Nifty 50, Sensex today: What to expect from Indian stock market trading on December 26th

Indian stock market benchmark indices Sensex and Nifty 50 index on Thursday following positive signals from Asian markets as many major global stock markets remained closed today due to public holidays. It is likely that prices will start rising.

The Gift Nifty trend also points to a strong start for the Indian benchmark index. Gift Nifty is trading near the 23,800 level, at a premium of nearly 30 points from the previous closing price of Nifty futures.

The trend in Gift Nifty also points to a weak start for India’s benchmark index. Gift Nifty is trading near the 19,440 level, at a discount of nearly 30 points from the previous closing price of Nifty futures.

Indian stock markets and major markets around the world were closed on Wednesday for Christmas.

Domestic stock market benchmark indexes ended a choppy trading day with slight declines on Tuesday.

The Sensex fell 0.09 per cent to close at 78,472.87 and the Nifty 50 fell 25.80 points or 0.11 per cent to close at 23,727.65.

Nifty 50 formed a small red candle on the daily chart next to a similar positive candle on Monday.

“Typically, these two candlesticks indicate an intraday bar type formation. Usually, such pattern formation after a reasonable decline only warns of an impending trend reversal after it is confirmed. A sustained move above the 23,900 level could confirm a bullish reversal pattern,” said Nagaraj Shetty, Senior Technical Research Analyst, HDFC Securities.

He said the short-term trend in the Nifty 50 remains weak and there are no signs of a significant bottom reversal forming at the low end. Immediate resistance lies around the 23,900-24,000 level, with the next lowest support at 23,500.

Here’s what you can expect from Nifty 50 and Bank Nifty today.

Nifty OI data

Nifty’s open interest data indicates the major interest levels of traders. Significant call interest at 24,000 and 24,200 highlights resistance, while maximum put interest at 23,500 suggests strong support at this level. Mandar Borjane, Research Analyst at Choice Broking, said this indicates that a range-bound market with a clear direction is likely to emerge only after a breakout or breakout of the current range. He said there was.

Overall, the market is still in a correction phase and cautious positioning is recommended until clear trends emerge, he added.

Nifty 50 prediction

The Nifty 50 failed to show any further gains on December 24 and ended the day down 25 points in a volatile move.

“The Nifty remained mostly range-bound throughout the day before closing flat. On the daily chart, the index ended below the 200-DMA for the first time in three days, confirming the short-term bearish trend. “The RSI is in a bearish crossover and continues to decline, reinforcing the negative outlook. On the downside, support is seen at the 23,500-23,400 zone and resistance at 23,860,” said a senior technical at LKP Securities. Analyst Rupak De said.

VLA Ambala, co-founder of Stock Market Today, said that although market sentiment remains weak, there may be new opportunities for long-term investors.

“In such a market environment, we advise investors to approach their trading activities cautiously and focus on manageable trades in the short term. It is best for traders to limit their exposure as the Nifty is hovering around the 200-day EMA (exponential moving average), which is a good entry point for buyers. Overall sentiment remains bearish,” Ambala said.

According to her, on the technical charts, the Nifty 50 formed a Tombstone Doji candlestick pattern during the last session, indicating bearish sentiment. Amid these developments, Nifty may move towards support near 23,650 and 23,480 and may notice resistance near 23,850 and 23,970.

bank nifty prediction

The Bank Nifty index ended 84.60 points or 0.16% lower at 51,233.00 on Tuesday, forming an inside bar pattern on the daily chart.

“On the daily chart, the Bank Nifty index has formed a small red candlestick.On the downside, the 200-day simple moving average (200-DSMA) is near 50,540, which will provide strong support for the index. On the higher side, the 100-day EMA hurdle is placed around the 51,650 level. Therefore, in the short term, the index is between 50,540 and 51,650. It is likely to stabilize within a range of levels. Which side breaks out will determine the future direction of Bank Nifty,” Asit C Mehta Investment Intermediates Ltd. AVP Technical & said Hrishikesh Yedve of Derivatives Research.

Disclaimer: The views and recommendations above are those of individual analysts or brokerages and not of Mint. We recommend checking with a certified professional before making any investment decisions.