Nifty 50, Sensex today: What to expect from Indian stock market in trade on December 27

The trends on Gift Nifty also indicate a higher start for the Indian benchmark index. The Gift Nifty was trading around 21,545 level as compared to the Nifty futures’ previous close of 21,499.

The domestic frontline indices extended gains and ended higher on December 26, with the Nifty 50 breaking out of the recent 21,232-21,391 trading range.

The Sensex gained 229.84 points to close at 71,336.80, while the Nifty 50 settled 91.95 points, or 0.43%, higher at 21,441.35.

“The short-term trend nevertheless remains down. Momentum readings like the 14-day RSI too remain in decline mode (though they have bounced back recently) after declining sharply from overbought levels last Wednesday. This calls for caution in the near term,” said Subash Gangadharan, Senior Technical and Derivative Analyst, HDFC Securities. 

Also Read: Indian stock market: 7 things that changed for the market overnight – Gift Nifty, India’s CAD, weak dollar to oil prices

He believes Nifty 50 would need to cross the recent highs of 21,593 to reverse the current downtrend.

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

Nifty Open Interest Data

On the call side, the highest Open Interest (OI) is  observed at 22,000 followed by 21,500 strike prices while on the put side, the highest OI is at 21,300 strike price, said Deven Mehata, Equity Research Analyst at Choice Broking.

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Nifty 50 Predictions

Nifty 50 mostly traded sideways on December 27 after an initially positive start. 

“The sentiment remains optimistic as the index stays above critical moving averages. At 21,500, there could be significant immediate resistance. A decisive breakout beyond this level could potentially propel the index into a substantial rally,” said Rupak De, Senior Technical Analyst at LKP Securities.

Until then, he expects the index to remain within the range of 21,300 and 21,500.

Also Read: Day trading guide for today: Six stocks to buy or sell on Wednesday —December 27

Bank Nifty Predictions

The Bank Nifty index rose 233 points to close at 47,725 on December 26.

“The Bank Nifty sentiment has again turned positive as the index moves back above 47,500. A small green bodied candle within the previous red candle indicates a potential bullish trend ahead. Support is established at 47,500 while resistance is observed at 48,000/48,250 on the higher side,” said De.

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: 27 Dec 2023, 07:34 AM IST