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Nifty Prediction For Tomorrow By Experts, December 23: Indian stock market indices Sensex and Nifty 50 surged nearly 1 per cent on Monday (December 22) amid foreign fund inflows and a rally in global markets. Building on the previous session's rally, the Nifty index climbed 206 points or 0.79 per cent to close above the 26,000 mark at 26,172.40. The 30-share BSE Sensex jumped 638.12 points or 0.75 per cent to settle at 85,567.48.
Sectoral participation was supportive, with buying interest seen across the board. Baring Nifty consumer durables, all the Sectoral indices ended in the green with the Nifty IT index emerging as the top gainer, up 2.06 per cent, followed by Chemicals (up 1.42 per cent) and Metal (up 1.41 per cent). The Nifty Bank index added 234.80 points or 0.40 per cent to finish at 59,304.
The broader markets also moved in tandem, posting strong gains and indicating improved participation compared to recent sessions. The Nifty Midcap 100 and Smallcap 100 surged 0.84 per cent and 1.17 per cent, respectively.
India VIX, the fear gauge index, settled 1.60 per cent higher at 9.68, reflecting a pickup in caution even as markets advanced.
Within the Nifty pack, 38 stocks gained while 12 declined. Trent, Shriram Finance and Wipro surged more than 3 per cent. Infosys, Airtel, Tech Mahindra, Tata Motors PV, Bajaj Auto, Maruti, Sun Pharma, BEL, HCL Tech, JSW Steel, Hindalco, TCS and Eicher Motors gained in the range of 1 to 3 per cent.
HDFC Life, Tata Consumer, SBI, and Kotak Bank witnessed selling pressure, ending the day as key laggards.
Vinod Nair, Head of Research, Geojit Investments, said that the rally in Indian markets is supported by strong liquidity and global cues, as expectations of further Fed easing in 2026 continue to underpin growth.
"FIIs turned net buyers, reinforcing the positive tone, with IT and metals leading gains," the expert said.
Nifty Support And Resistance Tomorrow (Weekly Expiry)
Nifty witnessed sharp breakout of consolidation movement on Monday and closed the day with hefty gains. Looking ahead to the scheduled weekly expiry, Ajit Mishra, SVP, Research, Religare Broking, said that the Nifty may face resistance in the 26,200–26,300 zone, which coincides with the record-high zone.
Traders may look for buying opportunities on dips toward the 25,950–26,050 support zone, Ajit said.
Amruta Shinde, Technical & Derivative Analyst at Choice Equity Broking, said that the Nifty's price action shows that buyers are willingness to defend elevated levels rather than engage in aggressive profit-booking. Nifty has immediate resistance in the range of 26,300 to 26,350, while key supports are seen in the zone of 26,000–26,050.
"As long as the index maintains levels above 26,000, a selective buy-on-dips strategy remains favorable, with strict stop-loss discipline," the market expert said.
On the daily chart, Nifty has formed a long bull candle with gap up opening. According to Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, this market action indicates a decisive breakout of crucial hurdle and triangle pattern around 26000.
"This is positive indication and this reflects market's significant change in trend on the upside. Next upside levels to be watched around 26300-26400 levels in the near-term. Immediate support is placed at 26000," the analyst said.
Nandish Shah, Deputy Vice President, HDFC Securities, said that Nifty has formed a bullish higher-top, higher-bottom structure on the daily chart by closing above the key resistance level of 26058.
"Nifty could now extend its rise towards the next resistance levels, placed at 26,202 and 26,330. On the downside, the level of 26,000 is expected to act as a near-term support," he said.
Nifty's derivatives data indicates aggressive Call writing at 26,200 strike, while strong Put open interest at 26,100.
Amruta said that a sustained close above 26,200 will be essential to extend bullish momentum, while failure to decisively cross this level may result in continued consolidation in the coming sessions.
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money related decisions.)
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