Nifty 50, Sensex today: What to expect from Indian stock market in trade on December 10 | Stock Market News

The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to see a muted opening on Tuesday tracking mixed global market cues.

The trends on Gift Nifty also indicate a muted start for the Indian benchmark index. The Gift Nifty was trading around 24,715 level, a premium of nearly 20 points from the Nifty futures’ previous close.

On Monday, the domestic equity benchmark indices ended lower amid weak global cues.

The Sensex declined 200.66 points to close at 81,508.46, while the Nifty 50 settled 58.80 points, or 0.24%, lower at 24,619.00.

Nifty 50 formed a small negative candle on a daily chart with upper shadow and small lower shadow.

“Technically, this market action indicates a formation of a doji type candle pattern, not a classical one. The candle formation of the last two sessions is signaling a short-term choppy movement in the market. Positive chart pattern like higher tops and bottoms is intact as per daily chart and the present consolidation could be in line with the new higher bottom formation. The higher bottom reversal needs to be confirmed at the lows,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.

According to him, the underlying trend of Nifty 50 remains positive and the present consolidation or minor dip could be completed in the next 1-2 sessions and that could open for another round of upside bounce from the lows.

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

Nifty 50 Prediction

Nifty 50 continued with consolidation movement on December 9 and closed the day lower by 58 points amidst range movement.

“The Nifty 50 remained sideways throughout the day as traders stayed on the sidelines. In the short term, the trend is likely to remain sideways due to the absence of any major events this week. Technically, Nifty has initial support around 24,470. A break below this level could trigger a correction of 200-250 points. On the higher end, the 24,700 – 24,750 zone is expected to act as a resistance,” said Rupak De, Senior Technical Analyst, LKP Securities.

VLA Ambala, Co-Founder of Stock Market Today believes that Nifty 50 could trade in a 3% range from 25,100 to 24,300 in the next few days.

“Investors should consider SIP investing as the index is taking support above its first-quarter closing. The monthly RSI is at 70, indicating momentum, with an 8% positive deviation from the 20-month EMA (Exponential Moving Average). During the last session, the Nifty 50 formed a Doji candlestick pattern on daily timeframes. In this situation, swing traders should watch 23,950 as the first support and 22,500 as the key level for the ongoing uptrend,” Ambala said.

Amid these developments, she expects Nifty 50 could find support near 24,540 and 24,400 and meet resistance around 24,730 and 24,900.

Dr. Praveen Dwarakanath, Vice President of Hedged.in noted that Nifty 50 is consolidating near its resistance level of 24,850 and the last two days have an insider candle for the index, indicating it has lost momentum.

“The momentum indicators continue to show bullishness in the index, however, they are closer to the overbought levels. The index trades above the 50-day moving average, indicating bullishness to continue. Options writer’s data for the monthly expiry showed increased writing of the calls and puts at the 24,700 level, indicating a range-bound move in the index,” said Dwarakanath.

Bank Nifty Prediction

Bank Nifty ended 101.75 points, or 0.19%, lower at 53,407.75 on Monday, forming a Gravestone Doji pattern on the daily charts.

“Bank Nifty is getting rejected from its immediate resistance at the 53,500 level, indicating weakness in the index. The index has formed an insider candle for the last two days, and a break of the candle formed on 5th December can give a decisive move in the index. The momentum indicators continue to show bullishness in the index, however, are now closer to the overbought region,” said Dwarakanath.

Options writer’s data for the monthly expiry showed increased writing of the calls and puts at the 53,500 level, indicating a range-bound move in the index, he added.

Vaishali Parekh, Vice President – Technical Research, PL Capital – Prabhudas Lilladher also highlighted that the

“Bank Nifty has been finding tough resistance near the 53,800 zone since the last 3 sessions and with a rangebound movement witnessed has been hovering near the 53,300 – 53,500 zone for quite some time. The 52,600 level would be the important support for the index which needs to be sustained to maintain the overall bias intact and expect further rise,” Parekh said.

According to her, Bank Nifty would have the daily range of 53,000 – 54,000 levels.

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.