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Bank Nifty Prediction for 5 December 2024
Bank Nifty experienced a notable rise of 1.08%, primarily driven by strong performances from PSU banks and HDFC Bank, which hit a new high. A breakout above the 53,000 level signals bullish momentum, with further increases anticipated. Traders should monitor Nifty50 as volatility may impact Bank Nifty's movements on December 5, 2024.
Bank Nifty is extremely positive today, despite a volatile day for Benchmark Indices as it saw a 1.08% rise where Nifty and Sensex ended nearly flat led by mainly PSU banks and the Index Heavyweight HDFC Bank.
HDFC bank touched a new high today by rising 1.81% and the PSU banks saw a significant rise where the BOB, PNB, and Canara bank rose an average of 2 percent.
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Bank Nifty Prediction for 5 December 2024
Bank Nifty today forms a big bullish candlestick, breaking above the Ascending triangle pattern, touching a new high in the last two months by rising above the 53,000 mark.
On the technical chart, the Bank Nifty index saw a breakout of the bullish pattern leading to a rise of more than 550 points, touching the 53,387 level today, indicating a strong buyer presence which may lead to further market rise in the coming days.
On the weekly chart, Bank Nifty breaks out of the range by breaking the resistance of 53,650 by forming a big bullish candlestick, while on the daily chart, it rises above the Ascending Triangle Pattern, indicating a coming bull run toward a new high.
Technical indicators indicate an extremely bullish market, as the RSI rises to 63.72 a bit lower from entering the Oversold zone, along with PCR that rises to 1.15 which is again a bullish indication for the Index.
On the lower side, Nifty Bank has its nearby support at the 53,000 level followed by 52,800 and 52,500 levels, while its nearest resistance stands at the 53,500 level followed by 53,700 and 54,000 levels.
What to Expect from Bank Nifty on 5 December 2024
For tomorrow, 5th December 2024, Bank Nifty is likely to rise further as the Index sees a pattern breakout on both Daily and weekly timeframe, forming a large bullish candlestick, indicating further market rise on Thursday.
But as tomorrow is the weekly expiry of the Nifty50, volatility might affect the Bank Nifty index too – hence traders are advised to keep an eye on the benchmark index and plan your trade aligning with the Nifty50 movements.
In my opinion, wait for a dip to the 53,000 level and then go long with a target of 53,500 and then 53,700 levels.
Trading Level for Nifty: 22,200 – 22,500
Bank Nifty Support and Resistance for 5 December 2024
| Bank Nifty Support Levels | Bank Nifty Resistance Levels |
|---|---|
| 53,000 | 53,500 |
| 52,800 | 53,700 |
| 52,500 | 54,000 |
Note:- For the Most Accurate Data you can revisit this Page after 11:00 AM (during Trading hours), so we can update the Trade Setup after analyzing the Market.
Happy Trading 🙂
