Bulls further tighten their holding on Dalal Steet as the benchmarks extended the gains on third consecutive session on December 3 with Nifty above 24,450, amid buying across sectors, barring FMCG.
Amid positive global markets, the Indian indices opened higher, and extended buying pushed Nifty and Sensex towards 24,500 and 81,000 respectively, led by media and PSU Banks.
At close today, the Sensex was up 597.67 points or 0.74 percent at 80,845.75, and the Nifty was up 181.10 points or 0.75 percent at 24,457.15.
In today's gain, investors' wealth rose by Rs 3.69 lakh crore, as the market capitalisation of BSE-listed companies rose to Rs 453.41 lakh crore, from Rs 449.72 lakh crore in the previous session.
Top Nifty gainers included Adani Ports, NTPC, Adani Enterprises, Axis Bank and SBI, while losers were Bharti Airtel, ITC, Hero MotoCorp, HDFC Life, and Sun Pharma.
Among sectors, except FMCG, all other indices ended in the green with Media and PSU Bank indices up more than 2 percent each.
The BSE midcap and smallcap indices rose a percent each.
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More than 240 stocks touched their 52-week high on the BSE, including, Affle India, Caplin Labs, City Union Bank, Deepak Fertilisers, Dixon Technologies, eClerx Services, EID Parry, HDFC Bank, Info Edge, Kaynes Technologies, KEC International, Laurus Labs, Medplus Healthcare, Oberoi Realty, PB Fintech, Persistent Systems, Piramal Enterprises, among others. Click To View More
Outlook for December 4
Aditya Gaggar Director of Progressive Shares
Under the leadership of the Banking stocks especially PSU's; the Index kept compounding its gains throughout the day and breached its strong hurdle of 24,350 to settle the trade at 24,457.15 with gains of 181.10 points.
Except for FMCG and Pharma, all the other sectors ended the trade higher where PSU Banks and Media were the top gainers. Mid and Smallcaps remained rangebound but outperformed the Frontline Index.
As we were constantly indicating, the Index has ultimately given a breakout from an Inverted Head and Shoulder formation which provides a sign of a trend reversal i.e. negative to positive. As per the pattern, the approximate target comes to 25,440. The immediate resistance is at 24,660 while the support is shifted higher to 24,300.
Rupak De, Senior Technical Analyst, LKP Securities
Nifty witnessed another day of bullishness as the index moved above the 38.20% Fibonacci retracement level of the previous decline from 26,277 to 23,263. Additionally, the index has broken out of the recent consolidation phase on the daily chart, indicating a rise in bullish sentiment.
Furthermore, Nifty has been sustaining above the critical 21-day exponential moving average (21EMA), reinforcing optimism. The sentiment is likely to remain in favor of the bulls as long as the index sustains above 24,400, with the potential to test levels of 24,600–24,700. On the downside, a fall below 24,400 could trigger a correction towards 24,150.
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