Nifty 50, Sensex today: What to expect from Indian stock market in trade on December 22

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Catch Live Market Updates here On December 21, the domestic equity market witnessed a healthy bounce back and ended higher amid across-the-board buying. The Sensex ended 358.79 points higher at 70,865.10, while the Nifty 50 gained 104.90 points, or 0.50%, to settle at 21,255.05. Nifty 50 formed a bullish piercing candlestick pattern on the daily chart, indicating potential bullish momentum.

Also Read: Indian stock market: 8 things that changed for the market overnight - Gift Nifty, US GDP to Japan’s inflation “On the daily chart, while the Nifty has bounced back sharply and retraced some of the losses seen in the previous session, the short-term trend remains down. Momentum readings like the 14-day RSI too remain in decline mode and declining sharply from overbought levels on Wednesday. This is a negative signal for the near term, and it also implies that the Nifty remains in a short-term downtrend," said Subash Gangadharan, Senior Technical and Derivative Analyst, HDFC Securities.

He believes Nifty 50 would need to cross the recent highs of 21,593 to reverse the current downtrend. Crucial supports to watch for re-emergence of weakness are at 20,976. (Exciting news! Mint is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!) Here’s what to expect from Nifty and Bank Nifty today: “Nifty recently demonstrated resilience, rebounding strongly from a critical support level at 21,000, affirming a bullish sentiment.