Nifty 50, Sensex today: What to expect from Indian stock market in trade on December 20
The Indian stock market indices Sensex and Nifty 50 are likely to extend gains and open higher on Wednesday buoyed by positive global cues.
The trends on Gift Nifty also indicate a gap-up start for the Indian benchmark index. The Gift Nifty was trading around 21,610 level as compared to the Nifty futures’ previous close of 21,529.
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On Tuesday, the domestic indices ended higher after a strong recovery from day’s lows and hit record high intraday.
The Sensex ended 122.10 points higher at 71,437.19, while the Nifty 50 rose 34.45 points, or 0.16%, to settle at 21,453.10.
Nifty 50 formed a hammer candlestick pattern on the daily chart, suggesting potential bullish momentum.
“Zooming into the 15 min charts, we can observe that the Nifty is now stuck in a range and the 20 and 50 period Moving averages have flattened. This indicates markets could consolidate more in the very near term. Further directional cues are therefore likely to emerge only on a move beyond the 21,337-21,505 trading range,” said Subash Gangadharan, Senior Technical and Derivative Analyst, HDFC Securities.
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Here’s what to expect from Nifty 50 and Bank Nifty today:
Nifty 50 Predictions
Nifty 50 found support just above the 21EMA on the hourly chart, prompting a strong recovery in the latter part of the session.
“The momentum indicator maintains a positive crossover, suggesting ongoing strength. The bullish trend is expected to persist as long as it stays above 21,350 consistently. On the upper side, Nifty is likely to encounter resistance from call writers at 21,500,” said Rupak De, Senior Technical Analyst at LKP Securities.
A definitive breakthrough above 21,500 could potentially initiate a substantial market rally; until then, consolidation appears probable, he added.
Also Read: Day trading guide for stock market today: Six stocks to buy or sell on Wednesday — December 20
Bank Nifty Predictions
Bank Nifty is consolidating within the range of 47,600 to 48,200. The index ended flat at 47,871 on December 19.
“The Bank Nifty index maintained its consolidation phase within a range but needs to close above the crucial level of 48,000 to sustain the upward momentum. The lower-end support is positioned at 47,800, and a decisive break below this level on a closing basis may trigger additional selling pressure in the market,” said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities.
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.
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Published: 20 Dec 2023, 07:35 AM IST
