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Below the Pre-market comment for Monday December 1 by Amruta Shinde, Technical & Derivative analyst, Choice Broking

Indian equities are likely to open positive on December  1^st , with the GIFT Nifty indicating a start near 26,502—roughly 114 points higher. Broader sentiment remains cautiously optimistic, even as global cues present a mixed picture and domestic markets lack significant fresh triggers. In the near term, participants will closely monitor global market trends, crude oil price movements, and institutional flows for clearer directional signals.

Nifty showed strong bullish momentum, rising 134 points to a new all-time high of 26,310 after retesting its cup-and-handle pattern. A bullish hammer near the peak signals sustained buying interest. The index closed above 26,200 and remains above key EMAs. Resistance lies at 26,300–26,500, while support is at 26,100–26,000. The structure favors buy-on-dips with disciplined stop-losses.

Bank Nifty ended the week with strong bullish momentum, hitting a new all-time high of 59,897 and closing at 59,752. A break below 59,500 may trigger a correction toward 59,000–58,550, while resistance lies at 60,000–60,500. With RSI at 70.70 and the index above key EMAs, the broader trend remains positive unless it fails to sustain above 60,000.

The Foreign Institutional Investors (FIIs) continued their selling on the second day on November 28 as they sold equities of Rs 3795 crore. On the other hand, Domestic Institutional Investors (DIIs) remained net buyers throughout the month, as they purchased equities of Rs 4148 crore on last day of the month.

Given the prevailing volatility and global uncertainty, traders are advised to adopt a selective buy-on-dips approach, manage leverage prudently, and use tight trailing stop-losses with staggered profit-booking. Fresh long positions may be considered only on a sustained move above 26,300, supported by diligent monitoring of global cues and key technical levels.

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