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| Company | Value | Change | %Change |
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However, the index was unable to surpass the hurdle of 24,600 levels, showing minor weakness from the highs.
Broader markets relatively outperformed, with midcap and smallcap indices gaining 1% and 0.9%, respectively, continuing their consistent rise over the past three weeks.
Despite a largely positive tone during the session, profit-booking in select heavyweights limited the upside. Sectorally, the performance was mixed, with banking and realty outperforming, while energy, auto, and FMCG faced selling pressure.
Financials continued to see buying interest ahead of the RBI policy announcement. HDFC Bank was the top Nifty contributor. Insurance stocks moved higher, with HDFC Life emerging as the top Nifty gainer and Max Financial rising nearly 3%. Oberoi Realty shares hit a record high after Nomura initiated coverage with a ‘Buy’ recommendation and a price target of ₹2,500.
The Nifty PSU Bank index was among the top sectoral gainer today as well, extending its gains from Tuesday, during which the index had gained over 2.5%. All constituents of the PSU Bank index were trading with gains in Wednesday’s trade. UCO Bank, Central Bank, Indian Overseas Bank and Punjab & Sind Bank are the top four gainers on the PSU Bank index on Wednesday. While shares of UCO Bank have gained as much as 9%, the other three have seen gains between 6% to 7%.
Looking ahead, the market will closely monitor comments from Federal Reserve Chair Jerome Powell and the US jobs data, set to be released tomorrow.
Foreign institutions were net buyers again in the cash market on Wednesday, while domestic institutions were net sellers.
What do the Nifty 50 charts indicate?
The Nifty 50 index ended the session on a muted note, closing at 24,467.45, with a marginal gain of 0.04%. Although the index crossed 24,500 intraday, it could not sustain the level.
Some consolidation or a minor pullback may be on the horizon; however, the broader trend remains intact, as Nifty holds above the 38.2% Fibonacci retracement level. The support remains around 24,300-24,320, while a sustained above 24,540 could signal a resumption of upward momentum, said Om Mehra, Technical Analyst at SAMCO Securities.
According to Nagaraj Shetti of HDFC Securities, the near-term trend of the Nifty continues to be positive. Having not able to surpass the resistance zone sharply above 24,500 levels, there is a possibility of some more consolidation or minor dip in the next 1-2 sessions before showing next round of upmove. Immediate support is at 24,300 levels.
Shrikant Chouhan of Kotak Securities believes that the short-term market trend is still positive, and a strategy of buying on dips and selling on rallies would be ideal for day traders.
In terms of support and resistance levels, Chouhan said that 24350-24250/80500-80100 will act as key support areas, while 24550-24625/81100-81500 could serve as crucial resistance zones for the bulls. However, a breach below 24250/80100 would render the uptrend vulnerable.
“On the lower end, support is being seen around 24350, coinciding with the 50 DEMA, followed by 24280-24250 in the comparable period. While on the flip side, a decisive breakthrough above 24550-24600 is highly anticipated to provide the much-needed impetus to the Nifty50 index with higher potential targets of 24800, followed by the 25000 mark in the coming period,” said Osho Krishnan of Angel One.
What do the Nifty Bank charts indicate?
The Nifty Bank index surged strongly ahead of crucial RBI meeting Thursday, closing at 53,266.90, up 1.08%. The index is now 1,200 points away from its 52-week high of 54,467.35.
“The daily RSI remains robust, hovering comfortably above 60. The short-term moving averages (SMAs) have risen above the medium-term SMAs, resulting in multiple positive crossovers that support the bullish outlook. However, consolidation cannot be ruled out as the index might absorb recent gains and any short-term pullbacks may provide opportunities to buy into the ongoing uptrend,” Mehra said.
For the Nifty Bank, an immediate support remains at 52,850, which is likely to act as a cushion against minor corrections while the resistance is placed at 53,550, followed by 53,800.
What Are The F&O Cues Indicating?
Nifty 50’s December futures shed 0.7% or 84,225 shares in Open Interest on Wednesday. They are now trading at a premium of 94.25 points compared to 89.85 points earlier. On the other hand, Nifty Bank’s December futures added 2.3% or 52,275 shares in Open Interest on Wednesday. Nifty 50’s Put-Call Ratio is now at 1.14 from 1.29 earlier.
RBL Bank, Granules India and Manappuram Finance continue to remain in the F&O ban.
Nifty 50 on the Call side for December 5 expiry:
For today’s weekly options expiry, the Nifty 50 Call strikes between 24,500 and 24,750 have seen Open Interest addition.
| Strike | OI Change | Premium |
| 24,750 | 27.97 Lakh Added | 17.75 |
| 24,550 | 23.87 Lakh Added | 72.05 |
| 24,600 | 21.96 Lakh Added | 53.9 |
| 24,500 | 17.23 Lakh Added | 92.65 |
Nifty 50 on the Put side for December 5 expiry:
On the Put side, the Nifty 50 strikes between 24,450 and 24,600 have seen Open Interest addition for today’s weekly expiry.
| Strike | OI Change | Premium |
| 24,500 | 22.91 Lakh Added | 139.85 |
| 24,450 | 16.24 Lakh Added | 114.7 |
| 24,550 | 8.74 Lakh Added | 169 |
| 24,600 | 5.37 Lakh Added | 200.75 |
These are the stocks to watch ahead of Thursday’s trading session:
Torrent Pharma enters into an agreement with Boehringer Ingelheim to acquire 3 anti-diabetes brands.
Omega Telecom Holding & Usha Martin Telematics to sell stake in Indus Towers. It is a clean up trade and offer size is at ₹2,716.9 crore to ₹2,835.8 crore, sources told CNBC-TV18.
IGL to consider bonus shares on December 10.
Bharat Forge opens QIP today, sets floor price at ₹1,323.54 per share.
Dynamic Services & Security gets offer letter for ‘Mega Project’ from the Maharashtra government to set up a new project for manufacturing of solar PV panels 1800 MW at MIDC Villebhagad, Tal Mangaon, District Raigad. The company also decides fixed capital investment of ₹1,080 crore.
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