Indian equities are likely to begin Tuesday, December 23, on a positive note, following a strong finish on Monday.
The GIFT Nifty traded at 26,237, up about 0.10% from the previous close. On Monday, the Sensex climbed 638 points (0.75%) to close at 85,567.48, while the Nifty 50 rose 206 points (0.79%) to finish at 26,172.40. A firmer rupee and calmer geopolitical news helped lift the market.
Derivatives analyst Chandan Taparia notes that the highest open interest (OI) for call options sits at the 26,200 strike, followed by 26,150. The biggest put OI is at 26,100, then 26,000. This suggests traders expect the Nifty to move mostly between 25,800 and 26,500, with a tighter short‑term band of 26,000‑26,300.
The Nifty opened about 90 points higher than Monday’s close, surged to around the 26,180 level, and ended the session up roughly 210 points. It formed a bullish daily candle and has made higher highs and higher lows over the past two days. To stay on the upside, the index needs to hold above 26,150. If it does, the next targets are near 26,250 and then 26,325. Support levels have moved up to 26,050 and 25,950.
Bank Nifty started the day near the 59,200 mark, briefly touched 59,350, and later traded in a narrow 200‑point range between 59,150 and 59,350. A small bullish daily candle formed, and the index closed above its 20‑day exponential moving average (DEMA). Holding above 59,250 could push it toward 59,500 and then 59,750. On the downside, support is seen around 59,000 and 58,750.
These observations are for educational purposes only. The stock ideas and price targets come from individual analysts, not from this platform. Always do your own research or consult a certified financial professional before making any investment decisions.
Download the TradeKaizen app to practice F&O trading with real-time market data anytime, anywhere.
Get it on Google PlayConnect with fellow traders, share strategies, and improve your trading skills in our Telegram group.
Join Telegram