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Nifty & Bank-Nifty Prediction for Tomorrow, Dec 06, 2023

SENSEX Prediction:

Current Trend: Positive

Long Positions: Continue to hold with daily closing stop-loss of 68,590.

Short Positions: Fresh short positions can be initiated if Sensex closes below 68,590 levels.

Support Levels: 69,040 – 68,784 – 68,614

Resistance Levels: 69,467 – 69,637 – 69,893

Explanation:

The Sensex is currently trading above all of its support levels, which is a bullish sign.
The Sensex is also approaching its resistance level at 69,467. If the Sensex can break through this resistance level, it could continue to move higher in the short term. However, if the Sensex fails to break through the 69,467 resistance level, it could start to pull back in the short term.
Traders should monitor the Sensex closely in the coming days to see if it can break through the 69,467 resistance level. If it does, traders could look to buy the Sensex for a potential move higher. If the Sensex fails to break through the 69,467 resistance level, traders could look to sell the Sensex for a potential pullback.

NIFTY Prediction

Current Trend: Positive

Long Positions: Continue to hold with daily closing stop-loss of 20,612.

Short Positions: Fresh short positions can be initiated if Nifty closes below 20,612 levels.

Support Levels: 20,756 – 20,657 – 20,603

Resistance Levels: 20,909 – 20,963 – 21,062

In simpler terms:

The NIFTY is currently in an upward trend.
If you are holding long positions, continue to hold them, but place a stop-loss order at 20,612 to limit your losses.
If you are not currently holding any long positions, you can initiate fresh long positions if the NIFTY closes above 20,612.
The NIFTY has three support levels and three resistance levels.
Support levels are prices at which the NIFTY is expected to find support and bounce back. Resistance levels are prices at which the NIFTY is expected to face resistance and sell-off.
The support levels for the NIFTY are 20,756, 20,657, and 20,603. The resistance levels for the NIFTY are 20,909, 20,963, and 21,062.

Additional Analysis:

The NIFTY is currently trading above all of its support levels, which is a bullish sign. The NIFTY is also approaching its resistance level at 20,909. If the NIFTY can break through this resistance level, it could continue to move higher in the short term. However, if the NIFTY fails to break through the 20,909 resistance level, it could start to pull back in the short term.

Traders should monitor the NIFTY closely in the coming days to see if it can break through the 20,909 resistance level. If it does, traders could look to buy the NIFTY for a potential move higher. If the NIFTY fails to break through the 20,909 resistance level, traders could look to sell the NIFTY for a potential pullback.

Overall, the NIFTY is in a positive trend and could continue to move higher in the short term, but it is important to watch for signs of a reversal.

BANKNIFTY Prediction

Current Trend: Positive

Long Positions: Continue to hold with daily closing stop-loss of 46,361.

Short Positions: Fresh short positions can be initiated if Banknifty closes below 46,361 levels.

Support Levels: 46,700 – 46,389 – 46,124

Resistance Levels: 47,277 – 47,542 – 47,854

Explanation:

The Banknifty is currently trading above all of its support levels, which is a bullish sign.
The Banknifty is also approaching its resistance level at 47,277. If the Banknifty can break through this resistance level, it could continue to move higher in the short term. However, if the Banknifty fails to break through the 47,277 resistance level, it could start to pull back in the short term.
Traders should monitor the Banknifty closely in the coming days to see if it can break through the 47,277 resistance level. If it does, traders could look to buy the Banknifty for a potential move higher. If the Banknifty fails to break through the 47,277 resistance level, traders could look to sell the Banknifty for a potential pullback.

Additional Analysis:

Here are some additional factors that could affect the performance of the Banknifty in the coming days:

Global economic outlook: The global economy is currently facing a number of headwinds, including the war in Ukraine, rising inflation, and slowing economic growth in China. These factors could weigh on the Banknifty in the coming days.
Interest rate movements: The Reserve Bank of India (RBI) is expected to continue raising interest rates in an effort to combat inflation. This could make it more expensive for businesses and households to borrow money, which could weigh on the Banknifty in the coming days.
Corporate earnings results: Indian companies are scheduled to release their quarterly earnings results in the coming weeks. These results will give investors a better sense of how corporate India is performing, which could affect the Banknifty in the coming days.
Geopolitical tensions: The war in Ukraine and other geopolitical tensions around the world could also affect the Banknifty in the coming days.

Overall, the Banknifty is in a positive trend and could continue to move higher in the short term, but it is important to watch for signs of a reversal.

FINNIFTY Prediction

Current Trend: Positive

Long Positions: Continue to hold with daily closing stop-loss of 20,812.

Short Positions: Fresh short positions can be initiated if Finnifty closes below 20,812 levels.

Support Levels: 20,942 – 20,828 – 20,719

Resistance Levels: 21,166 – 21,276 – 21,389

Explanation:

The FINNIFTY is currently trading above all of its support levels, which is a bullish sign.
The FINNIFTY is also approaching its resistance level at 21,166. If the FINNIFTY can break through this resistance level, it could continue to move higher in the short term. However, if the FINNIFTY fails to break through the 21,166 resistance level, it could start to pull back in the short term.
Traders should monitor the FINNIFTY closely in the coming days to see if it can break through the 21,166 resistance level. If it does, traders could look to buy the FINNIFTY for a potential move higher. If the FINNIFTY fails to break through the 21,166 resistance level, traders could look to sell the FINNIFTY for a potential pullback.

Additional Analysis:

Here are some additional factors that could affect the performance of the FINNIFTY in the coming days:

Global economic outlook: The global economy is currently facing a number of headwinds, including the war in Ukraine, rising inflation, and slowing economic growth in China. These factors could weigh on the FINNIFTY in the coming days.
Interest rate movements: The Reserve Bank of India (RBI) is expected to continue raising interest rates in an effort to combat inflation. This could make it more expensive for businesses and households to borrow money, which could weigh on the FINNIFTY in the coming days.
Corporate earnings results: Indian companies are scheduled to release their quarterly earnings results in the coming weeks. These results will give investors a better sense of how corporate India is performing, which could affect the FINNIFTY in the coming days.
Geopolitical tensions: The war in Ukraine and other geopolitical tensions around the world could also affect the FINNIFTY in the coming days.

Overall, the FINNIFTY is in a positive trend and could continue to move higher in the short term, but it is important to watch for signs of a reversal.

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Nifty Performance

Nifty gapped up for the fourth consecutive trading session, demonstrating the resilience of the Indian stock market.
Despite some volatility, the index closed near its daily high, marking its sixth consecutive session of gains.
Nifty reached a new high for the third consecutive trading session.

Broader Market and Sectoral Trends

Broader market indices also exhibited strength, reaching new highs.
Nifty Metal and Nifty PSU Bank were the top gainers, while Nifty Media and Nifty IT witnessed the most significant declines.

Global Market Status

Last week, Nifty surpassed its previous peak, shifting the market status to a Confirmed Uptrend.
Sixteen of the 25 developed markets, including the United States, are in a Confirmed Uptrend.

Outlook

Favorable economic conditions signal the potential for a sustained rally.
Stocks experiencing breakouts demonstrate promising potential.
The team will closely monitor market conditions without making any predictions.
They will initiate the distribution day count and keep an eye out for any signs of market weakness.

IN HINDI –

सेन्सेक्स भविष्यवाणी

वर्तमान रुझान: सकारात्मक

लंबी स्थिति: 68,590 के दैनिक समापन स्टॉप-लॉस के साथ धारण करना जारी रखें।

शॉर्ट पोजीशन: यदि सेंसेक्स 68,590 के स्तर से नीचे बंद होता है तो नए शॉर्ट पोजीशन शुरू किए जा सकते हैं।

सहायता स्तर: 69,040 – 68,784 – 68,614

प्रतिरोध स्तर: 69,467 – 69,637 – 69,893

निफ्टी भविष्यवाणी

वर्तमान रुझान: सकारात्मक

लंबी स्थिति: 20,612 के दैनिक समापन स्टॉप-लॉस के साथ धारण करना जारी रखें।

शॉर्ट पोजीशन: यदि निफ्टी 20,612 के स्तर से नीचे बंद होता है तो नए शॉर्ट पोजीशन शुरू किए जा सकते हैं।

सहायता स्तर: 20,756 – 20,657 – 20,603

प्रतिरोध स्तर: 20,909 – 20,963 – 21,062

बैंकनिफ्टी भविष्यवाणी

वर्तमान रुझान: सकारात्मक

लंबी स्थिति: 46,361 के दैनिक समापन स्टॉप-लॉस के साथ धारण करना जारी रखें।

शॉर्ट पोजीशन: यदि बैंकनिफ्टी 46,361 के स्तर से नीचे बंद होता है तो नए शॉर्ट पोजीशन शुरू किए जा सकते हैं।

सहायता स्तर: 46,700 – 46,389 – 46,124

प्रतिरोध स्तर: 47,277 – 47,542 – 47,854

फिननिफ्टी भविष्यवाणी

वर्तमान रुझान: सकारात्मक

लंबी स्थिति: 20,812 के दैनिक समापन स्टॉप-लॉस के साथ धारण करना जारी रखें।

शॉर्ट पोजीशन: यदि फिननिफ्टी 20,812 के स्तर से नीचे बंद होता है तो नए शॉर्ट पोजीशन शुरू किए जा सकते हैं।

सहायता स्तर: 20,942 – 20,828 – 20,719

प्रतिरोध स्तर: 21,166 – 21,276 – 21,389

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