Nifty 50, Sensex today: What to expect from Indian stock market in trade on December 10 ahead of US Fed meet outcome

The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open lower on Wednesday, tracking mixed cues from global markets.
The trends on Gift Nifty also indicate a negative start for the Indian benchmark index. The Gift Nifty was trading around 25,902 level, a discount of nearly 58 points from the Nifty futures’ previous close.
On Tuesday, the Indian stock market ended lower ahead of the US Federal Reserve policy outcome, with both the benchmark indices falling half a percent each.
The Sensex declined 436.41 points, or 0.51%, to close at 84,666.28, while the Nifty 50 settled 120.90 points, or 0.47%, lower at 25,839.65.
Here’s what to expect from Sensex, Nifty 50 and Bank Nifty today:
Sensex Prediction
Sensex is holding a lower high formation on daily and intraday charts, which supports further weakness from the current levels.
“We are of the view that the current market texture is weak but oversold, hence we could see an extension of the pullback rally in the near future. For day traders, 84,400 would act as a key support zone. As long as Sensex is trading above this level, the pullback formation is likely to continue. On the higher side, 85,000 and 85,200 would be immediate resistance areas for the bulls,” said Shrikant Chouhan, Head Equity Research, Kotak Securities.
On the flip side, he believes below 84,400, the selling pressure is likely to accelerate and Sensex could retest the level of 84,000.
Nifty OI Data
Derivatives setup reflects a cautious undertone. Call writers have aggressively added fresh positions at at-the-money and near-term strikes, underscoring strong overhead supply. In contrast, put writers have partially unwound their positions and shifted to lower strikes, indicating expectations of continued consolidation. A substantial build-up of nearly 78.82 lakh call contracts at the 26,000 strike reinforces it as a formidable resistance zone, said Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities.
Meanwhile, heavy put open interest of 51.03 lakh contracts at the 25,500 strike confirms a strong support base. The Put-Call Ratio (PCR) has edged up to 0.67 from 0.47, pointing to elevated caution and a rise in defensive positioning, he added.
Nifty 50 Prediction
Nifty 50 formed a Doji-like candle on the daily chart, highlighting clear indecision among traders.
“A small negative candle was formed on the daily chart with minor upper and lower shadow. Technically, this market action echoes ongoing volatility in the market. Such formations after a reasonable decline or near key support more often acts as a short term bottom reversal pattern,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.
According to him, the underlying trend of Nifty 50 remains weak, and any sustainable bounce back from near the crucial support of 25,700 could possibly open more upside towards 26,100 - 26,200 levels in the near term. Immediate support is placed at 25,700.
Nilesh Jain, Head – Technical and Derivatives Research Analyst (Equity Research), Centrum Broking said that the Nifty 50 index broke down from a rising wedge pattern, placing stiff resistance at 26,000, which aligns with the 21-DMA.
“On the downside, the next key support lies at the 50-DMA near 25,670. Overall, the setup appears sideways, and traders should remain cautious as long as Nifty stays below the 26,000 mark,” said Jain.
Hrishikesh Yedve, AVP Technical and Derivative Research, Asit C. Mehta Investment Intermediates Ltd highlighted that the Nifty 50 index managed to close below the 25,890 level, which is the low of the weekly Hanging Man candlestick pattern, indicating further weakness.
“On the downside, 25,500 – 25,300 will act as the next major support zone for the Nifty 50 index, while on the upside, 26,200 and 26,325 will act as strong hurdles. Any bounce towards 26,325 could be used for profit booking,” said Yedve.
Bank Nifty Prediction
Bank Nifty index fell 16.20 points, or 0.03%, to close at 59,222.35 on Tuesday, forming a bullish candle with a minor upper shadow on the daily chart, indicating some buying interest despite early weakness.
“Bank Nifty index reflected a clear sell-on-rise bias as traders booked profits after the recent rally to record highs. Despite this short-term fatigue, Bank Nifty continues to trade above its key medium-term averages, keeping the broader uptrend intact as long as support at 58,800 – 58,700 holds,” said Ponmudi R, CEO of Enrich Money.
According to him, a break below this band could deepen the correction toward 58,300 – 58,000, while a sustained move above 59,500 – 59,700 is required to reignite bullish momentum toward the 60,000 – 60,100 zone.
Sudeep Shah, Head - Technical and Derivatives Research at SBI Securities said that the zone of 58,900 - 58,800 will act as crucial support for the Bank Nifty index. While on the upside, the zone of 59,600 - 59,700 will act as an important hurdle.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.