Trade Setup for December 1: Can NIFTY Extend Its Bullish Momentum?
Trade setup for December 1: Nifty50 likely to open higher as GIFT Nifty signals a positive start. Strong Q2 GDP growth at 8.2% may drive bullish momentum; key support and resistance levels explained.
Nifty50 trade setup: Index poised for a positive start as strong GDP numbers boost market sentiment.
Indian markets are set for a positive start to the new month, with GIFT NIFTY futures pointing to gains for the NIFTY50 on Monday. Early trade cues remain upbeat, thanks to India’s strong Q2 GDP growth of 8.2%, which continues to boost sentiment.
According to exchange data, foreign institutional investors (FIIs) offloaded shares worth ₹4,172 crore in the previous session. Despite the selling pressure, the NIFTY50 wrapped up November with a solid 1.9% gain, outperforming several global markets such as the US, Japan and China, which ended the month largely flat to negative.
Market Outlook
GIFT NIFTY was trading over 130 points higher in early deals, signalling firm opening for domestic indices. Analysts say NIFTY50 remains resilient even as it struggles to decisively cross its previous record high of 26,277. With strong domestic macros and expectations of interest rate cuts by both the US Federal Reserve and the RBI, market experts believe the bullish undertone could continue.
Options Setup
Options data indicates clear support at 26,000, where put writers hold the highest open interest. Meanwhile, 26,500 remains the strongest resistance level with significant call open interest. This sets the likely trading range for the near-term expiry.
Stocks in Focus
Long Buildup:
M&M
Short Buildup:
HDFC Life
Power Grid
Most Traded Futures:
HDFC Bank
ICICI Bank
Most Traded Options:
MCX
Adani Enterprises
