Nifty 50, Sensex today: What to expect from Indian stock market in trade on December 11 | Stock Market News

The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open flat on Wednesday tracking mixed global market cues.

The trends on Gift Nifty also indicate a flat start for the Indian benchmark index. The Gift Nifty was trading around 24,690 level, a premium of nearly 7 points from the Nifty futures’ previous close.

On Tuesday, the domestic equity market benchmark indices ended choppy session on a flat note.

The Sensex inched 1.59 points higher to close at 81,510.05, while the Nifty 50 eased 8.95 points, or 0.04%, to settle at 24,610.05.

Nifty 50 formed a small red candle on the daily chart with a long lower shadow.

“Technically, this pattern looks like a bullish hammer type candle pattern, but not a classical one. Normally, a formation of bullish hammer after reasonable declines signals impending trend reversal on the upside. The bullish pattern like higher tops and bottoms is in the process as per daily timeframe chart and the current weakness could be in line with the new higher bottom formation of the sequence. Hence a sustainable upside bounce from here could confirm a higher bottom reversal pattern,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.

He believes the near-term uptrend status of Nifty 50 remains intact and the present consolidation movement or minor dip is likely to complete soon and the market is ready to witness a sustainable upside bounce from the lows.

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

Nifty OI Data

In the derivatives segment, Nifty 50 witnessed strong resistance at the 24,800 and 25,000 levels, where significant call open interest was recorded.

On the put side, the 24,300 level witnessed the highest open interest, signifying robust support. The market’s outlook remains cautiously optimistic, with key levels being monitored for clear directional cues in the near term, said Mandar Bhojane, Research Analyst at Choice Broking.

Nifty 50 Prediction

Nifty 50 continued the choppy session on December 10 and closed the day lower by 8 points amidst range bound action.

“The Nifty 50 experienced another lackluster trading session, remaining confined within the range of 24,500 to 24,650. The sentiment is likely to stay sideways in the near term unless the index makes a decisive move beyond this range. A break below 24,470 could trigger a correction of 200 to 250 points, while resistance is seen at 24,700 to 24,750,” said Rupak De, Senior Technical Analyst, LKP Securities.

Dr. Praveen Dwarakanath, Vice President of Hedged.in noted that the Nifty 50 continued to consolidate near its resistance level of 24,850 and formed another doji candle.

“However, the intraday fall of more than 100 points was recovered, indicating strength in the index. The momentum indicators continue to show bullishness in the index. The ADX average line has reached well below 20 levels, indicating one of the trends can pick up, with the ADX DI+ line above the ADX DI- line, it is likely for the trend to pick up momentum on the upside,” said Dwarakanath.

Options writer’s data for the monthly expiry showed increased writing of the calls and puts at the 24,700 level, indicating a range-bound move in the index, he added.

Bank Nifty Prediction

Bank Nifty index ended 169.95 points, or 0.32%, higher at 53,577.70 on Tuesday, forming a bullish candlestick pattern on the daily timeframe.

“Bank Nifty has consolidated within a small range of 1,000 points between 53,800 and 52,800 levels for the last 4 days, a break of one of these levels can trigger further price action. The index is getting bought on every dip in the range, indicating bullishness persists in the index. The momentum indicators continue to show bullishness in the index. The ADX average line is sloping upside with the ADX DI+ line above the ADX DI- line, indicating upside potential in the index,” said Dr. Praveen Dwarakanath.

Options writer’s data for the monthly expiry showed increased writing of the puts at the 53,500 level and below, indicating mild bullishness in the index, he added.

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