Nifty 50, Sensex today: What to expect from Indian stock market in trade on December 28
The trends on Gift Nifty also indicate a tepid start for the Indian benchmark index. The Gift Nifty was trading around 21,760 level as compared to the Nifty futures’ previous close of 21,690.
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On December 27, the Indian equity market ended higher for the fourth consecutive session led by across-the-board buying.
The Sensex ended 701.63 points higher at 72,038.43, while the Nifty 50 gained 213.40 points, or 1%, to settle at 21,654.75.
Nifty 50 formed a long bull candle on the daily chart that closed at the all-time highs. Technically, this pattern indicates an upside breakout of the previous swing high at 21,593 levels.
“Positive chart patterns like higher tops and bottoms are intact as per the daily chart and currently, the Nifty is moving towards the new higher top formation. Still, there is no confirmation of any higher top reversal at the highs. Having breached above the immediate resistance of 21,550-21,600 levels, there is a possibility of more upside in the short term,” said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities.
According to Shetti, the next upside targets to be watched are around 22,000-22,200 levels in the next week.
Here’s what to expect from Nifty 50 and Bank Nifty today:
Nifty Open Interest Data
According to Open Interest (OI) data, the highest OI on the call side is observed at 22,000, followed by 21,800 strike prices. On the put side, the highest OI is at the 21,500 strike price. This indicates the levels where options traders have the highest exposure, said Mandar Bhojane, Equity Research Analyst, Choice Broking.
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Nifty 50 Predictions
The Nifty 50 experienced a significant rally as Put writers amassed substantial positions at 21,500.
Additionally, the daily chart showcased a breakout from consolidation. The Relative Strength Index (RSI) indicates a bullish crossover, coinciding with the index positioned above a crucial moving average. Looking ahead, the index potentially aims for a range between 21,750-21,800 on the upside, with support resting at 21,500, said Rupak De, Senior Technical Analyst at LKP Securities.
Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — December 28
Bank Nifty Predictions
The Bank Nifty index jumped 557 points or 1.2% to end at a record closing high of 48,282 on December 27.
“The Bank Nifty recently experienced a breakout from consolidation as observed on the daily chart. It’s been consistently maintaining a position above a critical moving average. Additionally, the Relative Strength Index (RSI) reflects a bullish crossover on the daily chart,” De said.
Looking forward, he believes the Bank Nifty index could potentially target levels between 48,500-48,800 on the upside, with a support base at 48,000.
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: 28 Dec 2023, 07:41 AM IST
