Nifty prediction today – Dec 22, 2023: Bulls with the advantage, traders can go long
Nifty 50 began today’s session with 21,295.85 versus Thursday’s close of 21,255.05. The index added gains post the open and is now at 21,340, up 0.4 per cent.
The advance/decline ratio of Nifty 50 stands at 43/7, giving the index a positive bias. Like the benchmark, all mid- and small-cap indices are in the green.
Besides, all sectoral indices have advanced. Nifty Realty and Nifty Metal, up 1.8 and 1.6 per cent respectively, are the top gainers.
The equity market across Asia too exhibits a positive bias. Among the majors, Nikkei 225 (33,200), ASX 200 (7,510) and KOSPI (2,600) are up between 0.2 and 0.4 per cent.
Nifty 50 futures
The December futures contract of Nifty 50 opened today’s session higher at 21,401.55 as against yesterday’s close of 21,350.40. It is now hovering around 21,400, up 0.25 per cent.
Although 21,420 is a potential hurdle, the contract is likely to rally past this level and touch 21,500, the nearest barrier above 21,420.
On the other hand, if the contract declines from here, it can find support at 21,320. Subsequent support is at 21,200. That said, a fall below 21,320 is less likely to happen today.
Trading strategy
Buy Nifty futures now at 21,400. Add longs in case the price dips to 21,320. Place stop-loss at 21,270. When the contract touches 21,450, raise the stop-loss to 21,380. Exit at 21,500.
Supports: 21,320 and 21,200
Resistances: 21,420 and 21,500