Nifty 50, Sensex today: What to expect from Indian stock market in trade on December 21
Catch Live Market Updates here The domestic indices witnessed a sharp sell-off on Wednesday with the Nifty 50 registering its biggest one-day fall in a year. On December 20, the Sensex slumped 930.88 points to end at 70,506.31, while the Nifty 50 ended 302.95 points, or 1.41%, lower at 21,150.15.
Nifty 50 formed an engulfing pattern at the highs suggesting a possible downward reversal. The candle of December 20 engulfed the candles of the previous three sessions and filled the upgap formed on December 15.
Also Read: Indian stock market: 6 things that changed for market overnight - Gift Nifty, Wall Street sell off to a steady dollar “Zooming into the 15 min charts, we can observe that the Nifty has broken its previous support of 21,337 and there has also been a negative moving average crossover as the 20 period MA has moved below the 50 period MA. Momentum readings like the 14-day RSI too have declined sharply from overbought levels indicating a loss of momentum.
This is a negative signal for the near term and it also implies that the Nifty has now entered into a short term downtrend," said Subash Gangadharan, Senior Technical and Derivative Analyst, HDFC Securities. Here’s what to expect from Nifty 50 and Bank Nifty today: Speaking on the Open Interest (OI) data, Deven Mehata, Research Analyst at Choice Broking said on the call side, the highest OI observed at 21,500 followed by 21,400 strike prices while on the put side, the highest OI is at 21,000 strike price.
(Exciting news! Mint is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!) The Nifty 50 experienced a sharp correction on December 20 as bearish sentiment persisted. “Nifty failed to
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