Nifty Consolidates Ahead of RBI Decision Bank Nifty Eyes 53000 Support

The Nifty 50 index closed flat with a positive bias on December 5 after a three-session rally. It is currently in an upward trend as long as it remains above the 24,350 level.

The initial targets for the index are set at 24,550, with a key zone between 24,700 and 24,800. If it falls below 24,350, the next support level to watch is 24,200.

The Bank Nifty index is aiming to defend the 53,000 mark and potentially rise towards 53,800. However, if it drops below 53,000, consolidation may occur, with support identified at 52,600.

On December 4, the Nifty 50 index gained 10 points to reach 24,467, while the Bank Nifty index surged by 571 points, or 1.08%, to reach 53,267. This reflects a bullish market breadth, with 1,495 shares gaining against 995 declining on the NSE.

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