Nifty 50, Sensex today: What to expect from Indian stock market in trade on December 17 | Stock Market News

The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open lower on Tuesday tracking a mixed trend in global peers.

The trends on Gift Nifty also indicate a negative start for the Indian benchmark index. The Gift Nifty was trading around 24,661 level, a discount of nearly 75 points from the Nifty futures’ previous close.

On Monday, the domestic equity market indices ended lower, with the Nifty 50 slipping below 24,700 level.

The Sensex fell 384.55 points, or 0.47%, to close at 81,748.57, while the Nifty 50 settled 100.05 points, or 0.4%, lower at 24,668.25.

Nifty 50 formed a small negative candle with minor upper and lower shadow.

“Technically, this market action is indicating a breather type pattern after a sharp rise. The near-term uptrend of Nifty 50 remains intact and the market could eventually result in an upside breakout of the hurdle at 24,800 levels,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.

According to him, Nifty 50 as per long term chart like weekly is in an uptrend and further consolidation from here could be a buy-on-dip opportunity. Immediate supports to be watched at 24,550 and the overhead resistance is placed at 24,800.

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

Nifty OI Data

In the derivatives market, Nifty open interest (OI) data revealed significant call OI at the 25,000 and 25,500 strike prices, indicating resistance at these levels. Meanwhile, the highest put OI was observed at the 24,000 strike price, suggesting strong support at this level, noted Mandar Bhojane, Research Analyst at Choice Broking.

Nifty 50 Prediction

Nifty 50 shifted into a consolidation on December 16 and closed the day lower by 100 points.

“Nifty 50 continues to consolidate between the 24,200 – 24,800 level, a break of which can further decide the price action. Immediate resistance for the index is at 25,200 levels, and support is at the 24,200 level. The index has formed an insider candle, indicating a range-bound move in the coming days. However, the momentum indicators on the daily chart continue to slope upside, indicating bullishness in the index,” said Dr. Praveen Dwarakanath, Vice President of Hedged.in.

Options writer’s data for the monthly expiry showed increased writing of the calls at the 24,700 and 24,800 levels, suggesting a range-bound move at the present level, he added.

According to VLA Ambala, Co-Founder of Stock Market Today, Nifty 50 could gain support between 24,560 and 24,490 and meet resistance near 24,710 and 24,780 in today’s trading session.

Bank Nifty Prediction

Bank Nifty index ended flat, easing 2.45 points, at 53,581.35 on Monday, forming a small green candle on the daily charts.

“Bank Nifty also is consolidating in the range of 52,800 – 53,800 levels. After a quick recovery, the index consolidated near its closing, indicating continued strength in the index. The index has taken support at its 10 SMA, suggesting a possible bounce in the coming days. The momentum indicators on the daily chart are curving upside, indicating the upside momentum to persist,” said Dwarakanath.

Options writer’s data for the monthly expiry showed increased writing of the calls at the 53,700 and higher levels and writing of puts at 53,700 levels and below, suggesting a range-bound index, he added.

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.