Market Update
December 5, 2024
The benchmark indices continued their positive momentum, closing higher for the fourth consecutive session on Wednesday.
Nifty 50: Gained 0.04%, closing at 24,467.45.
S&P BSE Sensex: Advanced 0.14%, ending at 80,956.33.
Bank Nifty: Outperformed with a 1.10% rise, settling at 53,266.90.
Sectoral Performance
Top Gainers: Realty, Pharma, and Healthcare stocks showed robust strength.
Top Losers: FMCG, Metals, Auto, and Oil & Gas sectors witnessed selling pressure.
Midcap and Smallcap Indices: Sustained momentum, rising nearly 1% each.
Key levels to watch:
Nifty 50:
Support: 24,350-24,250
Resistance: 24,550-24,625
SENSEX:
Support: 80,500-80,100
Resistance: 81,100-81,500
BANK NIFTY
If it sustains above 52,500, it could move towards 53,500-54,000 levels.
Global Cues & RBI MPC
Markets are eyeing Fed Chair Powell's comments and upcoming US jobs data, which could impact global sentiment.
Domestically, focus remains on the RBI's policy meeting.
Optimism surrounds potential liquidity-boosting measures and favorable government policies, which could support Nifty's gradual upmove.
OUTLOOK:
Overall, the sentiment remains positive with a steady uptrend in broader indices.
Traders should remain cautious near resistance levels while banking on strong sectoral leaders like Realty and Pharma.