Share Market Outlook: Indian stock markets have made a great start to the Christmas festive week. Nifty rose beyond 26,150 on Monday. Investor sentiment remained high due to the return of foreign investors, strong global signals and all-round buying in all sectors. At the end of trading, the Sensex closed at 85,567.48, up 638.12 points or 0.77 per cent. Nifty closed at 26,172.40, up 206 points or 0.79 percent. Sensex has risen 1085 points in the last two days.
The performance of the broader market was even better. BSE Midcap and Smallcap indices closed up by 0.8 per cent and 1 per cent respectively. Maximum rise in Nifty was seen in shares of Shriram Finance, Trent, Wipro, Infosys, Bharti Airtel. All major sectoral indices also closed with gains, in which Capital Goods, Metal, IT indices saw a rise of more than 1.
How will the market move tomorrow on 23rd December?
Market experts say that if Nifty easily crosses the level of 26,200, then it may be possible to move towards its record high of 26,326. On the other hand, the level of 26,000 can act as immediate support, which coincides with the midline of its Bollinger Bands.
Hrishikesh Yedve of Asit C Mehta Investment Intermediates said that Nifty started the day with a rise and saw continuous buying. Finally it closed at the positive level of 26,172. On the daily chart, Nifty formed a big bullish candle and crossed the short-term resistance of 26,050. Now the next big challenge for Nifty will be the level of 26,250–26,325. On the downside, it has immediate support at 26,050. Traders are advised to book profits near 26,250–26,325 and wait for a fresh breakout above 26,325.
HDFC Securities Senior Technical Analyst Nagaraj Shetty says that Nifty showed a sharp breakout after consolidation today and ended the day with a tremendous rise of 206 points. A long bull candle has formed with a gap up opening on the daily chart. From a technical perspective, this breakout signals the crossing of a triangle pattern and important resistance at the 26,000 level. This is a positive sign and indicates a major change in the market’s upward trend. Now in the short-term, the next target for it can be seen around 26300-26400. On the downside, immediate support is at 26,000.
bank nifty
Bank Nifty also opened at a positive level on Monday, saw some range-bound consolidation and finally closed at 59,304, Hrishikesh Yedve said. Technically, a small green candle formed on the daily chart, and it closed above the high and short-term trendline of the hammer candle formed earlier. Now the next resistance on the upside for Bank Nifty could be 59,550. If there is a sustainable breakout above 59,550, Bank Nifty may rise to 59,800–60,000.
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