Nifty 50, Sensex today: What to expect from Indian stock market in trade on December 18

The Indian stock market indices, Sensex and Nifty 50 are expected to open lower on Monday amid weak global market cues.

The trends on Gift Nifty also indicate a tepid start for the Indian benchmark index. The Gift Nifty was trading around 21,482 level as compared to the Nifty futures’ previous close of 21,558.

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On Friday, the domestic equity indices continued their bull run to end sharply higher, with the Nifty 50 index closing above 21,450 level.

The BSE Sensex jumped 969.55 points, or 1.37%, to end at 71,483.75, while the NSE Nifty 50 settled 273.95 points, or 1.29%, higher at 21,456.65, on December 15.

“Technically, with the Nifty surging higher to new life highs, the bulls remain in control. Further upsides are likely once the immediate resistance of 21,492 is taken out,” said Subash Gangadharan, Senior Technical and Derivative Analyst, HDFC Securities.

Also Read: 6 things that changed for the Indian stock market over weekend - Gift Nifty, Fed pushback to US business activity pickup

However, caution is warranted for the near term as the 14-day RSI at 84.93 is in overbought territory. 14-week RSI is at 75.87, which implies that it is not extremely overbought and there is scope for more upsides in the intermediate term. Thus, any short-term corrections can be utilized to buy into quality stocks, he added.

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

Nifty 50 Predictions

The Nifty’s upward momentum persists with the bulls maintaining control in the market. The Nifty 50 index marked its seventh consecutive weekly gain on December 15 and achieved a new all-time high. 

“The prevailing sentiment appears strongly in favor of the bulls, as indicated by the absence of any reversal signals on the technical charts. Resistance is observed at 21,500, while a potential further rally in the Nifty could occur upon breaching this level,” said Rupak De, Senior Technical analyst at LKP Securities.

According to him, support for Nifty 50 is currently positioned at 21,300.

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Bank Nifty Predictions

The Bank Nifty breached 48,000 mark for the first time and rallied 411 points to end at 48,144 on December 15.

“The Bank Nifty bulls maintain their robust momentum, pushing the index beyond the 48,000 level. The overall market sentiment remains bullish, supported by a strong base at 47,500. Any retracements towards this support level are seen as buying opportunities,” said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities.

According to Shah, the upside potential for the index is projected to reach 50,000, indicating continued optimism among market participants.

Also Read: Day trading guide for stock market today: Six stocks to buy or sell on Monday — 18th December

Santosh Meena, Head of Research, Swastika Investmart said that the Bank Nifty’s successful close above the 48,000 hurdle opens the door for additional bullish momentum toward levels of 48,500/48,800. 

“Immediate support lies at 47,500, with a critical support zone at 47,000–46,800 in case of a downturn,” Meena added.

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.