Indian equities closed lower on Friday, with the Sensex dropping 367 points (‑0.43%) to 85,041 and the Nifty 50 slipping 100 points (‑0.38%) to 26,042.
Friday Market Recap
Broad‑based selling continued as investors waited for fresh catalysts. The BSE Mid‑cap fell 0.18% and the Small‑cap slipped 0.34%. Overall market value of BSE‑listed companies dipped to about ₹474 trillion, a little below the previous day.
Weekly Performance
Despite Friday’s dip, the Sensex managed a modest gain of 112 points (‑0.13%) for the week, ending a two‑week losing streak. The Nifty 50 rose 0.30% over the same period, snapping a three‑week slide.
Stock Picks for 29 December
- Steel Authority of India Ltd (SAIL) – Current price: ₹132
Why it’s suggested: Strong government backing, integrated steel operations with captive iron ore, and benefits from India’s infrastructure spending.
Key figures: P/E 21.1, 52‑week high ₹145.9, support near its 200‑day moving average.
Target: ₹150 in 2‑3 months; buy range ₹131‑₹133; stop loss ₹125. - Capital India Finance Ltd – Current price: ₹38.50
Why it’s suggested: Growing retail and MSME loan book and improving asset quality.
Key figures: No P/E (negative earnings), 52‑week high ₹144.5, recent trendline breakout.
Target: ₹47 in 2‑3 months; buy range ₹38.30‑₹38.60; stop loss ₹36.
Sector Highlights
- IT: Fell more than 1% as global demand outlook stayed uncertain.
- Financials: Mixed to weak, with major lenders seeing profit‑taking pressure.
- Auto, Pharma, Media, Realty: All closed in the red.
- Metals: Led gains, helped by steady global commodity prices.
- Consumer Durables & FMCG: Showed modest buying interest.
Technical Outlook for the Nifty 50
The Nifty continues to trade inside a rising channel, indicating the overall trend is still upward. Momentum indicators show a slight cool‑down: the RSI is in the mid‑50s and the MACD histogram has narrowed. The index stays above its 21‑day moving average and the key psychological level of 26,000.
Key levels to watch:
- Break above 26,300 could open the path to 26,500‑26,700.
- Support around 25,700, with a stronger demand zone near 25,300.
Bank Index (Nifty Bank) Update
The Nifty Bank opened lower and stayed in negative territory, forming its third straight bearish candle. IDFC First Bank posted the biggest intraday gain, while Axis Bank and Canara Bank made modest advances. Bank of Baroda, ICICI Bank and Punjab National Bank were the laggards.
Technical notes: RSI hovers near 50, suggesting neutral momentum, and the MACD shows a negative crossover, hinting at further short‑term caution. The index is trading below its 21‑day moving average, with resistance around 59,800‑60,100 and support near 58,500‑58,000.
Disclaimer
Remember, this is my perspective, not a prediction. Always do your own research or consult a certified advisor before making any investment decisions.