Nifty clings to gains for the 4th straight day but slips after taking resistance near its 50-DMA (24598).

*Review & Preview @4PM —— Wednesday, December 4th 2024*

NIFTY (+10, 24467)
Sensex (+111, 80956)
Bank Nifty (+571, 53267)

# Nifty clings to gains for the 4th straight day and most importantly, slips after taking resistance near its 50-DMA (24598).

# Bullish traders seen reluctant to place aggressive directional bets ahead of Fed Chair Jerome Powell’s speech.

The positive takeaway from today’s trade was that Bank Nifty surged 1.02%as traders were hoping for a CRR cut ahead of RBI policy this Friday, December 6th at 10 am.

# The street also hoping for a dovish Reserve Bank of India’s (RBI) monetary policy announcement.

# Sentimental Overview:

# The running bulls continues at Dalal Street…

# Nifty actually joined the conga-line of rising global stock markets and most importantly, optimism builds after the S&P 500 and the Nasdaq notched new record highs in overnight trade.

# Also, commanding attention from here on will be the US, Friday’s non-farm payroll numbers which will take center stage, with the US economy projected to add 183K jobs

# Our call of the day which suggests Nifty could simply rocket upward to the moon and probably, look to fly beyond the stars only if FIIs return to their buying desk.

#  Technical Overview:

Nifty ended with gains in today’s trade forming a bullish candlestick pattern. Confirmation of strength only above Nifty’s 50 DMA at 24598 mark.

The street will anxiously eye FIIs data after today’s massive rebound.

Technically speaking, Nifty and Sensex are still at oversold conditions with immediate upside hurdles seen 24598 and then at psychological 25000 mark while Nifty’s support placed at 24199 mark.

Nifty’s 200 DMA at 23692 mark

# Outperforming Nifty Sectors:
Nifty PSU BANKS (+2.16%)
Nifty REALITY (+2.10%)
Bank Nifty (+1.02%)

# Underperforming Nifty Sectors:
Nifty AUTO (-0.75%)
Nifty FMCG (-0.75%)

# Bulls of the day:
HDFCLIFE (+2.52%)
HDFCBANK (+1.67%)
BAJAJFINSV (+1.42%)
APOLLOHOSP (+1.28%)
NTPC (+1.37%)

# Bears of the day:
BHARTIARTL (-2.28%)
CIPLA (-2.21%)
BAJAJ-AUTO (-1.77%)
TATAMOTORS (-1.63%)
ADANIPORTS (-1.62%)
(Source NSSEINDIA.com)

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