Market Outlook for 05 December 2023

Ruchit Jain Ruchit Jain

Last Updated: 5th December 2023 - 10:33 am

Listen icon

Nifty started the week with a huge gap up post the state election outcome over the weekend. The index extended its upmove at all-time highs and ended the day just below 20700 with gains of a couple of percent.

Nifty Today:

The markets gave a thumbs-up to the state election results over the weekend and the index heavyweight stocks witnessed significant buying interest which led to gigantic upmove in the benchmark. The Nifty rallied by a couple of percent while which had underperformed off late, witnessed a sharp momentum to recover for the recent underperformance and it too registered new all-time highs as it rallied by more than three and a half percent. FII have turned net buyers in the cash segment recently and thus, the heavyweights are witnessing momentum. Also, the Midcap and the Small Cap indices are in the overbought zone, thus the risk reward seemed more favorable in the large cap names and this rotation could continue in favor of large names going ahead. Now the Nifty has achieved the levels of 20600 which was the 127 percent retracement level of the previous correction. The next retracement level at new highs is now seen around 21080. 

Market gave thumbs-up to state election results; Nifty heading towards 21000

ruchit-ki-rai-04-Dec.

The momentum readings on the lower charts are overbought but since we are witnessing a strong trending upmove, it is better not to pre-empt any reversal as of now. Rather one should look for opportunities in the direction of the trend with proper risk management. The immediate support for Nifty is now placed around 20380 followed by 20200.

Nifty, Bank Nifty Levels and  FINNIFTY Levels:

  Nifty Levels Bank Nifty Levels FINNIFTY Levels
Support 1 20570 46130 20640
Support 2 20500 46000 20600
Resistance 1 20830 46780 21000
Resistance 2 20950 47130 21130
How do you rate this article?
Characters remaining (1500)

FREE Trading & Demat Account
+91
''
By proceeding, you agree T&C*
Mobile No. belongs to
hero_form

Market Outlook Related Articles

Market Outlook for 16 July 2024

by Ruchit Jain 13th Sep 2024

Market Outlook for 15 July 2024

by Ruchit Jain 15th Jul 2024

Market Outlook for 12 July 2024

by Ruchit Jain 12th Jul 2024

Market Outlook for 11 July 2024

by Sachin Gupta 11th Jul 2024

Market Outlook for 10 July 2024

by Sachin Gupta 10th Jul 2024

Disclaimer: Investment in securities market are subject to market risks, read all the related documents carefully before investing. For detailed disclaimer please Click here.

Want to Use 5paisa
Trading App?