Nifty 50, Sensex today: What to expect from Indian stock market in trade on December 28
Catch Live Market Updates here On December 27, the Indian equity market ended higher for the fourth consecutive session led by across-the-board buying. The Sensex ended 701.63 points higher at 72,038.43, while the Nifty 50 gained 213.40 points, or 1%, to settle at 21,654.75. Nifty 50 formed a long bull candle on the daily chart that closed at the all-time highs.
Technically, this pattern indicates an upside breakout of the previous swing high at 21,593 levels. “Positive chart patterns like higher tops and bottoms are intact as per the daily chart and currently, the Nifty is moving towards the new higher top formation. Still, there is no confirmation of any higher top reversal at the highs.
Having breached above the immediate resistance of 21,550-21,600 levels, there is a possibility of more upside in the short term," said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities. According to Shetti, the next upside targets to be watched are around 22,000-22,200 levels in the next week. Also Read: Indian stock market: 6 things that changed for market overnight - Gift Nifty, drop in oil prices to rally in gold rate Here’s what to expect from Nifty 50 and Bank Nifty today: According to Open Interest (OI) data, the highest OI on the call side is observed at 22,000, followed by 21,800 strike prices.
On the put side, the highest OI is at the 21,500 strike price. This indicates the levels where options traders have the highest exposure, said Mandar Bhojane, Equity Research Analyst, Choice Broking. (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 significant rally as Put writers amassed
. Read more on livemint.com
