Nifty 50 Prediction: Finally the stock market broke the streak of four consecutive days of red marking. On December 4, Nifty 50 made a great comeback and closed above 26,000, while Sensex also saw a slight rise and closed at 85,265, rising only 158 points. Nifty closed at 26,033 with a gain of 47 points. Despite it being the day of weekly derivatives expiry, buyers have made a slight lead in the market.
Among the 50 Nifty stocks, the biggest rise was seen in Tech Mahindra, HDFC Life and TCS. On the other hand, the biggest falling shares were Indigo, Reliance Industries and Hindalco, there was strong selling in these and they became the big losers of the day. Talking about sectoral indices, Auto, IT, Realty sectors closed in the green and selling was seen in Private Bank, Media sector, Oil and Gas sector.
Impact of these news on the stock market
Russian President Vladimir Putin came to India on December 4 and its direct impact was visible on defense stocks. Nifty India Defense Index rose by a full 1 percent yesterday and investors bought heavily. At the same time, there was a slight rise in big indices like Nifty and Sensex, but midcap and smallcap shares became a little weak. Both Nifty Midcap 100 and Smallcap 100 closed with slight losses at the end of the day.
At present, all investors are eagerly waiting for the monetary policy of RBI to come on Friday. Everyone’s eyes are on sectors like banking, auto and realty which are directly affected by interest rates. Besides, America’s CPI data is also coming, which can make or break the mood of the global market.
Not only this, today is Friday the last day of bidding for IPO of Meesho, Aequs and Vidya Wires, so investors will also keep an eye on it.
Siddharth Khemka of Motilal Oswal says that right now the market may remain in the mode of rest i.e. consolidation for a few days. But if RBI reduces interest rates tomorrow, the market may get a good boost, even if only for a short while.
Expert told the level of Nifty
According to the report of Moneycontrol, Nandish Shah of HDFC Securities says that there has been some recovery in Nifty yesterday but right now this bounce does not have much strength because Nifty is trading below its 5 day and 10 day average. According to him, the recent lowest level of 25,842 is a very important support and above it there is a strong wall i.e. resistance from 26,150 to 26,200. At the same time, Rupak Dey of LKP Securities believes that there will be a lot of volatility in the market before the RBI policy is announced on Friday and the turmoil may increase further after the decision. He also considers 26,100 to 26,150 as resistance and 25,900 to 25,950 as support and says that if Nifty slips below 26,000, it may soon fall to 25,900.
Osho Krishnan of Angel One also considers 25,900 to 25,850 as the strongest support for Nifty and considers above 26,100 to 26,150 as a major obstacle. He says that if Nifty remains firmly above this range, a rise from 26,250 to 26,300 can be seen in the coming days.
