Active Stocks
Fri May 24 2024 15:59:27
  1. Tata Steel share price
  2. 174.80 -0.37%
  1. NTPC share price
  2. 374.85 0.68%
  1. State Bank Of India share price
  2. 828.60 -0.45%
  1. ITC share price
  2. 436.10 -1.16%
  1. Power Grid Corporation Of India share price
  2. 318.50 -0.39%
Business News/ Markets / Stock Markets/  Nifty 50, Sensex today: What to expect from Indian stock market in trade on December 22
BackBack

Nifty 50, Sensex today: What to expect from Indian stock market in trade on December 22

The trends on Gift Nifty also indicate a higher start for the Indian benchmark index. The Gift Nifty was trading around 21,382 level as compared to the Nifty futures’ previous close of 21,376.

Nifty 50 formed a bullish piercing candlestick pattern on the daily chart, indicating potential bullish momentum.Premium
Nifty 50 formed a bullish piercing candlestick pattern on the daily chart, indicating potential bullish momentum.

The Indian stock market indices, Sensex and Nifty 50 are likely to open higher on Friday tracking positive global market cues.

The trends on Gift Nifty also indicate a higher start for the Indian benchmark index. The Gift Nifty was trading around 21,382 level as compared to the Nifty futures’ previous close of 21,376.

Catch Live Market Updates here

On December 21, the  domestic equity market witnessed a healthy bounce back and ended higher amid across-the-board buying.

The Sensex ended 358.79 points higher at 70,865.10, while the Nifty 50 gained 104.90 points, or 0.50%, to settle at 21,255.05.

Nifty 50 formed a bullish piercing candlestick pattern on the daily chart, indicating potential bullish momentum.

Also Read: Indian stock market: 8 things that changed for the market overnight - Gift Nifty, US GDP to Japan’s inflation

“On the daily chart, while the Nifty has bounced back sharply and retraced some of the losses seen in the previous session, the short-term trend remains down. Momentum readings like the 14-day RSI too remain in decline mode and declining sharply from overbought levels on Wednesday. This is a negative signal for the near term, and it also implies that the Nifty remains in a short-term downtrend," said Subash Gangadharan, Senior Technical and Derivative Analyst, HDFC Securities.

He believes Nifty 50 would need to cross the recent highs of 21,593 to reverse the current downtrend. Crucial supports to watch for re-emergence of weakness are at 20,976.

(Exciting news! Mint is now on WhatsApp Channels :rocket: Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!)

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

Nifty 50 Predictions

“Nifty recently demonstrated resilience, rebounding strongly from a critical support level at 21,000, affirming a bullish sentiment. The index closed above its 10-day moving average, signaling positive momentum," said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.

According to Shah, key levels to monitor include 21,000 as immediate support and 21,300 as the initial resistance.

Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — December 22

Bank Nifty Predictions

The Bank Nifty recovered and closed with a gain of 395 points at 47,840 on Thursday.

“Demonstrating resilience, Bank Nifty robustly rebounded from a crucial support level at 47,000, confirming a bullish trend. The index closed above the resistance at 47,500, highlighting its strength. Having closed above the 10-day moving average, Bank Nifty finds immediate support at 47,500, while 48,000 acts as the initial resistance," Shah 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.

You are on Mint! India's #1 news destination (Source: Press Gazette). To learn more about our business coverage and market insights Click Here!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 22 Dec 2023, 07:51 AM IST
Next Story footLogo
Recommended For You
GENIE RECOMMENDS

Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!

Let’s get started