India's equity markets began 2026 with a mixed performance, but a few stocks are breaking out of their price ranges and could offer short‑term opportunities for retail investors.
Market Snapshot
The Sensex slipped 32 points (down 0.04%) to finish at 85,188.60, while the Nifty 50 rose 17 points (up 0.06%) to close at 26,146.55. The mid‑cap index gained 0.27%, and the small‑cap index fell 0.02%.
Nifty 50 Outlook
The Nifty stayed near the 26,100 level, trading in a narrow range that shows cautious sentiment but still enough strength to hold above key support. On the daily chart the candle was small‑bodied, indicating indecision rather than a reversal. Resistance sits around 26,250‑26,300, while immediate support is near 26,000‑26,050.
Bank Nifty Outlook
Bank Nifty remained firm, consolidating close to its recent highs. The index is trading above short‑term moving averages, suggesting a healthy uptrend. Immediate resistance is around 59,900‑60,000 and support around 59,400‑59,500.
Top 5 Breakout Stocks to Consider
- Prataap Snacks: Buy at ₹1,218, target ₹1,300, stop‑loss ₹1,170. The stock broke above its ₹1,180‑1,200 range with strong volume.
- PNB Housing Finance: Buy at ₹986.60, target ₹1,070, stop‑loss ₹950. It’s trading above its 20‑, 50‑, 100‑ and 200‑day EMAs.
- KEI Industries: Buy at ₹4,514.50, target ₹4,900, stop‑loss ₹4,320. The share broke out of a ₹4,300‑₹4,500 range and holds above key EMAs.
- NTPC: Buy at ₹336.30, target ₹360, stop‑loss ₹323. A short‑term rounding bottom suggests the downtrend may be ending.
- Bank of India: Buy at ₹146.99, target ₹160, stop‑loss ₹140. A long‑term rounding bottom and breakout from short‑term consolidation indicate a possible uptrend.
Gold and Silver Prices
On the Multi‑Commodity Exchange, gold fell 0.08% to ₹1,35,690 per 10 g, while silver slipped 0.03% to ₹2,35,800 per kg.
Disclaimer
These insights are for educational purposes only and reflect the views of individual analysts, not a recommendation. Always do your own research or consult a certified financial advisor before making any investment decisions.