Nifty 50, Sensex today: What to expect from stock market indices in trade on December 4
Catch Live Market Updates here The domestic equity market ended higher on Friday, with the benchmark Nifty 50 hitting its fresh record high in the intraday session after upbeat Q2 GDP numbers. The Sensex ended 492.75 points higher at 67,481.19, while the Nifty 50 rose 134.75 points, or 0.67%, to settle at 20,267.90, on December 1. Nifty 50 formed a reasonable positive candle on the daily chart with a gap up opening.
“Though, Nifty placed at the all-time highs, still there is no indication of any reversal pattern unfolding at the highs. Nifty on the weekly chart formed a long bull candle, which signals sharp upside breakout in the market as per long term charts," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities. He believes the short-term trend of Nifty 50 continues to be positive, and one may expect further upside in the coming week.
Also Read: 6 things that changed for the stock market over the weekend - Gift Nifty, Assembly election results to dovish US Fed Here’s what to expect from Nifty 50 and Bank Nifty today: The Nifty continues to ascend as the bulls maintain control. “A consolidation breakout on the weekly time frame seems probable, paving the way for a further rally in the index. The sentiment remains upbeat, marked by a bullish crossover in the weekly RSI.
At the lower end, support stands firm at 20,200; any declines could be seen as buying opportunities as long as it holds above this level," said Rupak De, Senior Technical analyst at LKP Securities. On the higher end, resistance is anticipated around 20,450-20,500, he added. (Exciting news! Mint is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!) The Bank Nifty
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