On Friday, Sensex and Nifty 50, the stock market indices in India, are probably going to open favorably amidst conflicting signals from the global markets.
The trends observed in Gift Nifty also suggest that the Indian benchmark index is off to a somewhat positive start. In contrast to the Nifty futures’ previous close of 21,930, the Gift Nifty was trading at about 21,950.
On Thursday, amid widespread buying, the domestic equity benchmarks hit a new high and closed higher for the fifth straight session.
A gain of 123.95 points, or 0.57%, saw the Nifty 50 close at 21,778.70, while the Sensex closed 371.95 points higher at 72,410.38.
At the highs, Nifty created a fairly positive candle, indicating a pattern of uptrend continuation. The initial 21,650 barrier has been broken upward, which may be a sign of a sudden upward breakthrough of the barrier.
Based on the daily timeframe chart, positive chart patterns such as higher tops and bottoms persisted on the Nifty. Despite the fact that the Nifty is at all-time highs, no higher top reversal appears to be forming at these new highs. According to HDFC Securities Senior Technical Research Analyst Nagaraj Shetti, the Nifty’s near-term trend is still positive.
The Nifty 50 is expected to advance towards the next overhead resistance of 22,200 levels in the near term, which is near the 100% Fibonacci extension of major bottom-top-bottoms, according to Shetti, after clearing the initial hurdle of 21,650 levels.
Today’s Nifty and Bank Nifty movements are as follows:
Nifty Open Interest Information
When looking at the Open Interest (OI) data, the call side has the most at the 22,000 level, followed by the 21,100 strike price. On the put side, however, the 21,500 strike price has the highest OI.
But given the shifting global and economic environment that affected market dynamics all year long, it’s imperative to stay alert and flexible,” stated Mandar Bhojane, research analyst at Choice Broking.
Forecasts for the Nifty 50
The index shot to a new all-time high, but the Nifty stayed firmly in bullish territory.
The bulls were strengthened by strong put writing at the 21,700 strike, which helped the index move closer to 21,800. The short-term support level, 21,700, indicates that the market is still bullish. A significant move above 21,800 could push the index closer to 22,000, according to Rupak De, a LKP Securities senior technical analyst.
Forecasts for the Bank Nifty
On December 28, the Bank Nifty spiked 226 points to close at 48,509 and created a Doji-style candlestick pattern.
The Bank Nifty has broken out of its recent consolidation phase on a daily basis, indicating a growing sense of optimism among market players. It has remained above the crucial short-term moving average, confirming the upward trend. As long as it remains above 48,500, the outlook seems favorable in the short term, according to De.
He states that the resistance is set at 49,000 on the higher end.
On Friday, Sensex and Nifty 50, the stock market indices in India, are probably going to open favorably amidst conflicting signals from the global markets.
The trends observed in Gift Nifty also suggest that the Indian benchmark index is off to a somewhat positive start. In contrast to the Nifty futures’ previous close of 21,930, the Gift Nifty was trading at about 21,950.
On Thursday, amid widespread buying, the domestic equity benchmarks hit a new high and closed higher for the fifth straight session.
A gain of 123.95 points, or 0.57%, saw the Nifty 50 close at 21,778.70, while the Sensex closed 371.95 points higher at 72,410.38.
At the highs, Nifty created a fairly positive candle, indicating a pattern of uptrend continuation. The initial 21,650 barrier has been broken upward, which may be a sign of a sudden upward breakthrough of the barrier.
Based on the daily timeframe chart, positive chart patterns such as higher tops and bottoms persisted on the Nifty. Despite the fact that the Nifty is at all-time highs, no higher top reversal appears to be forming at these new highs. According to HDFC Securities Senior Technical Research Analyst Nagaraj Shetti, the Nifty’s near-term trend is still positive.
The Nifty 50 is expected to advance towards the next overhead resistance of 22,200 levels in the near term, which is near the 100% Fibonacci extension of major bottom-top-bottoms, according to Shetti, after clearing the initial hurdle of 21,650 levels.
Today’s Nifty and Bank Nifty movements are as follows:
Nifty Open Interest Information
When looking at the Open Interest (OI) data, the call side has the most at the 22,000 level, followed by the 21,100 strike price. On the put side, however, the 21,500 strike price has the highest OI.
But given the shifting global and economic environment that affected market dynamics all year long, it’s imperative to stay alert and flexible,” stated Mandar Bhojane, research analyst at Choice Broking.
Forecasts for the Nifty 50
The index shot to a new all-time high, but the Nifty stayed firmly in bullish territory.
The bulls were strengthened by strong put writing at the 21,700 strike, which helped the index move closer to 21,800. The short-term support level, 21,700, indicates that the market is still bullish. A significant move above 21,800 could push the index closer to 22,000, according to Rupak De, a LKP Securities senior technical analyst.
Forecasts for the Bank Nifty
On December 28, the Bank Nifty spiked 226 points to close at 48,509 and created a Doji-style candlestick pattern.
The Bank Nifty has broken out of its recent consolidation phase on a daily basis, indicating a growing sense of optimism among market players. It has remained above the crucial short-term moving average, confirming the upward trend. As long as it remains above 48,500, the outlook seems favorable in the short term, according to De.
He states that the resistance is set at 49,000 on the higher end.
