Trade Setup For Dec. 2: Nifty Support Moves To 26,100 As Index Briefly Hits Record
On the flipside, 26,300-26,325 is likely to act as a sturdy hurdle, presenting a significant challenge to upward momentum.
The NSE Nifty 50 has found support at 26,100–26,000 levels, indicating a strong foundation for potential upward movement, according to Osho Krishan, chief manager of technical and derivative research at Angel One.
"Additionally, the pivotal support level identified from the previous week, situated at 25,850, serves as a critical structural base that reinforces investor confidence," Krishnan said.
The Nifty has formed a bearish candle with a similar open and high, highlighting profit booking at higher levels near the all-time high, according to Bajaj Broking Research. "Immediate support is placed at the last week breakout area of 26,000-25,800, sustaining above the same will keep the bias positive."
On the flipside, 26,300-26,325 is likely to act as a sturdy hurdle, presenting a significant challenge to upward momentum, according to Krishnan. The analyst identified resistance levels at 26,325-26,400 levels.
"Going ahead, we expect the index to maintain overall positive bias and head towards 26,500 and then towards 26,800 levels in the coming week being the measuring implication of the recent broader range breakout (26,100-25,400)," Bajaj Broking said.
"Going forward, we remain optimistic about the domestic market and expect any dips to benefit the Bulls," Krishnan said. "Additionally, sectoral rotation is evident, and traders should be vigilant on thematic movers to gain an edge in the markets," he added.
Bank Nifty
The Bank Nifty sees support at 59,400-59,000 levels. It has formed a bearish candle with a similar open and high, Bajaj Broking Research said.
Krishnana identified resistance levels for the index at 60,000-60,300 levels.
"Key support is placed at 58,300-58,600 levels being the confluence of the last two weeks lows and recent breakout area," Bajaj Broking said. "Going ahead, a follow through strength above Monday’s high (60,114) will open further upside towards 60,400 and then towards 61,000 levels in the coming weeks."
Markets Recap
The NSE Nifty 50 closed 27.2 points or 0.1% down at 26,175.75, while the BSE Sensex ended 64.77 points or 0.08% lower at 85,641.9 on Monday.
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