Nifty Prediction For, 23 December: ‘Santa Rally’ starts with a bang in the market!
Nifty Prediction For, 23rd December: The beginning of the new week was no less than a celebration for the Indian stock market. The kind of explosive action shown by the market in Monday’s trading session has brought a smile on the faces of investors. The all-round greenery in the market is indicating that the ‘Santa Rally’ which was eagerly awaited before Christmas has started.
Nifty performed brilliantly today, gaining a huge gain of 200 points and closing above the important level of 26,150. At the same time, Bank Nifty also did not lag behind and closed with a gain of about 220 points. The most encouraging thing was that the rise was not limited only to big stocks, but strong buying was also seen in midcap and smallcap indices, due to which the entire texture of the market looks very positive.
At the end of trading in Indian stock markets today on December 22, BSE Sensex rose 482.7 points or 0.56 percent to 85,412.06 points in early trade and NSE Nifty rose 160.2 points or 0.61 percent to 26,126.60 points.
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Experts’ view: Fundamental and technical strength remains intact
When we spoke to experts to understand the current mood of the market, their outlook appeared quite clear and bullish. According to Motilal Oswal expert Nandish, the market has received a tremendous boost from the return of foreign institutional investors (FIIs). Domestic Institutional Investors (DIIs) were already supporting the market, now foreign investment has breathed new life into it.
Looking at the fundamental level, the December quarter results are expected to show earnings growth of around 9 to 10 percent, which will become the main fuel to take the market higher. Especially in the auto sector and banking sector, the positive effect of the reduction in interest rates by RBI is visible. The upcoming budget is also a big trigger, in view of which the market is already preparing its ground.
What are your preparations for tomorrow?
Harish Razare of Prithvi Finmart believes that Nifty has successfully crossed its old resistance hurdles, which were around 26,100. The market setup on the technical charts is very strong and now Nifty is poised to test a new ‘all time high’ soon. The strategy for tomorrow’s trading session is very clear – ‘buy on dips’ i.e. whenever there is a small fall in the market, use it as a buying opportunity. The 26,100 level has now become an immediate support for Nifty, while the 26,000 level is a very strong psychological base. As long as the market remains above these levels, there is no need to panic and the bullish momentum is likely to continue.
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