Nifty 50, Sensex today: What to expect from Indian stock market in trade on December 24

Trade Set-up for December 24: The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open in the green on Wednesday, December 24 following positive trends in the global markets. Asian share markets rose on Monday tracking record high gains on Wall Street following a surprisingly strong report on economic growth over the summer.

The U.S. economy grew at a 4.3% annual rate during the third quarter. That builds on 3.8% growth during the second quarter and marks a sharp turnaround from the first quarter, when the U.S. economy shrank for the first time in three years.

The trends on Gift Nifty also indicate a positive start for the Indian benchmark index. The Gift Nifty was trading near 26,234 level, up 31 points or 0.12% from the Nifty futures’ previous close.

Benchmark indices closed on a flat note on Tuesday, December 23, as profit booking at higher levels capped gains, even as mid- and small-cap stocks edged higher amid mixed global cues. The Sensex slipped 43 points, or 0.05%, to 85,524.84, while the Nifty 50 added 5 points, or 0.02%, to close at 26,177.15. The BSE Midcap index rose 0.07%, and the Smallcap index gained 0.38%.

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

Sensex Prediction

As markets look ahead to the next directional trigger, the Sensex appears to be entering a phase of consolidation after its recent rally, with technical indicators suggesting that the broader structure remains intact. Analysts said the benchmark is holding key breakout levels, signalling underlying stability even as trading momentum moderated.

Mayank Jain, Market Analyst at Share.Market, said the Sensex ended Tuesday’s session around 85,524, reflecting consolidation following Monday’s advance. “The index has managed to stay above the 85,300 breakout level, indicating that the current technical structure remains firm despite the subdued session,” he said. Jain noted that the Sensex is trading above its 20-day and 50-day moving averages, reinforcing the positive setup. For the next session, he identified 85,200–85,300 as a crucial support zone, while resistance is seen near 85,800, with 86,000 emerging as a key psychological hurdle.

Nifty OI Data

As markets position themselves for the next leg of movement, the derivatives setup is beginning to hint at a forward-looking shift in sentiment, with traders increasingly leaning toward a buy-on-declines approach rather than chasing momentum at higher levels.

Dhupesh Dhameja, Derivatives Research Analyst at SAMCO Securities, said the derivatives space is reflecting a growing optimistic bias. “Put writers have aggressively added fresh positions at at-the-money and nearby strikes, creating a strong support base with every minor dip, while call writers have shifted exposure to higher strikes, signalling expectations of a continued buy-on-dips environment,” he said. Dhameja noted that a sizeable build-up of nearly 79.73 lakh call contracts at the 26,200 strike has marked this level as an immediate resistance, while the accumulation of around 1.19 crore put contracts at the 26,000 strike offers a firm downside cushion. He added that the Put-Call Ratio has risen to 1.08, pointing to strengthening bullish sentiment and active defence of lower levels by buyers.

Nifty 50 Prediction

As markets edge closer to the year-end and investors look beyond near-term noise, technical signals suggest the benchmark indices are entering a phase of consolidation rather than reversal. While momentum has paused after a recent rebound, analysts believe the broader structure remains supportive, with volatility at subdued levels and selective buying continuing beneath the surface.

Nilesh Jain, Head – Technical and Derivatives Research Analyst (Equity Research) at Centrum Broking, said the Nifty snapped its two-day winning streak after facing stiff resistance near 26,200. “The index formed a small-bodied bearish candle on the daily chart, but key momentum indicators remain favourable, with the MACD flashing a fresh buy crossover and the RSI moving above the 50 mark, negating the earlier bearish setup,” he said. Jain added that support has now shifted to the 26,000 zone, which also aligns with the 21-DMA, while the upside potential remains open toward 26,300. He also pointed out that India VIX hovering near historic lows around 9.40 continues to provide comfort to the prevailing bullish sentiment.

Ajit Mishra, SVP – Research at Religare Broking, noted that markets traded in a subdued manner on the weekly expiry day, largely marking time after the recent rebound. “The Nifty moved in a tight range with a mild positive bias and eventually settled at 26,177.15, as sectoral participation remained rotational,” he said. Mishra highlighted that metals, FMCG and energy stocks saw buying interest, while IT and pharma counters faced selective pressure, with broader markets ending flat to marginally positive.

Looking ahead, Mishra said the holiday-shortened week and lack of major domestic triggers are likely to keep global cues in focus, leading to selective positioning rather than aggressive trades, especially as foreign flows remain mixed. He expects some consolidation after the recent rebound but believes the overall tone remains positive. According to him, a buy-on-dips strategy continues to be appropriate, with stock selection based on relative strength. A decisive breakout above 26,300 would be needed to trigger fresh momentum, while the 25,950–26,050 band remains a key support zone.

Bank Nifty Prediction

As market participants increasingly focus on what lies beyond the near-term consolidation phase, Bank Nifty appears to be in a holding pattern, with technical indicators pointing to balance rather than direction. Analysts say the index is marking time within a defined range, awaiting a decisive trigger to set the tone for its next move.

Vatsal Bhuva, Technical Analyst at LKP Securities, said Bank Nifty is currently trading sideways, highlighting a phase of consolidation. “The index is oscillating between 58,800 and 59,500 levels, reflecting a lack of clear directional conviction,” he said. Bhuva noted that while Bank Nifty managed to close above its 20-day EMA, providing short-term support, the RSI at 56 continues to indicate relatively weak momentum. He added that a decisive close above 59,500 could spark fresh upside, while 58,800 remains a crucial support and 59,500 acts as immediate resistance.

Hrishikesh Yedve, AVP – Technical and Derivative Research at Asit C. Mehta Investment Intermediates Ltd, echoed the cautious tone, noting that the index opened higher but eventually moved into a range-bound session before closing flat at 59,300. “On the daily chart, Bank Nifty has formed a small red candle with shadows on both sides, which reflects uncertainty in the market,” he said. Yedve added that the next resistance is placed near 59,550, and a sustainable move above this level could open the door for a rally towards the 59,800–60,000 zone.

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.