Markets Hold Steady While Stocks Shine: What’s Next for the Bulls?

StockEdge's Morning Market Update - 12th Dec

The Nifty 50 gained 31 points to close at 24,641, marking another day of consolidation—the fourth in a row. Despite the index’s sluggish movement, individual stocks continued to shine. The small-cap index hit another record high, and the IT sector stood out among the top gainers.

Technical Insights:

• While US indices are in correction mode, Indian markets are simply consolidating—a sign of underlying strength.
• The 24,500 level remains a strong support zone.
• Indicators and patterns remain steady, with 24,860 as the key resistance. A breakout above this level could trigger a fresh bullish move.

Sectoral Highlights:

• Bank Nifty is showing bullish potential as it consolidates, with life highs likely post-breakout.
• IT, Metals, and Real Estate continue to lead the market.

Conclusion: The current consolidation phase is likely nearing its end, with a breakout expected in the next 1-2 sessions. Opportunities abound in stock-specific plays and strong-performing sectors.

Nifty Levels:

• Support: 24,500, 24,300
• Resistance: 24,720, 24,860

Bank Nifty Levels:

• Support: 53,350, 53,100
• Resistance: 53,500, 53,730

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