Indian bench indices Sensex and Nifty ended their five-day losing streak on Monday, December 23, led by banks and FMCG stock. While the 30-stock BSE Sensex finished at 78,540.17, rising by just 498.58 points or 0.64%, the broader Nifty50 finished at 23,753.45, rising by 165.95 points or 0.7%.
Commenting on the day’s action analyst Satish Chandra Aluri of Lemonn Markets Desk sees the bias remaining in favour of bears notwithstanding today’s gains. “Despite the gains, for benchmark Nifty 50, market closed below the crucial 23,800 and as such sentiment remains biased for downside with next support expected around the 23,500 level,” Aluri said.
What should traders do? Here’s what analysts said:
Rupak De, LKP Securities
The Nifty index has formed a bullish Harami Cross pattern on the daily chart, indicating a potential rise in market optimism. Besides, the index closed above the 200-EMA. Going forward, a decisive move above 23,850 could trigger a smart recovery towards 24,000/24,400. On the downside,…
