December 26, 2023
As we resume the market activity after the Christmas holiday, we will look at the performance and prospects of two major indices of the Indian stock market: Nifty 50 and Bank Nifty.
Nifty 50 Analysis:
Nifty 50 is the main index for the National Stock Exchange of India (NSE), which tracks the performance of the top 50 stocks by market capitalization from 13 sectors of the Indian economy. It is used for a variety of purposes such as benchmarking fund portfolios, index based derivatives and index funds.
Nifty 50 is expected to continue its bullish trend above 21,591, which is a key resistance level. However, caution is advised if the index falls below 21,021, which is a crucial support level, as that could indicate a bearish reversal.
Table
| Case No | Particulars | Positions to be Initiated |
|---|---|---|
| I | Nifty 50 above 21,591 | Continuing Bullish |
| II | Nifty 50 between 21,591 and 21,021 | Sideways |
| III | Nifty 50 below 21,021 | Continuing Bearish |
Bank Nifty Analysis:
Bank Nifty is a sectoral index for the NSE, which comprises the most liquid and large capitalized Indian banking stocks, and serves as a benchmark for the capital market performance of Indian banks.
Bank Nifty is also expected to maintain its bullish stance above 48,091, which is a significant resistance level. However, caution is advised if the index falls below 46,987, which is a vital support level, as that could indicate a bearish reversal.
Table
| Case No | Particulars | Positions to be Initiated |
|---|---|---|
| I | Bank Nifty above 48,091 | Continuing Bullish |
| II | Bank Nifty between 48,091 and 46,987 | Sideways |
| III | Bank Nifty below 46,987 | Continuing Bearish |
In summary, as we navigate the post-Christmas scenario on Tuesday, potential market moves for both Nifty 50 and Bank Nifty are outlined, with a sideways range considered in the middle. Stay informed, stay vigilant, and trade wisely. 📈🧭 #Nifty50 #BankNifty #TradeEncore
