Quote on Pre-market comment for Tuesday December 23 by Amruta Shinde, Technical & Derivative analyst, Choice Broking
Below the Quote on Pre-market comment for Tuesday December 23 by Amruta Shinde, Technical & Derivative analyst, Choice Broking
Indian equities are expected to open on a strong note on December 23, with GIFT Nifty indicating a start near 26,258, around 60 points higher. Overall sentiment remains cautiously constructive despite mixed global cues and the absence of major domestic triggers. During the session, market participants will closely monitor global equity trends, crude oil price movements, and institutional fund flows for incremental directional cues.
From a technical standpoint, the Nifty 50 continues to display resilience at higher levels. In the previous session, the index opened strong and consolidated above the 26,100 mark, reflecting strength and sustainability in the ongoing uptrend. This price action suggests buyers’ willingness to defend elevated levels rather than engage in aggressive profit-booking. Immediate resistance is placed at 26,300–26,350, while key supports are located at 26,000–26,050. As long as the index holds above 26,000, a selective buy-on-dips strategy remains favorable, subject to strict stop-loss discipline.
Bank Nifty also maintained a constructive tone, opening positively and advancing to an intraday high of 59,371 before trading sideways while sustaining above the 59,200 level. This behavior indicates accumulation at support zones, with dips being absorbed by buyers. Immediate resistance is placed at 59,600–59,700, while support at 59,000 and 59,100 will be critical to preserve near-term stability across banking heavyweights.
On the institutional front, FIIs turned net sellers on December 22, offloading equities worth Rs 457 crore, while DIIs extended their buying streak with net purchases of Rs 4,058 crore, providing a supportive domestic flow backdrop.
Given prevailing volatility and global uncertainties, traders are advised to remain selective and adopt a buy-on-dips strategy. Prudent leverage, tight trailing stop-losses, and staggered profit-booking are recommended. Fresh long positions should be considered only on a sustained breakout above 26,300, supported by continuous monitoring of global cues and key technical levels.
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