The index, which has been outperforming the benchmark index Nifty, surpassed the levels of 40,000 and formed a sizable bullish candle. Moreover, all components of the index ended in the green. Analysts see Nifty Bank having support at 39,000 levels and resistance at 40,700 levels. Momentum oscillators are in the strong buy zone and the index is trading above 8 out of 8 SMAs.
Market likely to extend breakouts this week, sector rotation can’t be ruled out
From a technical standpoint, Nifty50 remains firmly on a rising trajectory. If it continues to advance within its defined and laid path, it may go
December 3, 2023