Today's Nifty 50 and Sensex: The Gift Nifty indicators also point to a successful start for the Indian benchmark index. The Gift Nifty was trading at a premium of around 30 points over the previous closing of the Nifty futures, at about 23,800.
The Indian benchmark index is off to a good start, according to Gift Nifty's tendencies. The Gift Nifty was trading at a premium of around 30 points over the previous closing of the Nifty futures, at about 23,800.
The Indian benchmark index is off to a slow start, according to Gift Nifty's statistics.The Gift Nifty was down around 30 points from the previous closing of the Nifty futures, trading at a level of 19,440.
Due to Christmas, the major international markets and the Indian stock market were closed on Wednesday.
The major indices of the domestic equities market concluded Tuesday's turbulent session slightly down.
The Nifty 50 closed 25.80 points, or 0.11%, lower at 23,727.65, while the Sensex dropped 0.09% to conclude at 78,472.87.
On the daily chart, the Nifty 50 created a tiny red candle next to Monday's correspondingly bullish candle.
These two candles usually show the formation of an inner day bar. Such pattern patterns typically only serve as a warning for approaching trend reversals following confirmation, following a respectable decrease."A bullish reversal pattern could be confirmed by a sustained move above 23,900 levels," stated Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.
He claims that there are no indications of any significant bottom reversals developing at the lows and that the Nifty 50's short-term trend is still poor. The next lower support is at 23,500, while the immediate resistance is situated between 23,900 and 24,000 levels.
What to anticipate from the Nifty 50 and Bank Nifty today is as follows:
Nifty OI Information
Key levels of interest for traders are shown by Nifty Open interest data. The maximum put open interest at 23,500 indicates strong support at this level, while significant call open interest around 24,000 and 24,200 emphasizes resistance.According to Mandar Bhojane, Research Analyst at Choice Broking, this suggests a range-bound market with directional clarity that is unlikely to surface until after a breakout or breakdown from the current range.
He noted that careful positioning is advised until a distinct trend emerges because the market is still mostly in a consolidation phase.
Forecast for the Nifty 50
Despite erratic fluctuation, the Nifty 50 ended the day 25 points lower on December 24 after failing to demonstrate a follow-through upmove.
Throughout the day, the Nifty stayed largely rangebound until finishing flat. A short-term bearish trend was confirmed on the daily chart when the index closed below the 200-DMA for the first time in three days. The bearish view is also supported by the RSI, which is in a bearish crossover and is further declining.Rupak De, Senior Technical Analyst at LKP Securities, stated that resistance is located at 23,860 and support is situated in the 23,500–23,400 range on the downside.
The market sentiment remained bad, according to VLA Ambala, co-founder of Stock Market Today, but it can also provide long-term investors fresh possibilities.
"I would counsel investors to approach trading activities cautiously and concentrate on short-term, manageable trades in such a market environment." It is advisable for traders to restrict their exposure because the market as a whole is unstable and even dependable setups can go wrong. The general mood is still pessimistic even though the Nifty is trading close to its 200-day EMA (Exponential Moving Average), which is frequently regarded as a potential entry point for buyers, according to Ambala.
She claims that during the previous session, the Nifty 50 created a Gravestone Doji candlestick pattern on technical charts, signifying a gloomy outlook. In the midst of these events, the Nifty can see resistance at 23,850 and 23,970 and linger for support at 23,650 and 23,480.
Bank Nifty Forecast
The Bank Nifty index formed an Inside Bar pattern on the daily time charts on Tuesday, closing at 51,233.00, down 84.60 points, or 0.16%.
The Bank Nifty index created a tiny red candle on the daily chart. The 200-Days Simple Moving Average (200-DSMA), which is situated close to 50,540, will serve as a solid support for the index on the downside. The 100-Days EMA obstacle is situated close to 51,650 levels on the upward side.
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