Nifty 50, Sensex today: What to expect from Indian stock market in trade on December 1 after strong Q2 GDP growth

The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open higher on Monday, boosted by higher-than-expected India’s Q2 GDP growth. Global markets remain mixed. The trends on Gift Nifty also indicate a gap-up start for the Indian benchmark index. The Gift Nifty was trading around 26,530 level, a premium of nearly 143 points from the Nifty futures’ previous close. On Friday, the Indian stock market ended marginally lower, with the benchmark Nifty 50 holding above 26,200 level. The Sensex eased 13.71 points, or 0.02%, to close at 85,706.67, while the Nifty 50 settled 12.60 points, or 0.05%, lower at 26,202.95. Here’s what to expect from Sensex, Nifty 50, and Bank Nifty today: Sensex Prediction Sensex formed a promising reversal pattern on daily and intraday charts, and it is also holding a higher bottom formation on daily charts, which is largely positive. For the week, the index gained 0.56%. “We are of the view that the short-term market outlook is positive and uptrend formation is likely to continue in the near future. For positional traders, 85,300 and 85,000 would act as key support zones. On the higher side, the uptrend is likely to continue till 86,100. Further upside may also persist, which could lift Sensex to 86,500 - 86,800,” said Amol Athawale, VP Technical Research, Kotak Securities. On the flip side, he believes below 85,000, the uptrend would become vulnerable, and Sensex is likely to retest 84,500 - 84,300. Mayank Jain, Market Analyst, Share.Market said that the 86,000 – 86,100 region acts as the next major resistance for Sensex, and a breakout above this zone may open the door to fresh record highs. Support is seen near 85,100 – 85,000. Nifty OI Data Market positioning in derivatives continues to signal a clear bullish undertone. “Cumulative Put Open Interest (OI) remains higher than Call OI, confirming strong positional support near the 26,000 zone. Heavy Put buildup between 26,000 – 26,100 has strengthened the downside base, while consistent Call writing at 26,300 – 26,500 is creating a firm supply band on the upside,” said Ponmudi R, CEO, Enrich Money. Nifty 50 Prediction Nifty 50 formed a small negative candle on the daily chart with minor upper and lower shadow. For the week, the index rose 0.52%, forming a small candlestick on the weekly chart, indicating hesitation at higher levels. “Technically, this signals continuation of choppy movement in the market after a stellar rally on Wednesday. After the formation of a long bull candle on Wednesday, Nifty 50 showing a narrow range movement over the last couple of sessions signal a possible uptrend continuation pattern,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities. According to him, the underlying uptrend of Nifty 50 remains intact, and the present choppy movement could eventually result in another round of sharp breakout soon in the market. “The near term upside target to be watched is around 26,600 and immediate support is placed at 26,050,” said Shetti. Nilesh Jain, Head – Technical and Derivatives Research Analyst (Equity Research), Centrum Broking Ltd said that the 21-DMA support at 25,890 remains crucial, and as long as Nifty 50 holds above this level, the broader uptrend and upside momentum are likely to persist. “Chasing the index at elevated levels is not advisable, as the risk-reward setup is currently unfavorable. Waiting for a healthy pullback would be a more prudent approach for initiating fresh positions,” said Jain. Dr. Praveen Dwarakanath, Vice President of Hedged.in noted that Friday’s price action made an insider candle, suggesting the strength of the break of the all-time high was not there, indicating a possible sell-off from the current level. “The momentum indicators are also near the overbought region, suggesting a possible sell-off from the current level. The AD average line has flattened out, suggesting no clear sign in the index,” said Dwarakanath. According to Mayank Jain, the 26,250 – 26,300 zone now serves as a crucial resistance -turned-trigger for Nifty 50, and a sustained close above this band could pave the way towards 26,500+. Immediate support remains at 25,900 – 26,000. Bank Nifty Prediction Bank Nifty index ended 15.40 points, or 0.03%, higher at 59,752.70 on Friday, forming a doji candle on the daily chart, signaling a potential pause before the next leg higher. The index rallied 1.5% last week, and formed a strong bullish candlestick on the weekly chart. “Momentum indicators across daily, weekly, and monthly charts remain firmly in the bullish camp. The RSI is rising within the super-bullish zone, and the index’s weekly close above the upper Bollinger Band underscores the power of this rally — a signal typically associated with strong follow-through. Other indicators reinforce this positive setup, leaving little doubt that bulls remain in control,” said Sudeep Shah, Head - Technical and Derivatives Research at SBI Securities. He believes Bank Nifty appears well-positioned to climb toward 60,300 and then 61,000. Support is placed at 58,800 – 58,700, coinciding with the 20-day EMA. “With the technical picture strongly favouring buyers, Bank Nifty is likely to continue leading the broader market move,” said Shah. Ravi Singh, Chief Research Officer from Master Capital Services Ltd. said that buying on dips remains the preferred approach for Bank Nifty given the solid technical structure. “Fresh long positions may be initiated around 59,400 – 59,300, with the next crucial support at 58,800 acting as a protective stop-loss. On the upside, Bank Nifty appears well-positioned to extend its move toward the 60,300 level in the near term as momentum remains firmly intact,” said Singh. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.