Buy or sell: The Indian stock market closed in red on Friday, December 26, as investors continued to offload shares amid the absence of fresh catalysts and mixed global signals.
The Sensex declined 367 points, or 0.43%, to settle at 85,041.45, while the Nifty 50 fell 100 points, or 0.38%, ending the session at 26,042.30. The BSE Midcap index edged down 0.18%, and the Smallcap index lost 0.34%.
On a weekly basis, however, benchmarks posted modest gains. For the week ended December 26, the Sensex rose 112 points, or 0.13%, breaking a two-week losing streak, while the Nifty 50 advanced 0.30%, snapping its three-week run of losses.
“The benchmark Nifty 50 concluded the holiday-shortened week on a flat-to-positive note, ending near the 26,060 mark as subdued volumes owing to the Christmas holidays capped sharp directional moves. Despite the muted headline performance, the underlying market tone remained constructive, with sectoral action showing encouraging signs and select pockets delivering healthy gains in the range of 2–3%,” said Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi.
Ganesh Dongre's market outlook for next week
Nifty 50
According to Dongre, Nifty continues to trade comfortably above the psychologically important 26,000 level and has successfully sustained above the earlier breakout zone of 25,700–25,800.
"This zone now acts as a strong and reliable support base. Immediate resistance for the index is placed in the 26,300–26,500 band, where supply pressure could emerge in the near term.
Derivatives data further reinforces this range-bound yet positive structure. The highest Call open interest is concentrated around the 26,200–26,300 strikes, indicating strong resistance in that zone, while substantial Put open interest at the 25,700–25,600 strikes highlights a well-defined support area. Any corrective move towards the 25,800–25,600 region is therefore likely to attract buying interest and could offer favourable stock-specific accumulation opportunities rather than triggering a broader trend reversal," he said.
Bank Nifty
Bank Nifty remained largely sideways during the week, reflecting consolidation after recent gains and the index continues to find support from steady recoveries in both private and public sector banks, Dongre further said.
“Technically, Bank Nifty is well placed above the crucial support band of 57,500–58,000, keeping the broader banking structure intact. On the upside, stiff resistance is seen in the 60,000–60,500 zone, with a stronger hurdle placed near the 61,000 mark,” he added.
Weekly stocks to buy or sell
Sun Pharmaceutical Industries: Buy at ₹1700-1720, target price of ₹1780, stop loss of ₹1670.
AU Small Finance Bank: Buy at ₹970-980, target price of ₹1020, stop loss of ₹950.
CG Power and Industrial Solutions: Buy at ₹652-658, target price of ₹685, stop loss of ₹640.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
