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.