 - 47,750. The technical outlook for Bank Nifty remains positive, indicating potential opportunities for sustained upward movement in the near term.
