Nifty 50, Sensex today: What to expect from Indian stock market in trade on December 30

The Indian stock market benchmark indices, Sensex and Nifty 50 are likely to open flat on Monday, following losses in global markets.

The trends on Gift Nifty also indicate a tepid start for the Indian benchmark index. The Gift Nifty was trading around 23,990 level, a discount of nearly 2 points from the Nifty futures’ previous close.

On Friday, the domestic equity market indices ended higher, with the benchmark Nifty 50 closing above the 23,800 level.

The Sensex gained or 0.29% to close at 78,699.07, while the Nifty 50 settled 63.20 points, or 0.27%, higher at 23,813.40.

Nifty 50 formed a small green candle on the daily chart with upper shadow.

“Technically, this pattern indicates an attempt of upside breakout of small range movement with lack of strength. This is not a good sign. The opening downside gap of 19th December is still intact after six sessions of its formation. The said down gap could be considered as a bearish runaway gap, which is normally formed in the middle of a down trend,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.

According to him, the short-term trend of Nifty 50 is slightly positive with range bound action.

“The market could encounter strong overhead resistance around 24,000 – 24,200 levels by this week and any rise up to the hurdles could be a sell-on-rise opportunity. Immediate support is at 23,650,” Shetti said.

Here’s what to expect from Nifty 50 and Bank Nifty today:

Nifty OI Data

In the derivatives segment, call and put contracts reflect a balanced outlook, with participants awaiting a decisive directional breakout.

“The 24,500-strike call registered the highest open interest of 68.07 lakh contracts, establishing it as a significant resistance level. Conversely, the 23,500-strike put garnered 65.62 lakh contracts, identifying it as a crucial support area. Vigorous activity in the 23,900–24,200 call zone and the 23,800–23,500 put zone indicates immediate resistance near 24,000 and solid support at 23,500,” said Dhupesh Dhameja, Derivatives Analyst, SAMCO Securities.

A slight uptick in put writing from 23,500 to 23,800 points to growing optimism, while unwinding of lower-strike calls underscores rising bullish sentiment. The Put-Call Ratio (PCR) edged up to 0.91 from 0.80, signals bullish sentiment is improving. Meanwhile, the ‘max pain’ level at 24,000 hints at limited downside risk in the near term, Dhameja added.

Nifty 50 Prediction

Nifty 50 moved up with range bound action on December 27 and closed the day higher by 63 points amidst choppy trade.

“Nifty 50 continued its consolidation in a small range of 23,650 – 23,850, one can sell when Nifty 50 is in the higher range and buy back at the lower side of the range intraday. The ADX average line is sloping upside with the ADX DI-line sloping down, indicating a potential upside from the current levels. The momentum indicators are well below the over-sold region, indicating a possible bounce from the current levels,” said Dr. Praveen Dwarakanath, Vice President of Hedged.in.

According to him, options writer’s data for the Jan monthly expiry showed increased writing of the calls and puts at the 24,000 level, suggesting a possible halt at the 24,000 level.

Om Mehra, Technical Analyst at SAMCO Securities noted that the Nifty 50 index remains below its 200-day and 9-day moving averages, signalling cautious sentiment and limited upward strength.

“Over the week, Nifty 50 oscillated in a tight range, with a high of 23,938.85 and a low of 23,647.20, reflecting indecisiveness among market participants. A decisive breakout beyond these levels could set the direction for the coming sessions. However, the hourly chart hints at positive momentum with slight buying interest at lower levels. The overall trend remains mixed. Closing above 23,940 will be critical in confirming bullish strength and maintaining upward momentum in the short term,” Mehra said.

VLA Ambala, Co-Founder of Stock Market Today, believes Nifty 50 can hover near support 23,780 and 23,650 with resistance around 23,960 and 24,000. On the other hand, Bank Nifty could expect support near 50,960 and 50,420 while resistance around 51,800 and 52,150 in the next session.

Bank Nifty Prediction

Bank Nifty index ended 140.60 points, or 0.27%, higher at 51,311.30 on Friday, forming a gravestone doji candlestick pattern on the daily chart, characterized by a long upper shadow and a narrow body, reflecting selling activity from higher levels.

“Bank Nifty also continued its consolidation in a range of 50,900 – 51,750, a break of one of these levels, which can be decisive for the price to move further. The ADX average line is moving sideways, also indicating no clear trend in the index. The momentum indicators are in the oversold region, a possible sign of a bounce from present levels,” said Dwarakanath.

Options writer’s data for the monthly expiry showed increased writing of the calls at the 52.000 level and puts at the 51.500 level, suggesting a rangebound move in the index, he added.

According to Mehra, Bank Nifty’s weekly chart revealed a bullish harami pattern, signalling the potential for a reversal if momentum gains traction.

“Nevertheless, the index continues to trade below important moving averages, highlighting muted sentiment and the need for strength confirmation. The support at 51,000 is a vital safeguard against further downside risks, while a decisive break above the 51,800 resistance could unlock bullish momentum in the coming sessions,” Mehra said.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.