Nifty 50, Sensex today: What to expect from Indian stock market in trade on December 2

Indian Stock Market Likely to Open Flat on Tuesday

The Indian stock market benchmark indices, Sensex and Nifty 50, are expected to begin the day on a flat note on Tuesday, influenced by mixed global market cues.

Trends on Gift Nifty Indicate Muted Start

The Gift Nifty was trading around 26,329 levels, a discount of nearly 6 points from the Nifty futures' previous close.

Indian Stock Market Performance on Monday

• Sensex fell 64.77 points, or 0.08%, to close at 85,641.90
• Nifty 50 settled 27.20 points, or 0.10%, lower at 26,175.75

Sensex Prediction

Sensex formed a bearish candle on daily charts, indicating further weakness. However, the short-term market sentiment remains positive.

• Key Support Zones:
  • 85,500
  • 85,000
• Crucial Resistance Areas:
  • 86,000 - 86,200

"We believe that intraday market formation is range-bound, and this range-bound activity is likely to continue in the near future. For day traders, 85,500 and 85,000 remain key support zones for Sensex, while 86,000 - 86,200 would act as crucial resistance areas for the bulls. However, below 85,000, the uptrend could become vulnerable," said Shrikant Chouhan, Head Equity Research, Kotak Securities.

Nifty 50 Prediction

Nifty 50 index formed a bearish candle on the daily chart, suggesting a pause in the ongoing trend.

• Immediate Support: 26,120, followed by 26,000
• Decisive Break Above: 26,300 could pave the way for further gains toward 26,450

"Immediate support lies at 26,120, followed by 26,000, while a decisive break above 26,300 could pave the way for further gains toward 26,450. Chasing the Nifty 50 index at elevated levels is not advisable, as the current risk-reward setup is unfavourable. It would be more prudent to wait for a meaningful pullback before considering fresh positions," said Nilesh Jain, Head – Technical and Derivatives Research Analyst (Equity Research), Centrum Broking.

Bank Nifty Prediction

Bank Nifty index ended 71.35 points, or 0.12%, lower at 59,681.35 on Monday, forming an Opening Marubozu (red candle) candlestick pattern on the daily chart, reflecting selling pressure at higher levels.

• Important Hurdle: 60,000 - 60,100
• Important Support: 59,300 - 59,200

"As per this formation, as long as the Bank Nifty remains below 60,114, the upside is likely to remain capped in the short term. On the downside, immediate support is placed near 59,400 followed by 59,000. Therefore, short-term traders are advised to adopt a buy-near-support and sell-near-resistance approach," said Hrishikesh Yedve, AVP Technical and Derivative Research, Asit C. Mehta Investment Intermediates Ltd.

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.