The Indian stock market extended its losing streak for the third straight session on Tuesday (Dec 2), with benchmark indices Nifty 50 and Sensex both declining over 0.50%. The Nifty briefly fell below the crucial 26,000 mark, touching an intraday low of 25,997.85, before closing at 26,032.20, down 143.55 points (0.55%).
The Sensex also dropped 503.63 points (0.59%), ending at 85,138.27.
Sector Performance
Most major sectoral indices ended in the red:
- Nifty Bank: -0.68%
- Financial Services: -0.78%
- Chemicals: -0.75%
- Private Bank: -0.69%
- Consumer Durables: -0.44%
- Oil & Gas: -0.42%
Broader indices also weakened:
- Midcap 100: -0.22%
- Smallcap 100: -0.55%
The India VIX, the fear gauge, dropped 3.50% to 11.23, reflecting low volatility despite market weakness.
Top Gainers & Losers
Top Gainers (Nifty 50):
Asian Paints (+3.15%) led the gainers, followed by Dr Reddy’s, Maruti, Airtel, SBI Life, Trent, HUL, Bajaj Finance, NTPC, Tech Mahindra, Wipro, and Jio Financial.
Top Losers:
IndiGo, ICICI Bank, Reliance, HDFC Bank, Axis Bank, and Adani Enterprises fell over 1% each. Other significant losers included BEL, L&T, HDFC Life, Power Grid, Adani Ports, JSW Steel, ITC, and Apollo Hospitals.
Why the Market Fell
According to Vinod Nair (Geojit Financial Services), the decline was largely due to:
- Persistent FII outflows
- Weakening rupee
- Investors booking profits after recent highs
However, strong domestic fundamentals and expected earnings improvement in H2 FY25 may support markets ahead.
🔍 Nifty Support & Resistance Levels for Tomorrow (Dec 3)
Key Supports
- 25,968 – 20-day EMA (critical level)
- 25,950 – immediate support zone
- 25,900 – trendline support
- 25,842 – deeper support level
- 25,840 – crucial downside protection
Key Resistances
- 26,150 – immediate resistance
- 26,200 – resistance band upper end
- 26,300 – potential recovery target
- 26,325 – major resistance on the daily chart
Technical View
- Nifty formed a small red candle with wicks on both sides, indicating market indecision.
- Experts suggest a bearish to sideways trend in the near term.
- Any bounce below 26,325 should be treated as a profit-booking opportunity.
Expert Summary
- As long as Nifty holds the 26,000 psychological mark, the broader trend stays constructive.
- A break below 25,968 may open doors to 25,842.
- A breakout above 26,150–26,300 is needed for bullish momentum.
Originally published on 24×7-news.com.
5 replies on “Nifty Outlook for December 3: Can Bulls Hold 26,000? Market Slips for 3rd Day; Key Supports & Resistances Explained”
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