Nifty 50, Sensex today: What to expect from Indian stock market in trade on December 8

The Indian stock market benchmark indices, Sensex and Nifty 50, are expected to open on a flat note on Monday, following mixed cues from global markets.

The trends on Gift Nifty also indicate a muted start for the Indian benchmark index. The Gift Nifty was trading around 26,322 level, a discount of nearly 11 points from the Nifty futures’ previous close.

On Friday, the Indian stock market ended higher after the Reserve Bank of India (RBI) policy announcement, with the benchmark Nifty 50 closing above 26,100 level.

The Sensex surged 447.05 points, or 0.52%, to close at 85,712.37, while the Nifty 50 settled 152.70 points, or 0.59%, higher at 26,186.45.

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

Sensex Prediction

Sensex formed a promising reversal pattern on daily charts and is currently trading comfortably above the 20-day SMA, which is largely positive. On the weekly chart, the index has formed a small-bodied candle with a long lower shadow, indicating buying interest at lower levels.

“For positional traders, 85,000 and 84,700 would act as key support zones. As long as Sensex is trading above these levels, the bullish sentiment is likely to continue. On the higher side, 85,900 would serve as an immediate resistance level for the bulls. A successful breakout above 85,900 could push the index up to 86,500,” said Amol Athawale, VP Technical Research, Kotak Securities.

Conversely, he believes a breach below 84,700 could change the sentiment, and below this level, Sensex could retest the levels of 84,200 - 84,000.

Mayank Jain, Market Analyst, Share.Market said that the next major resistance for Sensex stands at 86,000 – 86,200, where heavy call Open Interest (OI) OI is also placed.

“A breakout above this zone could lead to fresh record highs. Support is seen around 85,200 – 85,000, with the 85,000 strike carrying the highest put OI, reinforcing it as a firm support area,” said Jain.

Nifty OI Data

Cumulative Nifty Put OI stands significantly higher at around 18.62 crore contracts versus Call OI of approximately 15.65 crore contracts, highlighting strong downside protection at the 26,000 zone.

“Heavy Put writing in the 25,900 – 26,100 band reinforces this support base, while fresh Call buildup at the 26,500 – 26,700 strikes reflects emerging supply near overhead resistance. The Put-Call Ratio remains near 0.80, signaling a bullish bias in the current monetary-easing environment,” said Ponmudi R, CEO - Enrich Money.

Nifty 50 Prediction

Nifty 50 fell 0.08% for last week, ending its three-week winning streak, forming a small-bodied bearish candle with a long lower shadow on the weekly chart.

“Nifty 50 has resumed its uptrend after reclaiming levels above its 5-day EMA, placed near 26,100. Immediate resistance is now seen around 26,300, followed by 26,500, while on the downside, the 25,950 – 26,000 band is expected to act as a crucial support zone in the near term,” said Nandish Shah - Deputy Vice President, HDFC Securities.

Nilesh Jain, Head – Technical and Derivatives Research Analyst (Equity Research), Centrum Broking said Nifty 50 took strong support at the 21-DMA near 25,950 and rebounded sharply, ultimately managing to close above the 26,100 level on a weekly basis.

“The broader trend remains bullish, and fresh record highs appear likely, with the Nifty 50 index expected to move toward the 26,500 zone in the near term. Meanwhile, the volatility index dropped sharply by 11% to 10.50, a level that remains comfortable for bulls. Momentum indicators and oscillators also continue to signal a buying trend on the weekly timeframe,” said Jain.

Mayank Jain said that the 26,250 – 26,300 zone now acts as a key resistance for Nifty 50, and a close above this range could set the stage for a move toward 26,500.

“On the downside, immediate support lies at 25,950 – 26,000, with the 26,000 strike holding the highest put OI, up 53%, strengthening its role as a strong support level,” said Jain.

Bank Nifty Prediction

Bank Nifty index ended 488.50 points, or 0.82%, higher at 59,777.20 on Friday. For the week, the index gained 0.82%, forming a small-bodied candle with a long lower shadow on the weekly chart, indicating buying interest on declines.

On the derivatives front, fresh put writing at the 59,000 strike is expected to lend immediate support, while new call writing at the 60,000 strike, where the maximum open interest is concentrated — may act as a near-term hurdle.

“Bank Nifty index appears well-positioned to extend its northward trajectory, with near-term targets at 60,400 and subsequently 61,000. On the downside, the 59,200 – 59,100 area remains a strong support zone against any short-term pullback,” said Sudeep Shah, Head - Technical and Derivatives Research at SBI Securities.

Ravi Singh, Chief Research Officer from Master Capital Services Ltd. noted that the Bank Nifty index reversed near the 21-day EMA, which is currently placed around 58,978, reinforcing this zone as an active dynamic support.

“Price action remains firmly above the 55-day EMA, indicating sustained trend strength and consistent dip buying. Immediate support lies at 59,000, with a broader support band at 58,900 – 59,000. On the upside, resistance is positioned near the psychological 60,000 mark, and a decisive close above this zone could open the door toward 60,600. The overall structure remains bullish, with sufficient room for further upside in the sessions ahead,” said Singh.

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.