MARKET TRENDS:
Global cues: Negative
FII: (-1171.30 crores)
DII: (+2558.90 crores)
Sentiment: Risky
Market Breadth: Neutral
Technicals: Overbought conditions
F&O: 25500 – 26700 zone.
INDIA VIX 11.62 (+0.07%)
USD/INR Futures (December) (89.67)
NIFTY PCR (30th December) 1.18
Bank Nifty PCR (30th December) 1.10
Nifty Outlook: Domestic flows and sentiment are powering the rally, global risk appetite and FII stance will likely determine whether the party extends — or fades into consolidation.
WHAT TECHNICALS TELLS US ON NIFTY & BANK NIFTY:
NIFTY (CMP 26176):
SUPPORT: 25951/25703
RESISTANCE: 26327/26550
RANGE: 26000-26300
BIAS: Neutral
21 DMA: 25900
50 DMA: 25570
200 DMA: 24591
SENSEX (CMP 85642)
SUPPORT: 85100/84500
RESISTANCE: 86160/86900
RANGE: 85000-86000
BIAS: Neutral
21 DMA: 84603
50 DMA: 83472
200 DMA: 80664
BANK NIFTY (CMP 59681)
SUPPORT: 59200/58300
RESISTANCE: 60100/60900
RANGE: 59000-60000
BIAS: Neutral
21 DMA: 58668
50 DMA: 57386
200 DMA: 54784
Nifty: Nifty opened strong footing in Monday’s trade, powered by momentum buying, before mild profit-taking capped the rally mid-session.
The index, closed slightly a tad below the flat line — still a bullish constructive sign but overbought technical conditions prevail.
Key Positive: Nifty scaled a fresh record high at 26,325.80, holding firmly above the 26,000 milestone — keeping the bullish undertone alive.
The Good News is that Nifty is still above its 21 DMA (25900), 50 DMA (25571) and its 100 DMA (25230). Nifty’s 200 DMA at 24591 mark.
Nifty’s hurdles seen 26350 mark.
The technical landscape suggests Nifty’s major support at 25951/25703 mark.
Nifty’s chart of the day suggests the structure remains bullish, but overbought technical conditions prevail indicate a pause. The make-or-break support at 25951.
Bank Nifty: Bank Nifty (-0.12%) snapped its 3-day losing streak after racing above the 60000 milestone and scaling a new record high.
Bank Nifty’s all-time-high continue to be at 60,114.30 mark.
Bank Nifty was seen mirroring Nifty’s consolidative action, ending 0.12% lower as against Nifty’s 0.10% loss.
Interestingly, Nifty PSU Banks ended 0.25% higher while Nifty Private Bank Index ended with 0.11% lower.
Intraday support for Bank Nifty now seen at 59200/58300/57158 mark on closing basis.
In today’s trade and in near term, Bank Nifty is likely to face resistance at 60100 mark. Bank Nifty’s 200-DMA is placed at 54784 mark. Bias on Bank Nifty shifts to neutral.
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