Nifty 50, Sensex today: What to expect from stock market indices in trade on December 5
Catch Live Market Updates here The domestic benchmark indices ended at their record closing highs on Monday, witnessing the biggest one day rise in over one year. The Sensex surged 1,383.93 points, or 2.05%, to end at 68,865.12, while the Nifty closed 418.90 points, or 2.07%, higher at 20,686.80. Nifty 50 formed a long bull candle on the daily chart with a lower shadow.
The huge opening upside gap of Monday remains unfilled. Also Read: 5 things that changed for the stock market overnight - Gift Nifty to drop in US megacap stocks “Technically, this pattern indicates strong upside momentum and a decisive upside breakout of the previous top at 20,200 levels. Though Nifty placed at the highs, still there is no indication of any reversal pattern unfolding at the new highs," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
According to Shetti, the next upside levels to be watched are around 20,900 levels, which is a 61.8% Fibonacci extension (taken from the March bottom, September top, and October bottom-weekly chart). (Exciting news! Mint is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!) Here’s what to expect from Nifty 50 and Bank Nifty today: The Nifty kicked off Monday with a gap up, propelled by BJP's exceptional performance in the state election. “Technically, the Nifty had already surged past the critical resistance level of 19,850.
Since then, there has been a significant shift in Put positions towards higher strike prices, foreseeing a robust upward rally in the near future. The overall sentiment appears highly bullish, until Nifty falls below 20,400," said Rupak De, Senior Technical analyst at LKP Securities. On the
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