Nifty 50, Sensex today: What to expect from Indian stock market in trade on December 23

Trade Set-up for December 23: The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open in the green on Tuesday, December 23, extending gains for third session following positive trends in the global markets. Asian share markets rose on Monday tracking bullish momentum on Wall Street.

The trends on Gift Nifty indicate a positive start for the Indian benchmark index. The Gift Nifty was trading near 26,237 level, up 26 points or 0.10% from the Nifty futures’ previous close.

The Indian stock market closed sharply higher on Monday, December 22, supported by a rebound in the rupee and positive global cues. Extending gains for a second straight session, the Sensex climbed 638 points, or 0.75%, to settle at 85,567.48, while the Nifty 50 advanced 206 points, or 0.79%, to close at 26,172.40. Broader markets outperformed, with the BSE Midcap index rising 0.86% and the Smallcap index gaining 1.12%. Investor wealth increased by about ₹4 lakh crore in a single session as the total market capitalisation of BSE-listed companies rose to ₹475 lakh crore from ₹471 lakh crore in the previous session.

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

Sensex Prediction

Shrikant Chouhan, Head of Equity Research at Kotak Securities, said the near-term market setup remains constructive, though traders should stay tactical. “The short-term market texture is bullish, but a buy-on-dips and sell-on-rallies strategy would be ideal for day traders,” Chouhan said. He added that 85,300 and 85,000 are key support levels, while 85,700 acts as an immediate resistance. A decisive breakout above 85,700 could lift the market towards the 86,000–86,200 zone, though a fall below 85,000 would make the uptrend vulnerable.

Nifty OI Data

As markets head into today's session, derivatives positioning is pointing to a broadly supportive setup, though some near-term caution is creeping in. Dhupesh Dhameja, Derivatives Research Analyst at SAMCO Securities, said the highest call writing is seen at the 26,200 strike with open interest of 1.22 crore contracts, marking it as a key resistance, while strong put writing at the 26,100 strike with open interest of 1.92 crore contracts has created a solid support base just below current levels. “The put–call ratio has climbed to 1.57, which reflects strong bullish positioning but also signals that minor profit booking or short-term consolidation cannot be ruled out,” Dhameja said.

He added that volatility remains favourable for bulls, with India VIX at 9.68, well below its equilibrium range, suggesting stable price action as long as VIX stays below the 12 mark.

Nifty 50 Prediction

Technical analysts remain cautiously optimistic on the Nifty 50’s near-term trajectory, highlighting strong support at lower levels and clearly defined resistance zones.

Amruta Shinde, Technical & Derivative Analyst at Choice Equity Broking, said the index showed resilience by holding above key levels through the session. “The Nifty 50 opened on a strong note and spent the session consolidating above the 26,100 level, reflecting buyers’ willingness to defend higher zones rather than rush to book profits,” Shinde said. She added that immediate resistance is seen in the 26,300–26,350 range, while supports are placed at 26,000–26,050, making a selective buy-on-dips strategy favourable as long as the index stays above 26,000.

Echoing the positive bias, Rupak De, Senior Technical Analyst at LKP Securities, pointed to improving momentum indicators. “The Nifty continues to move higher following a falling wedge breakout, with RSI signaling strong positive momentum on the daily timeframe,” De said, adding that the trend is likely to remain bullish as long as the index holds above 25,900. He sees 26,315 as an immediate resistance, above which further upside could open up.

Meanwhile, Hrishikesh Yedve, AVP Technical and Derivative Research at Asit C. Mehta Investment Intermediates Ltd, noted that the index formed a strong bullish candle and decisively crossed the 26,050 mark. He said the next key hurdle lies in the 26,250–26,325 zone, while immediate support has shifted higher to 26,050, advising traders to book profits near resistance and wait for a sustained breakout above 26,325.

Bank Nifty Prediction

With traders keeping a close eye on momentum in banking stocks, the Bank Nifty showed signs of resilience after holding above key technical levels in Monday’s session.

The Bank Nifty index opened on a positive note, moved in a narrow range through the day, and eventually closed higher at 59,304. On the daily chart, the index formed a small green candle and managed to close above both the high of the previous hammer candle and a short-term trendline hurdle, indicating improving near-term strength. According to Hrishikesh Yedve, AVP Technical and Derivative Research at Asit C. Mehta Investment Intermediates Ltd, “The next resistance for the index is placed near 59,550, and a sustainable break above 59,550 could pave the way for a move towards the 59,800–60,000 levels.”

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 making any investment decisions.