The benchmark index was closed last week with a 2 percent increase in choppy trade. BSE Sensex jumped 1,129.51 points (1.98 percent) ended at 58,253.82, while Nifty50 rose 350.25 points (2 percent) to close at the level of 17,354. However, for December the market also posted a 2 percent increase.

Kothari Palak, Associate Research in Choice Broking | At present, Nifty has support at the level of 17150, while resistance reaches 17450 levels, crossing the same above can show the level of 17550-17700. On the other hand, Bank Nifty supports 34800 levels while resistance at the 3,5800 level.

Mohit Nigam, Head – PMS, Hem Securities | On the technical front, the overall structure looks positive for nifty 50 because it managed to sustain the upper level of 17200 based on the last closure for the last few sessions which is a positive sign for the index technically and we believe that we can witness the level of around 17,500 in the near future. 17200 and 17500 are direct support and resistance in nifty. For Bank Nifty, 35000 and 36000 immediately support and resistance.

Manish Hathiramani, Proprietary Trader Index and Technical Analyst, Deen Dayal Investments | The market has managed to close above the 17350 level – this must allow nifty to rise further to 17500-17600. 17100-17150 is a new support level and as long as it applies, the nifty trend is positive.

Gaurav Ratnaparkhi, Head of Technical Research, Sharshan by BNP Paribas | Nifty is currently trading comfortably on high school 20 days and has maintained a higher lower formation on intraday and on the daily chart that is widely positive for the market. On the weekly chart, the index has formed a long bullish candle which also supports short-term trends. But 17600 or 50 high schools can act as important resistance levels for traders. In the near future, as long as the index holds 17200 or 20 high school days, the opportunity to hit 17550-17600 bright. Best further can also continue that can lift the index up to 17725-17800 level. On the other hand, lid below 20 high school days can see Nifty fall to 17050-16950. Meanwhile, after short-term correction, Bank Nifty has established a promising reversal formation near 34500. This structure shows 35000 and 34500 will be a sacred supporter for the index, and above the same uptrend momentum is likely to continue up to 36000-36500.

Siddhartha Khemka, Head – Retail Research, Oswal Motilal Financial Services | The market ended the fourth consecutive year with the advantages and all sectoral indices closed in green this year. In the future, it will start the new year 2022 with a widespread movement that is cautious when Omicron spreads quickly both in India and globally. However, we remain optimistic and expect Nifty to give a refund of 12-15% by 2022, supported by the continuation of economic recovery and strong income growth. After a recent correction, Nifty is now trading at ~ 20x 12 months ahead of PE which is no longer in the expensive zone. While market trends can change in the near future because of the potential risk of Omicron variants and fragile global cues, in the long run, strong income jointly with positive macro-economic data will accommodate upwards.