MARKET TRENDS:
Global cues: Positive
FII: (-3642.30 crores)
DII: (+4645.90 crores)
Sentiment: Risky
Market Breadth: Neutral
Technicals: Overbought conditions
F&O: 25500 – 26700 zone.
INDIA VIX 11.23 (-3.42%)
USD/INR Futures (December) (90.10)
NIFTY PCR (30th December) 1.16
Bank Nifty PCR (30th December) 0.99
Nifty Outlook: Domestic liquidity and upbeat sentiment continue to anchor the bull case.
However, whether this rally extends or pauses will largely depend on two variables: global risk appetite and FII behaviour. Their stance will determine if momentum strengthens — or slips into consolidation.
Leadership shakeup at Bank Nifty could also dent sentiments!
WHAT TECHNICALS TELLS US ON NIFTY & BANK NIFTY:
NIFTY (CMP 26032):
SUPPORT: 25951/25703
RESISTANCE: 26327/26550
RANGE: 25900-26200
BIAS: Neutral
21 DMA: 25915
50 DMA: 25583
200 DMA: 24603
SENSEX (CMP 85138)
SUPPORT: 84750/84000
RESISTANCE: 86160/86900
RANGE: 84600-85600
BIAS: Neutral
21 DMA: 84660
50 DMA: 83515
200 DMA: 80700
BANK NIFTY (CMP 59274)
SUPPORT: 58900/57157
RESISTANCE: 60100/60900
RANGE: 58700-59700
BIAS: Neutral
21 DMA: 58740
50 DMA: 57457
200 DMA: 54829
Nifty: Nifty opened on a cautious note in Tuesday’s trade, and the negative takeaway was that the selling continued thru-out the trading session as the benchmark ended on a negative note.
The index, closed well below the flat line — indicating bears aiming to take over the control.
Immediate psychological 26000 will be eyed.
Nifty is still above its 21 DMA (25916), 50 DMA (25583) and its 100 DMA (25235). Nifty’s 200 DMA at 24604 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 (-0.68%) to fell for the 2nd straight day and moist importantly, mirrored Nifty’s weakness.
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 0.24% lower while Nifty Private Bank Index ended with 0.69% lower.
Intraday support for Bank Nifty now seen at 58900/58300/57157 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 54829 mark. Bias on Bank Nifty shifts to neutral.
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