On Monday, weak global market cues are expected to cause the Indian Stock Market indices, the Sensex and Nifty 50, to open lower.
The Indian benchmark index has had a mediocre start, according to Gift Nifty’s trends. The Gift Nifty was trading at about 21,482, compared to the previous close of 21,558 for the Nifty futures.
The domestic equity indices ended the week sharply higher, with the Nifty 50 index closing above the 21,450 mark, as they continued their bull run.
On December 15, the NSE Nifty 50 closed 273.95 points, or 1.29%, higher at 21,456.65, while the BSE Sensex gained 969.55 points, or 1.37%, to end at 71,483.75.
Technically speaking, the bulls are still in charge as the Nifty rises to all-time highs. Once the immediate resistance of 21,492 is overcome, further upsides are probably in store, according to HDFC Securities Senior Technical and Derivative Analyst Subash Gangadharan.
But given that the 14-day RSI is in overbought territory at 84.93, caution is advised in the near term. The 14-week RSI of 75.87 suggests that there is room for further upside in the intermediate term and that it is not overbought. He said that as a result, any brief corrections can be used to invest in high-quality stocks.
What to anticipate from Bank Nifty and Nifty 50 today is as follows:
Forecasts for the Nifty 50
As long as bulls continue to dominate the Stock Market, the Nifty will continue to rise. On December 15, the Nifty 50 index recorded its seventh straight week of gains and set a new record.
The lack of any reversal signals on the technical charts suggests that the current sentiment is strongly in favor of the bulls. The Nifty might continue to rise after breaking through resistance at 21,500, according to Rupak De, Senior Technical Analyst at LKP Securities.
He claims that the current Nifty 50 support level is 21,300.
Forecasts for the Bank Nifty
On December 15, the Bank Nifty crossed the 48,000 barrier for the first time and gained 411 points to close at 48,144.
The Bank Nifty bulls are still going strong, as evidenced by the index rising above 48,000. With a solid base at 47,500, the market’s general sentiment is still bullish. Kunal Shah, Senior Technical & Derivative analyst at LKP Securities, stated that any pullbacks towards this support level are viewed as buying opportunities.
Shah believes that the index has an upside potential of 50,000, which would suggest that market participants are still optimistic.
Head of Research at Swastika Investmart Santosh Meena stated that further bullish momentum towards levels of 48,500/48,800 is made possible by the Bank Nifty’s successful close above the 48,000 barrier.
In the event of a downturn, Meena stated, “immediate support lies at 47,500, with a critical support zone at 47,000–46,800.”
