Market Outlook for 02nd December 2024

Nifty Prediction for 02nd December

The benchmark indices rebounded strongly on Friday, recovering from their steepest decline in the previous session ahead of the monthly expiry. After a flat opening, the Nifty gained momentum throughout the session, closing at 24,131.10 with a 0.91% rise, driven by strong performance in Pharma, Energy, and Media stocks.

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The week proved challenging for market participants, marked by significant volatility. However, the Nifty ended on a positive note with a weekly gain of 0.94%, supported by robust buying in Media, PSE, and PSUBank sectors. Rollover data indicates that 79% of Nifty positions carried forward to the December series, exceeding the three-month average of 76%. Despite this, concerns remain over the heavy short positions held by FIIs in index futures since the start of the November series.

From a technical perspective, the Nifty bounced back from horizontal support around the 23,900 level after filling a gap on the daily chart. However, it remains below the 89-day exponential moving average (89-DEMA), presenting an immediate hurdle. Indicators like the Super Trend and MACD suggest a positive bias in the near term.

On the downside, key support levels are at 24,000 and 23,900, while resistance is seen at 24,350 and 24,600. Traders are advised to monitor these levels closely, as a breakout on either side will likely determine the market's next direction.

Nifty rebounds with 0.94% gains, ends volatile week on a positive note   

Nifty Bank Prediction for 02nd December

The Bank Nifty displayed a mixed performance on Friday, starting with downside momentum in the early sessions but recovering in the latter half to close with a gain of 148 points at 52,055. 

Despite the zigzag movement throughout the week, the index managed to hold on to Monday's momentum, ending with a weekly gain of 1.80%. On the weekly chart, the formation of a Doji candlestick reflects indecision among traders. Meanwhile, on the daily chart, the index continues to find support at the 50-day moving average (DMA) around 51,700.

Traders are advised to monitor the 51,700 level as a crucial support zone. A breach of this level could extend the downside toward 51,300 and 51,000 levels. Conversely, on the upside, the 52,600 mark is likely to act as a key resistance for the index.

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