Market Outlook for 03rd December 2024

Nifty Prediction for 03rd December 2024

The Nifty index opened on a muted note, weighed down by weak GDP data, but managed a strong recovery to close at 24,276.05, gaining 0.5%. This rebound was driven by optimism around potential policy measures from the RBI in its upcoming meeting. Key sectors like Auto, Media, and Metal saw gains, with Realty stocks leading the charge. Broader market indices outperformed, posting gains of over 1%.

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Among top-performing stocks were UltraTech Cement, Apollo Hospitals, Grasim Industries, and Shriram Finance, while HDFC Life, Cipla, NTPC, SBI Life Insurance, and L&T were the major laggards.

On the technical front, the Nifty charted a green candle, confirming a bullish harami pattern. The Relative Strength Index (RSI) broke out of its consolidation phase, signaling bullish momentum, and the index maintained its position above the 21-day exponential moving average (EMA), indicating sustained strength.

Looking ahead, 24,350 remains a critical resistance level. A decisive breakout above this mark could trigger a rally towards 24,550 and 24,700. On the downside, immediate support is expected at 24,100 and 24,000.
 

Nifty rebounds to 24276 despite weak GDP data; Realty stocks leads as bullish momentum 

Nifty Bank Prediction for 03rd December 2024

After a weak opening, Bank Nifty continued its downward movement for most of the trading session. However, a strong recovery from the day's low was observed in the second half, leading the index to close at 52,109 levels with a modest gain of 53 points.

From a technical perspective, Bank Nifty has been consistently finding support near its 50-day moving average (DMA) over the last three sessions, suggesting a strong support zone around the 51,700 level. On shorter time frames, the index shows signs of positive momentum, supported by the 21-simple moving average (SMA) and a favorable crossover in the Relative Strength Index (RSI).

Traders are advised to monitor the critical support at 51,700 closely. Unless this level is breached on a closing basis, adopting a "buy on dips" strategy is recommended, with a strict stop-loss below 51,700. On the upside, the 52,600 level is expected to act as a significant resistance, capping further gains in the near term.
 

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