Nifty 50, Sensex today: What to expect from Indian stock market in trade on December 29
Catch Live Market Updates here The domestic equity benchmarks reached a new peak on Thursday and ended higher for the fifth consecutive session amid widespread buying. The Sensex closed 371.95 points higher at 72,410.38, while the Nifty 50 gained 123.95 points, or 0.57%, to close at 21,778.70. Nifty formed a reasonable positive candle at the highs, which indicates an uptrend continuation pattern.
The initial hurdle of 21,650 has been taken out on the upside and this could be an early indication of a sharp upside breakout of the hurdle. “Positive chart patterns like higher tops and bottoms continued on the Nifty as per the daily timeframe chart. Though Nifty placed at all-time highs, still there is no indication of any higher top reversal forming at the new highs.
The near-term trend of Nifty continues to be positive," said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities. Also Read: Indian stock market: 6 things that changed for market overnight - Gift Nifty, cooling oil prices to US jobless claims Having moved above the initial hurdle of 21,650 levels, the Nifty 50 is expected to advance towards the next overhead resistance of 22,200 levels in the near term, which is near the 100% Fibonacci extension of major bottom-top-bottoms, as per Shetti. Here’s what to expect from Nifty and Bank Nifty today: Analyzing the Open Interest (OI) data, the call side displays the highest OI at the 22,000 level, closely followed by the 21,100 strike prices.
Conversely, on the put side, the 21,500 strike price boasts the highest OI. “These indicators suggest a cautiously optimistic sentiment among market participants. As the market wraps up the year, the prevailing bullish trend and strategic support levels provide a
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