As the Indian stock market opens on December 5, 2024, investors are keenly observing the benchmark Nifty 50 index, which has shown resilience in recent trading sessions. Following a modest gain of 0.04% on Wednesday, the Nifty closed at 24,467.45, while the BSE Sensex ended at 80,956.33, up 0.14%. The market is set for another active day with key support and resistance levels in focus.
Trade Setup for Nifty 50
Key Support and Resistance Levels
Market experts have identified critical support and resistance zones for the Nifty 50 index:
- Support Levels:
- 24,350 – 24,250
- Resistance Levels:
- 24,550 – 24,625
Shrikant Chouhan from Kotak Securities suggests that if the Nifty maintains above the support levels, it could aim for higher targets. Meanwhile, Hrishikesh Yedve from Asit C. Mehta Investment Intermediates Ltd indicates that if the Nifty Bank index stays above 52,500, it may rise towards 53,500 – 54,000.
Global Market Influences
Investors are also keeping an eye on global markets and upcoming economic data releases, including comments from Fed Chair Jerome Powell and US jobs data. Positive developments in government policies and potential liquidity increases from the RBI’s decisions could further support the Nifty’s upward trajectory.
Day-Wise Box Office Collection
Recent Performance Overview
The Nifty has been on a winning streak for four consecutive sessions. Here’s a brief overview of its recent performance:
| Date | Nifty Closing | Change (%) |
|---|---|---|
| December 4 | 24,467.45 | +0.04% |
| December 3 | 24,450.00 | +0.25% |
| December 2 | 24,430.00 | +0.15% |
The momentum in mid and small-cap indices has also been notable, with gains of nearly 1% each.
Stocks to Buy or Sell Today
Recommended Stocks by Analysts
Several analysts have provided stock recommendations for today’s trading session:
Sumeet Bagadia’s Picks
- Computer Age Management Services Ltd (CAMS)
- Buy Price: ₹5,181.75
- Stop Loss: ₹4,990
- Target Price: ₹5,500
- CAMS shows a favorable chart pattern indicating potential upward movement.
- Federal Bank Ltd
- Buy Price: ₹215.44
- Stop Loss: ₹207
- Target Price: ₹229
- The stock has demonstrated strong momentum with significant trading volume.
Ganesh Dongre’s Picks
- Bharat Dynamics Ltd
- Buy Price: ₹1,220
- Stop Loss: ₹1,180
- Target Price: ₹1,265
- The stock shows signs of a reversal with substantial support at ₹1,180.
- Vedanta Ltd
- Buy Price: ₹468
- Stop Loss: ₹460
- Target Price: ₹485
- A bullish reversal pattern suggests potential gains towards ₹485.
- GAIL India Ltd
- Buy Price: ₹207
- Stop Loss: ₹200
- Target Price: ₹218
- A breakout at ₹207 indicates an upward trend supported by increasing buying momentum.
Conclusion
As traders prepare for another active day in the Indian stock market on December 5, 2024, keeping an eye on key support and resistance levels for the Nifty 50 will be crucial. With several stocks recommended for buying amid positive market sentiment, investors should consider these insights before making trading decisions.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies and do not reflect the views of this publication. We advise investors to consult certified financial experts before making any investment decisions
