The last week of calendar 2021 will see Indian stock markets moving indecisively, as most global markets are shut for Christmas holidays. With the expiry of December series in F&O segment this Thursday, analysts expect the market to see volatility, especially on individual scrips. However, further direction depends how Omicron virus situation pans out, they added.

SGX Nifty at 17,030 indicates a flat opening for Nifty, which on Friday closed at 17,003 against the Nifty December and January futures closing of 17,003.80 and 17,047.15 respectively.

"We have a lack of global cues amid Christmas and New Year holidays and FII-flows are also on the tepid side where December month F&O expiry and domestic cues will dominate the next week," said Santosh Meena, Head of Research, Swastika Investmart.

"On the domestic front, rising Covid cases and various restrictions by the State governments are a key concern for the market," he said added that, "If we look at the derivative data, then FIIs' long exposure in the index future stands at 66 per cent while the put-call ratio is sitting at 1 level which is neutral for the market."

Asian markets

Equities across Asia-Pacific are trading mixed. While Japan and Korean markets are down marginally, Taiwan is up moderately. Most of the markets are closed for Christmas and year-end holidays.

Amol Athawale, Deputy Vice-President, Technical Research, Kotak Securities, said: "The index is still holding at a lower top formation, which indicates medium term weakness. In addition, on weekly charts, the index has formed a long leg bullish candle that shows continuation of a pullback rally in the near future. While the intraday texture of the market is bullish, the 20-day SMA and 17,250 level could act as an important hurdle for the market. Trading set up suggests that before a fresh breakout, the index is likely to consolidate within the range of 16,800 to 17,250 levels."

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