Indian benchmark indices broke 3-day winning run and ended in the red with Nifty around 21,400.
Stock Market Nifty Chart Prediction.
In Stock Market Today, the domestic indices started the day on a negative note but recovered in the initial hours to trade flat for most of the session in the first half. But in the second half, bears took charge of the street and dragged the indices into red.
At the closing bell, the Sensex was down 168.66 points or 0.24 percent at 71,315.09, and the Nifty was down 38 points or 0.18 percent at 21,418.70.
Top performer on the Nifty included Bajaj Auto, Adani Ports, Sun Pharma, Hindalco Industries and Reliance Industries. , while Power Grid Corporation, JSW Steel, ICICI Bank, ITC and Tech Mahindra, were among the losers.
The BSE midcap index rising 0.3 percent, while smallcap index gained 0.5 percent.
Stock Prediction for 19th Dec 2023
1) BAJFINANCE: Good Above 7612, Weak Below: 7560
2) BERGEPAINT: Good Above 594, Weak Below 588
3) IPCALAB: Good Above 1131, Weak Below 1122
4) VEDL: Good Above 264, Weak Below 260
Prediction For Tuesday NIFTY can go up if it goes above 21500 or down after the level of 21300 but all depends upon the Global cues.
The Nifty has established a Bearish Harami candlestick pattern, indicating a potential pause in the current upward trend. Furthermore, the RSI indicator on the hourly chart has experienced a bearish crossover in the oversold zone, suggesting a weakening bullish sentiment in the market. If the index falls below 21350, it may initiate a correction towards 21220/21100 in the near future. Conversely, resistance is expected around 21500 at the upper limit.
| Highest Call Writing at | 21500 (93.7 Lakhs) |
| Highest Put Writing at | 21300 (76.9 Lakhs) |
Nifty Support and Resistance
| Support | 21300, 21200 |
| Resistance | 22000, 21550 |
Bank Nifty Daily Chart Prediction
Prediction For Tuesday Bank NIFTY can go up if it goes above 48000 or down after the level of 47000 but it all depends upon the Global cues.
The Bank Nifty had trouble going beyond 48,000, so it started to be sold off. To stay on a safer side, it should stay above 47,800; otherwise, the selling might pick up, causing it to drop to around 47,400 or even 47,000.
| Highest Call Writing at | 48000 (44.8 Lakhs) |
| Highest Put Writing at | 47000 (26.1 Lakhs) |
Bank Nifty Support and Resistance
| Support | 47500, 47000 |
| Resistance | 50000, 48000 |
Also, check our Article on the Top Traded Strategies used in Bank Nifty.
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