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Nifty Prediction for 5 December 2024.
Nifty experienced a volatile trading day, ending flat with a slight gain of 10.40 points. The index failed to stabilize above 24,500, closing at 24,467. With strong bullish indicators pointing to a potential upward trend, a significant market movement is anticipated for December 5, 2024, despite the uncertainty.
Nifty opened flat and continued to trade sideways for the day with some volatility in the market as it fell 200 in just 30 minutes but recovered the losses and ended the day totally flat with just 10.40 points of gain or 0.04% forming a doji candlestick on the daily chart.
As today’s market is more volatile, Nifty moved up and down where it manages to close the day in green, but on the other side, it fails to stable above the 24,500 level and gives the closing at 24,467 level which is not a good sign for the market.
Today’s top gainers are the Nifty Realty and Banking Index as they rose by over 2 and 1 percent respectively, while the losers were the Nifty Energy, Auto, and FMCG Index which fell more than 0.70% each.
Nifty Prediction for 5 December 2024
Today is a volatile day for the Nifty50 as it touched a new in the last 1 month, but also fell 200 points to take support at the 24,350 level which is the previous resistance level for the Nifty forming a Doji candlestick leaving the market indecisive.
On the technical chart, Nifty falls to take support at the 50DEMA level due to volatility but as it jumps from both the 50DEMA and the support level of 24,350 – it is very likely that the Index is suggesting a potential bullish move in the coming days.
Anyway, technical Indicators indicate a bullish move ahead as the PCR and MACD are extremely bullish indicating a running bullish trend, also the PCR falls to 1.1 from 1.28 which means that traders are unwinding their put position which is a bullish indication, hence the market is expected to rise on Thursday, 5 December 2024.
What to Expect from Nifty on 5 December 2024
As tomorrow is the weekly expiry of the Index – so the big players don’t want to let anyone guess the upcoming move by forming a doji candlestick – hence tomorrow will be likely a one-sided day for the Market, most likely a bull run on the Dalal Street. But if the market falls then it will be a one-sided fall, and the market will likely slide in the lower direction.
The technical indicators suggest a bullish market and the traders are becoming more optimistic as they unwind their put positions which indicates a bullish market for tomorrow, but first, it needs to stabilize above the 24,500 level, then we can target for 24,700 or 24,800 levels.
Trading Level for Nifty: 24,350 – 24,800
Also Read:
Nifty Support and Resistance for 5 December 2024
| Nifty Support Levels | Nifty Resistance Levels |
|---|---|
| 24,350 | 24,500 |
| 24,200 | 24,800 |
| 24,200 | 25,000 |
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 🙂
