The Nifty ended 46 points lower and the Sensex went down by 32 points
Shrikant Chouhan,
Head Equity Research,
Kotak Securities:
Mumbai, 3 December 2025: The benchmark indices continued profit booking at higher levels, with the Nifty ending 46 points lower and the Sensex down by 32 points. Among sectors, the IT index was the top gainer, rallying 0.69 percent, while the PSU Bank index lost the most, shedding over 3 percent. Technically, after a weak open, the market slipped below 26,000/85200. However, it took support near the 20-day SMA (Simple Moving Average) and trimmed some losses in the second half. On intraday charts, it is holding a lower top pattern, indicating further weakness.
We are of the view that the 20-day SMA or 25,900/84800 would act as a crucial support zone for day traders. If the market slips below 25,900/84800, it could retest levels of 25,850-25,800/84600-84400. On the upside, above 26,000/85200, the pullback could extend up to 26,100-26,150/85500-85700. The intraday market texture is volatile; hence, level-based trading would be an ideal strategy for day traders.
Gaurav Garg, Lemonn Markets Desk, adds:
The Indian markets remain under sharp pressure, with the Nifty sliding over 100 points and slipping below 25,950, while the Sensex has dropped more than 300 points to fall under the 85,000 mark. Sentiment has weakened further as the rupee continues its steep decline, hitting a new record low of 90.14 against the US dollar.
Banking stocks are contributing to this, with Nifty Bank down over 150 points and now more than 800 points off recent highs. The index faces a crucial support at 59,000. Consumer and FMCG counters are also under pressure, adding to the broader weakness. On the other hand, the sharp fall in the rupee is lifting IT stocks, with the Nifty IT index and major technology names trading strongly in the green. Meanwhile, the primary market remains active, with three IPOs, including Meesho opening for subscription today.
