Market Outlook for 04th December 2024

Nifty Prediction for 04th December 2024

After a positive start on Monday, the benchmark indices continued their upward momentum in Tuesday's session, with the Nifty gaining 0.75% to close at 24,457.15. This rally was led by broad-based momentum, particularly in sectors such as Media, Metal, Oil & Gas, and Energy, which saw gains of more than 1%..

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From a technical perspective, Nifty has extended the breakout of the Bullish Harami pattern on the daily chart, moving above the recent consolidation phase, signaling a continuation of the bullish trend. Furthermore, it has sustained levels above the 38.2% retracement, suggesting a positive trajectory for the index.

The recent breakout above 24,350 on Nifty50 also indicates bullish strength in the near term. Therefore, traders are encouraged to maintain a positive bias and look for buying opportunities. On the downside, support is seen around 24,350, followed by 24,100, while on the upside, resistance levels may be encountered at 24,600 and 24,800.
 

Nifty breaks key levels; Bullish momentum expected to continue 

Nifty Bank Prediction for 04th December 2024

Bank Nifty opened on a positive note and maintained its momentum during Tuesday’s session, closing at 52,695.75 with a gain of 1.13%. The rally was driven by strong buying interest in PSU Bank and financial stocks.

The PSU Bank index showed exceptional performance, surging over 2.60% and closing above the 100-day exponential moving average (DEMA), indicating potential strength in the near term.

On the daily chart, Bank Nifty broke through its immediate resistance at 52,600 and sustained above the horizontal line, further strengthening its position. Additionally, the index surpassed the 61.8% retracement level, signaling a positive outlook for the short term.

On the downside, it has support at 52,300 and 52,000 levels, while resistance is expected around 53,200 and 53,700 levels.
 

Intraday levels  for Nifty, Bank Nifty Levels and  FINNIFTY Levels: