Nifty 50, Sensex today: What to expect from Indian stock market in trade on December 13

The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open lower on Friday, tracking weakness in global markets.

The trends on Gift Nifty also indicate a gap-down start for the Indian benchmark index. The Gift Nifty was trading around 24,540 level, a discount of nearly 108 points from the Nifty futures’ previous close.

On Thursday, the domestic equity market indices ended lower amid volatility, with the benchmark Nifty 50 falling below 24,600 level.

The Sensex ended 236.18 points, or 0.29%, lower at 81,289.96, while the Nifty 50 slipped 93.10 points, or 0.38%, to settle at 24,548.70.

Nifty 50 formed a small negative candle on the daily chart with minor upper shadow.

“Technically, this market action reflects ongoing range bound action in the market. The near-term trend of Nifty 50 remains positive. Further dip from here is expected to be a buy on dips opportunity. Having failed to show any upside bounce on Thursday, there is a possibility of minor weakness with range bound action in the coming session,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.

According to him, the consolidation movement or minor weakness could be continued in Nifty for the next 1-2 sessions before showing upside bounce from the lower levels. Immediate supports to be watched around 24,400 – 24,350 levels for the short term. Intraday resistance is placed at 24,700 levels, he added.

Here’s what to expect from Nifty 50 and Bank Nifty today:

Nifty 50 Prediction

Nifty 50 shifted into a minor weakness amidst range movement on December 12 and closed the day lower by 93 points.

“The Nifty 50 slipped below the recent consolidation on the daily chart, indicating a weakening trend in the near term. However, the decline was limited, and the index managed to stay above 24,500. This sideways consolidation in Nifty 50 may persist for a few more days as the index remains within a defined range. A decisive fall below 24,470 could trigger a meaningful correction in the market. On the higher side, resistance is seen at 24,650 – 24,700,” said Rupak De, Senior Technical Analyst, LKP Securities.

Dr. Praveen Dwarakanath, Vice President of Hedged.in, noted that although Nifty 50 continued to trade in the same range over the last five days, it has closed below the Upper Keltner channel, indicating weakness in the index.

“The momentum indicators on the daily chart have turned down, indicating a reversal in the index movement. The lower Bollinger band is sloping upside while the higher Bollinger band is flattening with today’s candle, indicating weakness in the index. Options writer’s data for the monthly expiry showed increased writing of the calls at the 24,500 level and above, indicating weakness in the index,” said Dwarakanath.

According to VLA Ambala, Co-Founder of Stock Market Today, the Nifty 50 stayed above the 24,500 level, while its main support level remained at 23,990. She expects Nifty 50 could find support between 24,430 and 24,380 and face resistance at 24,650 and 24,780.

Bank Nifty Prediction

Bank Nifty index dropped 174.90 points, or 0.33%, to close at 53,216.45 on Thursday, forming a bearish reversal pattern.

“Bank Nifty has closed below the upwards trending channel today, indicating the strength in the rally is reduced. The momentum indicators on the daily chart have turned down, indicating a reversal in the index movement. The RSI average line has cut the RSI line from the top, indicating the upside momentum has ceased. The index has closed below the upper Keltner channel, indicating weakness that will be seen in the coming days,” said Dwarakanath.

Options writer’s data for the monthly expiry showed increased writing of the calls at the 53,500 level and above, indicating weakness in the index, he added.

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