Nifty Prediction For Tomorrow By Experts, December 31: Indian stock markets indices closed marginally lower on Tuesday (December 30) amid thin year-end
trading. Falling for the fourth consecutive day, the Nifty 50 index ended on a flat note with a meager cut of 3.25 points or 0.01 per cent at 25,938.85. During the day, the index hit a high of 25,976.75 and a low of 25,878, gyrating 99 points. The 30-share BSE Sensex dipped 20.46 points or 0.02 per cent to settle at 84,675.08. Sectoral trends remained mixed, with rollover and unwinding of derivative positions keeping participants engaged. Metals, auto and banking stocks outperformed, while realty, IT and FMCG stocks witnessed mild pressure. The Nifty Metal index jumped more than 2 per cent, followed by PSU Banks (up 1.69 per cent) and Auto (up 1.08 per cent). The Nifty Bank index added 238.90 points or 0.41 per cent to finish at 59,171.25. The broader markets moved largely in line with the benchmark and also closed nearly flat. The Nifty Midcap 100 fell 0.15 per cent while Nifty Smallcap 100 slipped 0.28 per cent. Volatility edged higher, with India VIX rising marginally by 0.44 percent to 9.67, indicating a slight uptick in near-term uncertainty but remaining within a low-volatility regime.
Top Gainers, Losers Today
In the Nifty 50 pack, 22 stocks gained and remaining 28 declined. Bajaj Auto and Hindalco were the top movers, climbing more than 2 per cent each. Shriram Finance, Tata Steel, M&M, JSW Steel, Bajaj Finserv and Axis Bank moved higher in the range of 1 to 2 per cent.
On the other hand, Eternal dropped more than 2 per cent, followed by Eicher Motors, Tata Consumer Products, Max Health, IndiGo, Apollo Hospitals, Infosys, UltraTech Cement, Asian Paints, Bajaj Finance, Nestle India, Coal India and Tech Mahindra.
Vinod Nair, Head of Research, Geojit Investment, said that a stronger rupee provided some respite, yet overall sentiment stayed cautious amid persistent FII outflows. Sector-wise, while auto stocks gained on robust IIP data, metal stocks gained due to higher metal prices enabling better realisations. Similarly, PSU banks advanced on improved asset quality.
"Looking ahead, the market is anticipated to stay sideways, awaiting more pronounced outcomes from US-India trade talks and the Q3 results calendar," he said.
Nifty Support And Resistance Tomorrow
Nifty's monthly expiry day session was marked by increased volatility in the first half. A comeback by bulls in the second half helped in paring the losses to close flat. Turnover on the NSE’s cash market jumped 36 per cent over the previous session.
Nandish Shah, Deputy Vice President, HDFC Securities, said that Nifty has given a closing above the 50-DEMA (25,837) which keeps the short-term bullish structure intact. A decisive move below 25,837 could signal weakness and a potential shift in the ongoing uptrend.
On the upside, the expert said, Nifty needs to clear the 26,100 - 26,150 resistance zone to regain its bullish momentum and open the path for higher levels.
Rupak De, Senior Technical Analyst at LKP Securities, said that Nifty has slipped to the upper band of the falling wedge pattern, where the correction appears to have been arrested. However, some negative technical factors may influence market sentiment in the coming days.
Nifty has immediate support placed in the range of 25,850 to 25,870. A decisive break below this level could intensify bearish sentiment, while resistance is placed at 26,000, the expert said.
Nifty 50 Chart Candlestick
On the daily chart, Nifty has formed a small body candle with upper and lower shadow. According to Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, the current pattern indicates a doji type candle formation at the uptrend line support. A doji indicates an indecision in the market.
"Nifty has immediate support in the range of 25,850 to 25,800. 26,100 remains a stiff resistance for the bulls," he said.
Nifty OI Data
Nifty's derivatives data shows aggressive Call writing at the 26,000, while strong Put open interest around the 25,900 level reinforces this zone as an important near-term support and pivot area.
"A sustained close back above 26,000 would be required to revive bullish momentum, while failure to reclaim this level could keep the market in a consolidation-to-corrective phase in the near term," Amruta Shinde, Technical & Derivative Analyst at Choice Equity Broking, said.
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money related decisions.)
