The Indian stock market indices, Sensex and Nifty 50, are likely to open higher on Tuesday amid mixed global market signals.
The trends on Gift Nifty indicate a positive start for the Indian benchmark index. The Gift Nifty was trading around 21,420 level compared to the Nifty futures’ previous close of 21,385.
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On Friday, domestic equity indices finished higher following positive signals from global peers.
The Sensex rose 241.86 points to close at 71,106.96, while the Nifty 50 settled 94.35 points, or 0.44%, higher at 21,349.40.
For the week, Nifty 50 closed 0.5% lower after making a big high low candle.
Read also: Indian stock market: 6 things that changed for market over weekend – Gift Nifty, lower in US dollar to RBI MPC minutes
“Technically, the short-term texture of the market is therefore volatile; level-based trading would be the ideal strategy for day traders. We believe that, as long as the index trades above 21,200 / 70,700, the pullback formation is likely to continue. Above the same, the market could go higher to 21,500-21,550/71,500-71,650,” said Amol Athawale, Vice President – Technical Research, Kotak Securities.
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Here’s what to expect from Nifty 50 and Bank Nifty today:
Nifty 50 Predictions
The Nifty 50 index remained volatile but managed to close above the crucial level of 21,300 on December 22.
“The bottom support for the index is positioned at 21,200, presenting a buying opportunity on any dips to this level. A hold above 21,300 could pave the way for further upside momentum, targeting the 21,500 level,” said Kunal Shah, Chief Technical and Derivatives Analyst at LKP Securities.
Read also: Day trading guide for the stock market today: Six stocks to buy or sell on December 26
Bank Nifty Predictions
The Bank Nifty index underperformed on Friday and declined 348 points to close at 47,492.
“The Bank Nifty index faced selling pressure in the last day but managed to hold the key support level of 47,400. If the index fails to sustain above this support, it could witness a further decline towards the 47,100 levels. On the upside, the immediate resistance is at 47,700, and a break above this level may trigger short covering, pushing the index higher towards 48,000/48,200 levels,” Shah said.
Disclaimer: The opinions and recommendations made above are those of individual analysts or trading companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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Published: 26 Dec 2023, 07:47 IST