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Below the Daily Market Commentary : Technical View from Hrishikesh Yedve, AVP Technical and Derivative Research, Asit C. Mehta Investment Interrmediates Ltd

"The Nifty index started the first trading day of December on a gap-up note, witnessed profit booking, and eventually settled on a flat-to-negative note at 26,176. On the daily chart, Nifty has formed a big Opening Marubozu near the trendline resistance, indicating strong initial momentum that faded by the close. In the near term, immediate resistance for the index is placed at 26,325. A sustained breakout above this level may lead to further upside toward 26,500–26,800 levels. On the downside, 26,000 and 25,840 will act as crucial support zones. Considering the overall setup, traders are advised to buy near support levels and sell near the resistance around 26,325 while waiting for a decisive breakout.
The Bank Nifty index opened on a gap-up note and registered a fresh lifetime high near 60,114 but later witnessed profit booking and settled on a flat-to-negative note at 59,681. Technically, on the daily chart, the Bank Nifty has formed an Opening Marubozu (red candle) candlestick pattern, reflecting selling pressure at higher levels. As per this formation, as long as the Bank Nifty remains below 60,114, the upside is likely to remain capped in the short term. On the downside, immediate support is placed near 59,400 followed by 59,000. Therefore, short-term traders are advised to adopt a buy-near-support and sell-near-resistance approach."

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