After three days of gains, the Nifty 50 fell slightly on December 24, closing at 26,142.10 – a modest 0.13% dip. With the holiday season dampening trading volume and investors waiting for Q3 earnings, market momentum is low.
What’s Holding the Market Back?
The lack of fresh domestic news and mixed global cues kept the index from moving higher. Analyst Ajit Mishra of Religare Broking says the next push will likely need strong buying in the banking sector. A clear break above the 59,500 level in the Bank Nifty could ignite the next rally.
Expert Advice for the Coming Weeks
Until the banking breakout happens, Mishra recommends a stock‑specific strategy. He suggests focusing on sectors that are currently outperforming – private banks, metals and autos – and keeping risk tight in today’s thin‑volume environment. His overall stance remains bullish, favoring a “buy‑on‑dip” approach as long as the Nifty’s uptrend holds.
Short‑Term Stock Picks (Next 1‑2 Weeks)
HCL Technologies
- Current price: ₹1,674.70
- Target price: ₹1,780
- Stop loss: ₹1,620
The IT giant has bounced back from a correction and is trading above its 20‑day EMA. A flag‑like pattern suggests the uptrend could continue. With the broader IT sector gaining traction, Mishra sees a potential long position within the stated range.
Britannia Industries
- Current price: ₹6,030
- Target price: ₹6,470
- Stop loss: ₹5,830
Britannia has outperformed many FMCG peers over the past nine months. After breaking out of a cup‑and‑handle pattern, the stock pulled back slightly and formed a solid base, indicating healthy consolidation. A bullish RSI crossover adds to the upside momentum.
Manappuram Finance
- Current price: ₹315.75
- Target price: ₹365
- Stop loss: ₹295
The finance company has broken out of a long consolidation zone on strong volume. It sits comfortably above its short‑ and medium‑term moving averages, with the 50‑day EMA acting as dynamic support and the 200‑day EMA trending upward. Momentum indicators are still building, making pullbacks potential buy‑on‑dip opportunities.
Bottom Line
With the market in a low‑volume, holiday‑season lull, individual stock selection and disciplined risk management are key. Keep an eye on the Bank Nifty for a decisive breakout – that could provide the broader lift many traders are waiting for.
Remember, this is my perspective, not a prediction. Do your own research and consider consulting a certified financial advisor before acting on any trade ideas.