Nifty50 Analysis for December 3, 2024
Market Overview
The Nifty50 index on December 2, 2024, closed at 24,275.25, marking a gain of +144.15 points (+0.60%) compared to the previous close. The trading session opened at 24,180.00, reached a high of 24,306.00, and recorded a low of 24,180.00, signaling continued bullish sentiment in the market.
The market displayed resilience amidst global cues, with strong buying observed in key sectors. The trading volume remained healthy, indicating sustained interest from both institutional and retail participants.
Key Support and Resistance Levels
Using the attached chart and technical analysis, the following support and resistance levels are identified for December 3, 2024:
Resistance Levels:
- 24,306.00 – Immediate resistance; a breakout above this level may trigger further upward movement.
- 24,356.90 – Strong resistance reflecting previous selling pressure.
- 24,442.75 – Critical zone that could act as a ceiling for bullish momentum.
Support Levels:
- 24,180.55 – Closest support; staying above this is key for continued bullish sentiment.
- 24,056.80 – Secondary support; breaking below this could indicate weakening momentum.
- 23,979.60 – Key support aligning with previous consolidation areas.
Trading Strategy for December 3, 2024
Bullish View:
- If Nifty50 sustains above 24,306.00, traders may consider long opportunities targeting 24,356.90 and 24,442.75.
- Indicators like RSI and MACD suggest continued bullish momentum if the index holds above immediate support levels.
Bearish View:
- If Nifty50 breaks below 24,180.55, short positions could target 24,056.80 and 23,979.60.
- Increased selling pressure near resistance levels may signal a reversal or consolidation phase.
Key Insights from the Broader Market
- Sectoral Performance: IT and Banking stocks led gains, while the Pharma sector showed mild correction.
- Global Cues: U.S. and European indices showed a mixed trend, while Asian markets reflected cautious optimism.
- Economic Calendar: Investors are focusing on the upcoming inflation data and RBI's monetary policy announcements, which could influence market sentiment.
Conclusion
The Nifty50 index demonstrated strong momentum on December 2, 2024, continuing its bullish trajectory. Traders are advised to closely monitor key support and resistance levels for actionable opportunities. Stay cautious around global developments and macroeconomic events that could impact market direction.
Disclaimer
All information provided on this website is intended solely for educational purposes. Readers are strongly advised to conduct their own analysis and research before making any trading or investment decisions. If you intend to trade or invest based on the content provided here, please consult with a certified financial advisor or investment professional. We are not responsible for any financial profits or losses resulting from your trading actions. Please note that the targets shared are based on analysis and market conditions, and there is no guarantee they will be achieved. Use the information at your own discretion.
Chart Reference: The chart used for this analysis is attached above, showing support and resistance levels based on historical price action.
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