For the broader NSE Nifty50, the key level to watch out for is a close above 20-day moving average (DMA) of 17,172.

A close above that will add confidence that the base formation is done. After any sharp and brutal correction, market needs a little bit of time to form the bottom, the base before the smoother kind of upmove can happen.

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Trade setup for Dec 23: Can Nifty50 reclaim 17,000? Check out key market cues before Thursday's session

Two days the market has done well, today (December 23) maybe the third day. 17,200 is going to be the first test at least today and in the near-term.

Watch the accompanying video of CNBC-TV18’s Prashant Nair for more.

Catch all stock market updates here.

First Published:Dec 23, 2021 8:49 AM IST