Nifty 50, Sensex today: What to expect from Indian stock market in trade on December 9
- Nifty 50, Sensex today: The trends on Gift Nifty also indicate a weak start for the Indian benchmark index. The Gift Nifty was trading around 24,735 level, a discount of nearly 50 points from the Nifty futures’ previous close.
The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open lower on Monday tracking weak global market cues.
The trends on Gift Nifty also indicate a weak start for the Indian benchmark index. The Gift Nifty was trading around 24,735 level, a discount of nearly 50 points from the Nifty futures’ previous close.
On Friday, the domestic equity market indices closed marginally lower after the Reserve Bank of India’s (RBI) monetary policy announcement.
The Sensex eased 56.74 points to close at 81,709.12, while the Nifty 50 settled 30.60 points, or 0.12%, lower at 24,677.80.
Nifty 50 formed a small red candle on the daily chart with minor upper and lower shadow.
“Technically, this market action indicates a breather type action after a sharp upside recovery from the lows of previous session. Such consolidations during up trend movement in the underlying’s are considered as a buy on dips opportunity,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.
Nifty 50 on the weekly timeframe chart formed a long bull candle with minor upper shadow.
“The weekly candle pattern is signaling a sharp upside breakout that confirmed important trend reversal on the upside. The hurdles of weekly like 10 & 20 period EMA (Exponential Moving Average) have been surpassed on the upside around 24,380 / 24,350 levels respectively,” Shetti said.
According to him, the near-term trend of Nifty 50 remains positive and having moved above the crucial hurdle of 24,400 - 24,500 levels as per smaller and larger timeframe charts, there is a possibility of more upside in the coming week.
“Further consolidation or minor weakness early next week could be a buying opportunity. The next upside targets to be watched are around 25,000 - 25.200 levels for the next couple of weeks. Immediate support is at 24,525,” Shetti added.
Here’s what to expect from Nifty 50 and Bank Nifty today:
Nifty 50 Prediction
Nifty 50 shifted into a breather pattern with minor weak bias on December 6 and closed the day lower by 30 points.
“Nifty 50 continues to sustain above the breakout from an inverse head-and-shoulders pattern, indicating underlying market strength. In such conditions, adopting a buy-on-dips strategy seems prudent, especially with the potential for an upward move toward 25,500 in the short term. However, minor pullbacks following a sharp rally are possible, further emphasizing the effectiveness of buying on dips to capitalize on this trend,” said Rupak De, Senior Technical Analyst, LKP Securities.
VLA Ambala, Co-Founder of Stock Market Today noted that during Friday’s session, the market saw a key technical pattern, as Nifty 50 formed a long-legged doji candlestick above the 50-day EMA, with its RSI at 60, hinting at possible bullish momentum.
“I advise investors to focus on small- and mid-cap stocks that are well-positioned to benefit from the index’s growth prospects. Amid these developments, Nifty could find support near 24,630 and 24,520 and meet resistance between 24,740 and 24,850 in the next trading session,” said Ambala.
Bank Nifty Prediction
Bank Nifty index fell 94.05 points, or 0.18%, to close at 53,509.50 on Friday, forming a small bearish candlestick pattern on the daily charts.
“Bank Nifty has gained strength during the week crossing above the tough resistance barrier of 52,600 zone and with bias getting stronger, it is near to the previous peak zone of 54,500 levels which can be retested in the coming sessions. The index would have the important support of the 50-EMA zone of 51,900 levels which needs to be sustained for the time being,” said Vaishali Parekh, Vice President - Technical Research, PL Capital – Prabhudas Lilladher.
According to her, Bank Nifty would have the weekly range of 52,000 - 55,200 levels.
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