Market Outlook for 06th December 2024

Nifty Prediction for 06th December 2024

The benchmark Nifty index staged a strong recovery from its intraday low of 24,295, driven by robust buying in heavyweight stocks like Reliance Industries and IT giants such as TCS, Infosys, and HCL Tech. This rebound was bolstered by positive global cues following upbeat remarks from Fed Chair Jerome Powell. Among sectors such as Nifty Consumption, Auto, and Metal also contributed to the gains.

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On Thursday, the Nifty experienced high volatility ahead of the Reserve Bank of India's policy meeting scheduled for Friday. Despite the fluctuations, the index closed at 24,708.40, marking a gain of nearly 1%. Technically, the index found solid support at the 89-day exponential moving average (DEMA) near the 24,350 level and reversed upward during the session. It also broke through the immediate resistance at 24,600 and sustained above it, signaling short-term bullish momentum.

Traders are advised to closely monitor the RBI policy meeting for insights into interest rate decisions and market direction. For now, the Nifty's outlook appears positive in the near term, with support levels at 24,500 and 24,350, while resistance is expected around 24,950 and 25,100.

Nifty surges amid IT sector buying; closes at 24708 mark, ahead of RBI policy meeting

Nifty Bank Prediction for 06th December 2024

After a highly volatile session on Thursday, Bank Nifty extended its winning streak for the fifth consecutive day, registering a gain of over 0.63%. The rally was primarily driven by stock-specific buying in banking space.

On the daily chart, Bank Nifty maintained its momentum above the 52,700 mark, aligning with the 61.8% golden ratio. Additionally, it traded above the Ichimoku Cloud and key moving averages, signaling a bullish setup for the short term. The Relative Strength Index (RSI), a key momentum indicator, also indicated positive strength, supporting the ongoing price action.

Traders are advised to align with the prevailing trend while following key levels and managing risk effectively to capitalize on the continued momentum. On the downside, Bank Nifty has strong support around 53,000 and 52,700, while resistance is seen near 54,000 and 54,500.
 

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