Nifty:21778.7/123.95/0.57%;Candle:OGU,Short day green; Bank Nifty:48508.55/226.35/0.47% Candle:OGU,Doji ; HB:OGU,Doji,1709,
Nifty :Supp Rest
Banknifty:Supp Rest .
Gift Nifty:% FII Long70%FutCash;4359;Opt98%
OI data Nifty ( max pain W21700M)
OI data Bank Nifty Nifty(max pain W M)
News:
Events/Results:
Market wrap up(DWM,T,N,E):The market hit a fresh record high on December 28, the expiry day for December futures & options contracts, and continued uptrend for five days in a row with strong volumes. Hence, experts expect the ongoing momentum, especially seen after the recent consolidation breakout, to sustain in the coming days with the Nifty 50 aiming for the psychological 22,000 mark, while the 21,700-21,500 may act as a support zone at the beginning of the January series. In addition, the index continued higher highs, and higher lows formation four days in a row with the gap up opening in the last two trading days, while the momentum indicator, RSI (relative strength index) and MACD (moving average convergence divergence) maintained positive bias. On December 28, the BSE Sensex jumped 372 points to 72,410, while the Nifty 50 rose 124 points to 21,779 and formed a bullish candlestick pattern on the daily scale, indicating an uptrend continuation pattern. “Positive chart patterns like higher tops and bottoms continued on the Nifty as per the daily timeframe chart. Though Nifty placed at all-time highs, still there is no indication of any higher top reversal forming at the new highs,” having moved above the initial hurdle of 21,650 levels, the Nifty is expected to advance towards the next overhead resistance of 22,200 levels in the near term, which is near the 100 percent Fibonacci extension of major bottom-top-bottoms. Immediate support is at 21,550 levels, 21,900 – 22,000 is the immediate hurdle whereas the immediate support shifted higher towards Thursday’s bullish gap around 21,675, and 21,500 – 21,480 is seen as a strong support zone. Meanwhile, considering around 3,000 points (14 percent) move in just two months, traders should secure some profit at higher levels and end the year on a positive note, Rajesh advised. The broader markets also performed in line with benchmarks as the Nifty Midcap 100 and Smallcap 100 indices gained 0.6 percent and 0.8 percent respectively, while the India VIX retreated a bit after a sharp jump in the previous two days, falling 2.7 percent to the 15.14 levels, giving some comfort for bulls.
