The Indian stock market is expected to open softly on Monday, December 16, as global market trends continue to be weak. The Gift Nifty was trading at around 24,775, a discount of nearly 50 points from the previous close of Nifty futures.
On Friday, Indian benchmarks made a strong recovery. The Sensex closed 843 points higher at 82,133.12, and the Nifty 50 rallied 219 points to settle at 24,768.30. The Nifty has formed a bullish engulfing pattern on the daily chart, indicating that positive momentum is back.
Nifty 50 Outlook :
Nifty 50 has broken its key resistance at 24,700, closed above it, and is bullish. Analysts opine:
Support Levels: 24,650 and 24,300
Upside Targets: 25,000 – 25,200
Master Trust Group's Puneet Singhania suggests buying around 24,300-24,400 on dips with a stop-loss at 24,100. Upside targets are achievable, but a break below 24,100 may call for a correction towards 23,900.
VLA Ambala of Stock Market Today pointed out that the Nifty
had been trending upwards, and the resistance had been near 25,000 – 25,130.
Investors were advised to look for high-quality stocks with growth prospects.
Bank Nifty Outlook :
The Bank Nifty index ended lower at 53,583.80 on Friday but formed a bullish candlestick pattern. Analysts predict:
Support Levels: 52,800 – 53,000
Upside Target: 54,200
Says Puneet Singhania, "I believe this index is bullish
as far as it holds above 52,700. On any dips, one can consider buying
opportunities. A close below 52,700 may result in correction at around
52,000."
Important Levels to Observe :
Nifty 50: Support at 24,650, Resistance at 25,000
Bank Nifty: Support at 52,800, Resistance at 54,200
Disclaimer: All information provided on market trends and
analysis by various experts should not be regarded as trading advice. It is recommended that individuals consult professional experts before trading.
