Market Outlook for 05th December 2024

Nifty Prediction for 05th December 2024

After a choppy session on Wednesday, the Nifty index managed to close on a positive note at 24,467.45, registering a modest gain of 0.04%. Key gainers included HDFC Bank, Apollo Hospitals, NTPC, and HDFC Life, while major laggards were Bharti Airtel, Cipla, and Bajaj Auto, which fell nearly 2% during the day.

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On the technical front, the index faced resistance near the 24,600 mark and retraced slightly from its intraday high of 24,573.20. Despite this, it remains above the 89-day exponential moving average (DEMA), which serves as an immediate support level. However, the formation of a Bearish Engulfing pattern on the hourly chart, coupled with a negative crossover in the RSI, signals potential profit booking or a time-based correction.

Traders are advised to remain cautious until the index decisively breaks above the 24,600 resistance level. For now, the focus should be on stock-specific opportunities within the broader market. On the downside, the index finds support at 24,350 and 24,200, while on the upside; resistance is expected at 24,600 and 24,750.
 

Nifty closes flat amid volatility, faces resistance at 24600 

Nifty Bank Prediction for 05th December 2024

The Bank Nifty extended its winning streak for the fourth consecutive day, gaining over 1% during Wednesday's session, fueled by robust performances in banking stocks. Heavyweights such as HDFC Bank surged by 2%, while SBI, ICICI Bank, and Kotak Mahindra Bank each recorded gains of approximately 0.5%. 

The PSU Bank Index outperformed, rallying over 2.25%, while the Nifty Private Bank Index added nearly 1% during the day. 

On the daily charts, Bank Nifty sustained its upward momentum, having recently confirmed a breakout above the 52,600 level, signaling continued bullish sentiment. However, on the lower timeframes, the momentum indicator RSI has entered into the overbought territory. Key support levels are positioned at 52,600 and 53,000, while resistance is expected near 53,800 and 54,200. 
 

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