Nifty Trading Plan: After five days of decline, Nifty and Bank Nifty made a great comeback on December 23. Nifty managed to close above the 200-day EMA (23,700) which remains the first support for the index. After this 23,500 is the next support level. On the upside, if the index continues its uptrend then 23,850-23,900 zone will be the immediate resistance zone. After that the next registration will be at 24,000. Market experts say that this will be an important resistance for Nifty. Bank Nifty needs to hold above 51,000 for a possible rally towards 51,500. 52,000 is the next important registration for this. However, if it falls below 51,000, a decline towards Friday’s low of 50,600 is possible.
On Monday, December 23, Nifty closed at 23,753, up 166 points (0.7%). While Bank Nifty closed at 51,318, up 558 points (1.1%). However, market breadth remained negative. As many as 1,534 shares declined compared to 997 shares on the NSE.
strategy for nifty
Jai Thakkar of ICICI Securities Says that for Nifty there is resistance at 23,800, 24,000 and support at 23,500, 23,250. Buy Nifty futures on dips near 23,500, keep stop-loss at 23,250, target 23,800 and 24,000.
Anand Rathi’s Jigar S Patel Says that for Nifty there is resistance at 23,800, 24,000 and support at 23,500, 23,250. Buy Nifty futures near 23,700, keep stop-loss at 23,500, target 24,100.
Lakshmi Shree Investments and Securities K Anshul Jain says that there is resistance for Nifty at 23,870, 24,065 and support at 23,640, 23,580. Buy Nifty futures near 23,647 with stop-loss at 23,600, target 23,870 in rangebound session. Option buyers should hedge, while sellers can take advantage of theta decay by selling options near the range extreme.
strategy for bank nifty
Jai Thakkar Says that for Bank Nifty, there is resistance at 51,500, 52,000 and support at 51,000, 49,800. Buy Bank Nifty futures on dips near 51,000, with stop-loss of 50,500, target 51,500, 51,800 and 52,000.
Jigar S Patel Says that for Bank Nifty there is resistance at 52,000, 52,300 and support at 251,000, 50,800. Buy Bank Nifty futures near 51,200, keep stop-loss at 50,800, target 52,000.
Stock Market Today: The effect of these news will be visible on the market today, take a look at them before taking any trade.
Anshul Jain Says that for Bank Nifty there is registration at 51,450 and support at 51,000, 80,850. Traders should consider buying Bank Nifty around the support level of 51,000 with a stop-loss near 50,850. A bounce here could take prices to 51,450 or above. Keep a close eye on intraday momentum, avoid buying at higher levels and reassess if the index falls below support.
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