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Nifty Prediction For Tomorrow By Experts, Dec 24: Indian stock market indices closed in the flat note during Tuesday's trading session (December 23) due
to profit-taking in IT and pharma shares and mixed global cues. The 50-share NSE Nifty closed marginally up by 4.75 points or 0.02 per cent to 26,177.15. During the day, it hit a high of 26,233.55 and a low of 26,119.05. The 30-share BSE Sensex dipped 42.64 points or 0.05 per cent to settle at 85,524.84. Sectoral participation remained rotational, with metals, FMCG and energy witnessing buying interest, while IT and pharma saw selective pressure. The Nifty IT index dropped 0.80 per cent to emerge as the top loser. The Nifty Bank index closed in the red with a meager cut of 4.45 points at 59,299.55. The broader markets moved largely in line with the benchmark and closed flat to marginally positive. The Nifty Midcap 100 finished unchanged while the Smallcap 100 gained 0.37 per cent. India VIX, the fear gauge index, slipped more than 3 per cent to sit at 9.38, reflecting easing market anxiety.
Nifty: Top Gainers, Losers
In the Nifty 50 pack, 24 stocks gained and the remaining 26 declined. Coal India, Shriram Finance, ITC, UltraTech Cement, TMPC, Tata Steel, HDFC Bank, NTPC, Power Grid, Kotak Mahindra Bank, Tata Consumer Products and ONGC were the top movers.
On the other hand, Infosys, Airtel, Adani Ports, Sun Pharma, Tech Mahindra, Bajaj Auto, Eternal, Cipla, Adani Enterprises, Axis Bank, TCS, Trent and Maruti were the top losers.
Vinod Nair, Head of Research, Geojit Investments, said that investors are positioning for the next earnings season and monitoring evolving Fed policy expectations, as rate‑cut probabilities are slowly inching up for the January meeting.
"While an improving domestic demand outlook provides underlying support, uncertainty around global trade negotiations and the trajectory of the rupee will continue to influence sentiment," he said.
Nifty Support And Resistance Tomorrow
After sharp rally for the last two days, Nifty consolidated its gains and traded in the narrow range on the weekly expiry day. NSE cash market turnover declined 9 per cent as compared to Monday's.
Ajit Mishra of Religare Broking said that some consolidation in Nifty is likely after the recent rebound. However, the overall tone is expected to remain positive. A decisive move above the 26,300 level would be required to generate fresh directional momentum, while support remains intact in the 25,950–26,050 zone, the expert said.
Nandish Shah, Deputy Vice President, HDFC Securities, said that short term trend of the Nifty remains positive, with bullish higher-top, higher-bottom formation on the daily chart. Nifty could now extend its up move towards the next resistance levels at 26,202 and 26,330. On the downside, the level of 26,000 is expected to act as a near-term support.
Nifty continues to move higher following a falling wedge breakout, indicating improving bullish sentiment in the short term, Rupak De, Senior Technical Analyst at LKP Securities, said, adding that the trend is likely to favour the bulls as long as the index remains above 25,900, making a buy-on-dips strategy favorable. On the higher end, 26,315 may act as immediate resistance for Nifty, above which a further rally could unfold.
Nifty 50 Chart Candlestick
Nifty has formed a small red candle on the daily chart with minor upper and lower shadow.
Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said that the current market action indicates a formation of breather type pattern after a sharp upmove recently. "This market action signals at the continuation of uptrend," the market expert said.
The underlying trend of Nifty remains positive, he said, adding that the market is expected to resume its uptrend after 1 or 2 sessions of consolidation movement or range bound action.
Nifty has immediate support placed at 26050. Next upside levels to be watched around 26300-26400 levels, the analyst added.
Nifty OI Data, RSI, PCR
Nifty's Relative Strength Index (RSI) is comfortable above the neutral 50 mark, reflecting steady accumulation and buying interest at lower levels.
Nifty's derivatives data shows aggressive Call writing at the 26,200 strike, while strong Put open interest at the same level. This makes 26,200 make-or-break level. A significant build-up of nearly 79.73 lakh Call contracts at the 26,200 strike has established this zone as an immediate resistance area. On the flip side, the addition of approximately 1.19 crore Put contracts at the 26,000 strike provides a solid cushion on the downside.
Nifty's Put-Call Ratio (PCR) has improved to 1.08, highlighting a rise in bullish sentiment and indicating that buyers are actively defending lower levels.
According to Amruta Shinde, Technical & Derivative Analyst at Choice Equity Broking, a sustained close above 26,200 will be needed to extend bullish momentum, whereas failure to decisively cross this level could result in continued consolidation in the near term.
(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.)
