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After four days of decline, the major benchmark indices rallied in Monday trading, led by financials and energy stocks. Recovering from four days of losses and a weaker open, the 30-stock The Sensex Index rebounded 721 to close at 60566 and the Nifty rose 207 points to end at 18014. SBI and IndusInd Bank were the top- Sensex 30 winners, each up 4%. Bajaj Finserv, Tata Steel, ITC, Axis Bank, HDFC Bank, Ultra Tech Cement, NTPC and Tata Motors were the other big gainers, each up 2.3%. On the other hand, Nestle India slipped over 1%. In terms of the Fibonacci retracement, the Nifty had hit a 50% retracement of the September 2022-December 2022 rally. Consequently, on December 26th, the index had a quick rebound minus from Friday. Thus, 18075-18150 will be the short-term hurdle zone that will decide the index's course of action. The overall structure shows that Nifty is likely to see a short-term consolidation with key support at 17950. Technically, Nifty formed a bullish candle on the daily chart as it closed above 18000, a critical psychological level. The overall structure shows that the index is likely to see both sideways movements in the coming days. The Nifty could find support around 17950 followed by 17900 while on the upside 18100 could act as an immediate hurdle. On the other hand, Bank Nifty has support at 41500 while resistance is placed at 42800. India VIX managed to stay below 16 levels. Indicators like the RSI remained in the neutral zone while the Bollinger Band indicated that 18450 would remain a strong resistance until the monthly expiry. Overall, investors can opt for quality stocks and index ETFs for long-term portfolios.
Resistance: 18075, 18175, 18275
Support: 17950, 17850, 17750
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