Nifty Outlook on 5th December
Nifty has tested the 24500 level today and as discussed it is facing resistance near this level. There are two scenarios from here. First, either there is a sharp selling from here and then a quick recovery. In that case, we will be bullish and targets will be high. Second scenario will be that Nifty consolidates near this level and form a support near 24400. The breakdown of this range might give us a short trade with small target till 24300. We will have to wait for either of these two scenarios. Nifty outlook on 5th December is overall bullish right now and the prices are above 9 EMA and 20 EMA. For Nifty to become overall bearish we have to wait for it to start sustaining below the 9 EMA and 20 EMA. I think next 2-3 days will be volatile or sideways.
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