Trade Setup For December: Nifty Finds Immediate Support At 26,000
The NSE Nifty 50, which ended last week on a muted note, is likely to maintain an overall positive bias and gradually head towards the 26,500 level in the coming sessions, according to Bajaj Broking Research. The Nifty formed a small-bodied candle with shadows in either direction, signalling consolidation amid stock-specific action near the all-time high.
Nifty Technical Analysis
The last two-months uptrend has remained well within a rising channel, indicating sustained demand at a higher level. Immediate support is placed at the last week breakout area of 26,000, it said. Short-term support is positioned in the 25,800–25,700 zone, which is an important level to monitor from a short-term perspective, sustaining above which will keep the bias positive, Bajaj Broking added.
Key Resistance Levels
On the upside, key resistance levels for the index are seen at 26,350-26,500, according to Angel One Equity Technical Analyst Rajesh Bhosale.
Bank Nifty Analysis
The Bank Nifty had a positive end to the week with a strong bullish candlestick on the weekly chart, as per Vatsal Bhuva, technical analyst at LKP Securities. Immediate support lies at 59,200, with positional support at 58,900, while resistance is seen at 60,000 and 60,500 levels.
Nifty Top Gainers
The Nifty closed flat at 26,202.95 on Friday. The Nifty top gainers included Mahindra & Mahindra Ltd. and Sun Pharmaceutical Industries Ltd.
Sectoral Performance
Nifty auto remained the top sectoral gainer, of which top gainers included M&M and Exide industries. While all sectoral indices ended on a mixed note.
Indian Rupee Update
The Indian rupee weakened 16 paise to 89.47 against US Dollar at close. Intraday, the local currency hit a record low of 89.49 a dollar.
Investment Strategies
For investors looking to capitalize on the current market trends, it’s essential to stay informed about the latest Nifty news and Sensex updates. Additionally, understanding technical analysis and fundamental analysis can help in making informed investment decisions.
Conclusion
In conclusion, the Nifty is expected to maintain its positive bias and head towards the 26,500 level. Investors should keep a close eye on the key resistance levels and support zones to make the most of the current market trends. Stay tuned for more updates on the Indian stock market and Nifty trading strategies.