The Indian stock market will open cautiously on December 10, driven by mixed global cues. After recording a muted performance on Monday, the Sensex and Nifty 50 benchmark indices are expected to see subdued movement.
MondaySummary
The Sensex declined 200.66 points to 81,508.46, and the Nifty 50 fell 58.80 points at 0.24 per cent to close at 24,619.00. The index traded in a tight range most of the day, indicating caution.
Gift NiftySuggests Flat Opening
Pre-open sentiment is for a flat start as Gift Nifty trading at 24,715, which is 20 points above the previous closing of Nifty futures.
TechnicalView of Nifty 50
The Nifty50 formed a small negative candle with upper and lower shadows on Monday, indicating market indecision.
As HDFC Securities, the senior technical research analyst there stated the information represents a kind of "doji" candle, which is indicative of short-term choppiness. While higher tops and bottoms still appear in the daily, in view of an ongoing positive trend. Further, expect the current consolidation to end within 1 or 2 sessions and open further opportunities to bounce up in an upside direction.
Nifty50major watch levels
Support:24,470 – A break here may lead to a 200-250 point correction.
Resistance:24,700–24,750 – This area is likely to cap the upside.
MomentumIndicators: Bullish but near overbought levels.
Dr PraveenDwarakanath, VP at Hedged.in, said the index is struggling near its resistance of 24,850, while options data shows heavy writing at 24,700, indicating a range-bound movement.
Bank NiftyOutlook
Bank Nifty dropped 101.75 points at 0.19 per cent on Monday to close at 53,407.75, in the shape of a Gravestone Doji pattern, a weakness signal.
Important observations about Bank Nifty:
Resistance:53,500 – The index has been repeatedly rejected here.
Support:52,600 – It is critical to continue the positive momentum.
Range for the day: 53,000–54,000, according to Vaishali Parekh, VP at Prabhudas Lilladher
OptionsActivity: Hefty call and put writing at 53,500 reflects range-bound trade.
MarketSentiment and Outlook
The broader sentiment is cautious, with no major event this week keeping the traders sitting on the sidelines. Though the technical set-up for both Nifty 50 and Bank Nifty reflects a consolidation phase, analysts do expect a breakout if key supports hold.
Investors should be careful as the market may continue moving choppily before any decision trend is decided.
Disclaimer: The views are of individual analysts and brokerage firms. Always consult certified financial advisors before making any investment decisions.
