Trade Setup For Dec. 15: Nifty Finds Resistance At 26,200–26,500 Levels
On the upside, the bulls seem back on track and may attempt to retest recent milestones and further in the coming sessions.
The NSE Nifty 50 finds resistance at 26,200-26,500 levels after ending in the green on Friday, according to Amruta Shinde, a technical and derivative analyst at Choice Broking.
"On the upside, immediate resistance is placed at 26,200, followed by 26,400 and 26,500," Shinde said.
The Nifty index has continued to trade above key moving averages — the 20-day, 50-day, and 200-day extended moving averages — reinforcing the broader bullish undertone, according to Shinde.
As long as the index sustains above these levels, market sentiment is expected to remain constructive and upward biased, the analyst stated.
The index sees support at 25,950-25,700 levels according to Rajesh Bhosale, equity technical analyst, Angel One. "Ahead of this, the bullish gap formed on Friday around 25,950, which also aligns with the 20-DEMA, will act as immediate support," Bhosale said.
"On the upside, the bulls seem back on track and may attempt to retest recent milestones and further in the coming sessions, with 26,200, followed by 26,300 seen as immediate resistance levels," he added.
Given the current market structure, a buy-on-dips strategy remains appropriate, though traders should maintain strict stop-losses due to prevailing volatility, according to Amruta Shinde.
The Bank Nifty sees support at 58,800-58,700 levels, according to Shinde. "On the upside, immediate resistance is placed at 59,500, followed by 59,850 and 60,000," the analyst said.
If selling pressure re-emerges and the index decisively breaks below 58,800, it may trigger a deeper correction toward 58,700–58,600 and, potentially, further downside, Shinde stated.
"If the index sustains above the 10-day EMA for the next two–three sessions, it is expected to regain strength and momentum. A follow-up close above 59,500 could further boost sentiment, though the RSI is yet to confirm a bullish crossover," Vatsal Bhuva, technical analyst at LKP Securities said.
Market Recap
The NSE Nifty 50 index ended in the green, above the 26,000 mark at 26,046.95 levels. The index saw an uptick of 0.57% or 148.40 levels. All sectors within the index ended in green, with the exception of Nifty FMCG and Nifty Media. Nifty Metal emerges as a top sectoral gainer. Gains in the Nifty Metals were led by Hindustan Zinc Ltd. Hindustan Copper Ltd.
