IGI Logo

Below View on Pre-market comment 05^th Dec 2023 By Choice Broking

The benchmark Sensex and Nifty indices are likely to open marginally higher on December 5 as trends in the GIFT Nifty indicate a flat to positive start for the broader index with a gain of 10 points

According to the charts Nifty may be taking support at 20,600, followed by 20,550 and 20,500. On the higher side, 20,750 can be an immediate resistance, followed by 20,800 and 20,900.

The charts of Bank Nifty indicate that it may get support at 46,200, followed by 46,100 and 46,000. If the index advances, 46,550 would be the initial key resistance level to watch out for, followed by 46,800 and 47,000.

Foreign institutional investors bought shares worth Rs 2,073.21 crore, while domestic institutional investors purchased Rs 4,797.15 crore worth of stocks on December 4, provisional data from the National Stock Exchange showed.

Strong buying from FII and DII mentioned above will help the market to move higher in coming days, hence traders and investors are advised to hold their long positions with trailing stop loss of 20500 levels. Also traders can implement buy on dips strategy with a strict stop loss of 20500.

Above views are of the author and not of the website kindly read disclaimer