Indian shares slipped on Friday as traders stayed on the sidelines, leaving both the Sense x and Nifty down about 0.4%.
Market snapshot
The Sense x fell 367 points to close at 85,041, while the Nifty 50 dropped 100 points to end at 26,042. Mid‑cap and small‑cap indices also slipped, losing 0.18% and 0.34% respectively.
Weekly picture
Despite the single‑day dip, the broader market posted modest gains for the week ending 26 December. The Sense x was up 112 points (0.13%) and the Nifty rose 0.30%, breaking short losing streaks.
Analyst view on the Nifty
Sumeet Bagadia of Choice Broking said the daily candle was bearish, breaking below the 26,050 support level. He noted that price is moving in a tight range, with immediate resistance around 26,150‑26,200 and support near 25,850‑25,900. He expects low volumes and mixed sentiment to keep the market cautious.
Bank Nifty outlook
Bank Nifty slipped to about 59,011 as banking stocks saw profit‑booking. Bagadia pointed out a bearish daily candle but said the index is holding above the 200‑hour EMA (around 58,990), providing a cushion. Resistance sits near 59,300‑59,400, while support around 58,700‑58,800 could attract positional buyers.
Stocks Bagadia recommends
- MMTC: Buy at ₹64.24, target ₹70, stop‑loss ₹63
- Hardwyn India: Buy at ₹17.82, target ₹19.19, stop‑loss ₹17.15
- Sagility: Buy at ₹52.63, target ₹56.50, stop‑loss ₹50.50
Takeaway
With the market lacking a clear trigger, short‑term moves are likely to stay limited. Traders should watch the key support‑resistance levels mentioned above and stay mindful of low trading volumes.
Disclaimer
Remember, this is only an overview, not a prediction. Do your own research or consult a certified advisor before making any investment decisions.