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Below the Quote on Post Market Comment by Mandar Bhojane, Research Analyst, Choice Broking

Indian benchmark indices extended their winning streak for the third consecutive session on December 3, with the Nifty closing near 24,450. The Sensex ended 597.67 points higher, or 0.74 percent, at 80,845.75, while the Nifty gained 181.10 points, or 0.75 percent, to settle at 24,457.15.

On the daily chart, the Nifty recently broke out of its consolidation range, forming a bullish candlestick pattern that indicates the continuation of the strong uptrend. A close above the 24,500 level could propel the index further to 24,800 and 25,000 in the coming sessions. On the downside, immediate support is seen at 24,000 and 23,900, presenting a buying opportunity. The Relative Strength Index (RSI) is trading at 55.7, trending upward, reflecting positive momentum.

Market sentiment received an additional boost from a 2.23% drop in the India VIX, which settled at 14.3725. The reduced volatility signals lower market uncertainty, contributing to a positive outlook. Derivatives data supported this sentiment, with the highest call open interest at 24,800 and 25,000 levels, indicating significant resistance zones. Meanwhile, the highest put open interest at 24,100 underscored a robust support level.

Sectorally, all indices except FMCG ended in the green. Media and PSU Bank indices gained over 2 percent each, while the BSE midcap and small cap indices rose by 1 percent each.

Overall, the market’s bullish undertone remains intact. The 24,500 level is being closely monitored as a critical pivot for further upward momentum. Sustained buying interest, coupled with favorable technical indicators, suggests an optimistic short-term outlook, with opportunities to accumulate positions on dips.

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