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Nifty 50 and Bank Nifty experienced minor profit booking on December 6, following a five-day rally, resulting in bearish candlestick patterns. Nifty has immediate support at 24,500 and faces resistance at 24,700-24,800, while Bank Nifty needs to hold above 53,500 to target 54,000.
Nifty 50 has hit a fresh 5-month low, closing at 23,350, amid bearish sentiment influenced by Asian market weakness and geopolitical tensions. The index is expected to find support at 23,200, with resistance at 23,800, as analysts caution against long positions until a decisive break above 23,800-24,000 occurs.
Indian equity markets extended gains, rising half a percent but remained below the crucial 100-day EMA of 24,475. The rally was primarily driven by banks, with experts noting that a decisive close above 24,500 is essential for further upward movement. Key stocks to watch include Marico and Torrent Pharma, while L&T and Dabur are set to report Q2 earnings today.

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