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Business News/ Markets / Stock Markets/  Nifty 50, Sensex today: What to expect from Indian stock market in trade on December 15
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Nifty 50, Sensex today: What to expect from Indian stock market in trade on December 15

The trends on Gift Nifty also indicate a gap-up start for the Indian benchmark index. The Gift Nifty was trading around 21,423 level as compared to the Nifty futures’ previous close of 21,353.

The Nifty 50 index seems to have witnessed a decisive upside breakout on Thursday after the formation of a long legged doji type candle pattern on Wednesday. Premium
The Nifty 50 index seems to have witnessed a decisive upside breakout on Thursday after the formation of a long legged doji type candle pattern on Wednesday.

The Indian stock market indices, Sensex and Nifty 50, are expected to open higher on Friday, extending the rally towards record high amid upbeat global cues.

The trends on Gift Nifty also indicate a gap-up start for the Indian benchmark index. The Gift Nifty was trading around 21,423 level as compared to the Nifty futures’ previous close of 21,353.

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On Thursday, the domestic benchmark indices ended at record closing high led by IT stocks amid upbeat investors sentiment.

The Sensex ended 929.60 points higher at 70,514.20, while the Nifty 50 surged 256.35 points, or 1.23%, to settle at 21,182.70. 

The Nifty 50 index seems to have witnessed a decisive upside breakout on Thursday after the formation of a long legged doji type candle pattern on Wednesday. 

Also Read: 7 things that changed for the Indian stock market overnight - Gift Nifty, Dow Jones’ record close to ECB rate pause

“The significant opening upside gap of the recent session remains intact. If the Thursday's upside gap doesn’t get filled in the next 2-3 sessions, then one may presume Nifty in a middle of a sharp uptrend. Normally such unfilled crucial upside gaps in the middle of uptrend are considered as bullish runaway gaps," said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities.

According to Shetti, the near-term trend of the market continues to be positive. He believes there is a possibility of Nifty reaching towards the important resistance of 21,550 levels - 78.6% Fibonacci extension in the coming week. 

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Here’s what to expect from Nifty 50 and Bank Nifty today:

Nifty 50 Predictions

The Nifty 50 index witnessed a hefty upmove on December 14 and closed the day higher by 256 points.

“The index has broken out of consolidation, driven by an increase in long positions compared to short trades among participants. Sentiment remains robust as the index maintains a position comfortably above crucial moving averages. Support is situated at 21,000, where Put writers have significant positions," said Rupak De, Senior Technical analyst at LKP Securities.

Looking ahead, he believes there’s a potential for the index to advance towards 21,400 and beyond on the higher side.

Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — December 15

Bank Nifty Predictions

The Bank Nifty hit a record high of 47,944 on December 14. The index surged 640 points, or 1.36%, to end at 47,732.

“The Bank Nifty bulls maintained their momentum, successfully surpassing the key resistance level of 47,500 with significant trading volumes. The overall market sentiment remains bullish, and any temporary declines are considered buying opportunities, with a strong support level identified at 47,000," said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities.

He expects the ongoing momentum to be driven by active participation from both private and PSU banks, propelling the Bank Nifty index towards the 50,000 mark.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.

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Published: 15 Dec 2023, 07:48 AM IST
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