Nifty 50, Sensex today: What to expect from Indian stock market in trade on December 29
The trends on Gift Nifty also indicate a mildly positive start for the Indian benchmark index. The Gift Nifty was trading around 21,950 level as compared to the Nifty futures’ previous close of 21,930.
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The domestic equity benchmarks reached a new peak on Thursday and ended higher for the fifth consecutive session amid widespread buying.
The Sensex closed 371.95 points higher at 72,410.38, while the Nifty 50 gained 123.95 points, or 0.57%, to close at 21,778.70.
Nifty formed a reasonable positive candle at the highs, which indicates an uptrend continuation pattern. The initial hurdle of 21,650 has been taken out on the upside and this could be an early indication of a sharp upside breakout of the hurdle.
“Positive chart patterns like higher tops and bottoms continued on the Nifty as per the daily timeframe chart. Though Nifty placed at all-time highs, still there is no indication of any higher top reversal forming at the new highs. The near-term trend of Nifty continues to be positive,” said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities.
Having moved above the initial hurdle of 21,650 levels, the Nifty 50 is expected to advance towards the next overhead resistance of 22,200 levels in the near term, which is near the 100% Fibonacci extension of major bottom-top-bottoms, as per Shetti.
Here’s what to expect from Nifty and Bank Nifty today:
Nifty Open Interest Data
Analyzing the Open Interest (OI) data, the call side displays the highest OI at the 22,000 level, closely followed by the 21,100 strike prices. Conversely, on the put side, the 21,500 strike price boasts the highest OI.
“These indicators suggest a cautiously optimistic sentiment among market participants. As the market wraps up the year, the prevailing bullish trend and strategic support levels provide a positive outlook for investors. However, it is essential to remain vigilant and adaptive, considering the dynamic global and economic landscape that influenced market dynamics throughout the year,” said Mandar Bhojane, Research Analyst, Choice Broking.
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Nifty 50 Predictions
The Nifty remained firmly in bullish territory as the index surged to a new all-time high.
“Strong put writing at the 21,700 strike bolstered the bulls, propelling the index toward 21,800. Short-term support is situated at 21,700, signaling a continued bullish sentiment. A decisive move above 21,800 could lead the index toward the 22,000 mark,” said Rupak De, Senior Technical Analyst at LKP Securities.
Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — December 29
Bank Nifty Predictions
The Bank Nifty surged 226 points to end at 48,509 and formed a Doji kind of candlestick pattern on December 28.
“The Bank Nifty has surged above the recent consolidation phase on the daily timeframe, signaling growing optimism among market participants. It has maintained its position above the critical short-term moving average, affirming the positive trend. In the short term, the outlook appears positive, maintaining a bullish stance as long as it stays above 48,500,” De said.
According to him, resistance is placed at 49,000 on the higher end.
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: 29 Dec 2023, 07:21 AM IST
