Nifty 50, Sensex today: What to expect from Indian stock market in trade on December 19

The trends on Gift Nifty also indicate a muted start for the Indian benchmark index. The Gift Nifty was trading around 21,465.00 level as compared to the Nifty futures’ previous close of 21,466.00.

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On Monday, the domestic equity indices ended lower amid profit booking after markets set a new high last week.

The Sensex declined 168.66 points to close at 71,315.09, while the Nifty 50 settled 38.00 points, or 0.18%, lower at 21,418.65.

Nifty 50 formed a doji kind of candlestick pattern after a sideways move. 

Also Read: India stock market: 6 things that changed for market overnight – Gift Nifty to rising crude oil prices

“Zooming into the 15 min charts, we can observe that the Nifty has been making lower tops today and has also closed below the 20 period Moving Average (MA). This is a weak signal for the very near term. Nifty could now test the 50 period MA currently at 21,388 in the very near term,” said Subash Gangadharan, Senior Technical and Derivative Analyst, HDFC Securities.

He believes that the markets have taken a breather after the sharp rise seen last week. So any corrections are likely to be short lived and can be utilized to buy into quality stocks.

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

Nifty Open Interest Data

Coming to the Open Interest (OI) data, on the call side, the highest OI observed at 21,500 followed by 21,600 strike prices while on the put side, the highest OI is at 21,300 strike price, noted Deven Mehata, Research Analyst at Choice Broking.

Nifty 50 Predictions

The Nifty 50 formed a Bearish Harami candlestick pattern on the daily chart, suggesting a potential interruption in the ongoing rally. 

“Additionally, the RSI indicator on the hourly timeframe has undergone a bearish crossover within the oversold zone, hinting at a waning bullishness in the market. A decline below 21,350 could lead to a correction towards 21,220/21,100 in the short term,” said Rupak De, Senior Technical analyst at LKP Securities.

Conversely, he believes the resistance is anticipated at 21,500 on the higher end.

Also Read: Day trading guide for stock market today: Six stocks to buy or sell on Tuesday — 19th December

Bank Nifty Predictions

The Bank Nifty index witnessed a pullback on December 18 and ended 276 points lower at 47,868.

“The Bank Nifty index encountered resistance around the 48,000 level, resulting in an inability to sustain at those higher levels, leading to some selling pressure. The immediate support for the index is positioned at 47,800,” said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities.

A breach below this level could intensify the selling pressure, potentially pushing the index towards the 47,400/47,000 marks, Shah added.

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 taking any investment decisions.

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Published: 19 Dec 2023, 07:30 AM IST