BizzBuzz Pre-Market Today: Things to know before the opening bell
The BSE Sensex surged by 493 points to 67,481, accompanied by gains of 1.1 percent in the Nifty Midcap 100 and half a percent in the Smallcap 100 indices.
image for illustrative purpose
On December 1, the Nifty50 experienced a historic session in the equity markets, reaching a new all-time high of 20,292 and closing at a record 20,268. The bullish sentiment persisted for five consecutive weeks, with experts anticipating the momentum to continue, potentially propelling the Nifty50 towards 20,500 in the coming days. This projection is contingent on the index maintaining the psychological 20,000-mark. The NSE market capitalization stood at over $4 trillion.
The BSE Sensex surged by 493 points to 67,481, accompanied by gains of 1.1 percent in the Nifty Midcap 100 and half a percent in the Smallcap 100 indices. Experts, including Rupak De, a senior technical analyst at LKP Securities, noted that the Nifty's bullish trend is marked by a consolidation breakout on the weekly timeframe and a bullish crossover in the weekly RSI.
De highlighted that while support at 20,200 remains strong, potential buying opportunities may arise as long as the index holds above this level. On the upside, resistance is expected around 20,450-20,500.
The Bank Nifty, after a brief pause, resumed its upward trajectory, climbing 332 points to 44,814 on December 1. Analysts, such as Chandan Taparia from Motilal Oswal Financial Services, emphasized that for further upside, the banking index needs to maintain levels above 44,700. Resistance levels are anticipated at 45,000 and 45,250, with support at 44,444 and 44,250.
Key support and resistance levels for the Nifty were identified using a pivot point calculator. Immediate resistance was seen at 20,289, followed by 20,314 and 20,356. On the downside, support levels were identified at 20,207, 20,181, and 20,140.
The article also provided insights into options data, including call and put options. Notably, the 21,000 strike had the maximum Call open interest, while the 20,000 strike had the maximum Put open interest. The Nifty Put Call ratio (PCR) increased to 1.3 on December 1, indicating a rise in bearish sentiment.
The report further detailed the performance of specific stocks, highlighting those with high delivery percentages, long build-up, long unwinding, short build-up, and short-covering. It also mentioned stocks in the news, recent bulk deals, and the FII and DII data for December 1.
Please note that the information provided is based on the given article, and market conditions may have changed since the publication date.
