Today the Indian market stayed in a careful, sideways mode as traders booked profits, adjusted positions for the monthly expiry, and dealt with thin year‑end liquidity.
Market Overview
The market is showing a mix of profit‑taking, expiry‑related moves and limited cash flow, keeping overall sentiment guarded. Expect intraday swings to stay strong, especially in the second half of the session when the monthly futures‑and‑options expiry rolls over.
Nifty 50 Outlook
The Nifty fell for the third straight session, making lower highs and lower lows. It slipped below the 21‑day moving average near 26,000, which may now act as resistance. However, it still sits above the 50‑day average around 25,920, offering short‑term support.
With the December expiry approaching, volatility is likely to stay high and the index could trade roughly between 25,800 and 26,100. The India VIX jumped 7% to 9.70, and any further rise could add pressure.
Bank Nifty Snapshot
Bank Nifty opened flat, moved up and down during the day, and closed lower at 58,932. The daily chart shows a small red candle with long shadows, signalling short‑term indecision.
Key short‑term levels:
- Resistance: 59,800 and 60,115
- Support: 58,700‑58,800
Gold, Silver and Bitcoin
Gold on the MCX fell about ₹5,000, ending at ₹1,34,887 per 10 gm. Silver slipped ₹529, closing at ₹2,23,900 per kg, down from the morning high of ₹2,54,174. Bitcoin also saw profit‑booking, dropping roughly ₹55,000 to ₹78,35,321.
Gold outlook: Expect the price to stay volatile between ₹1,35,000 and ₹1,42,000 in the near term, with the Fed minutes and the US holiday likely influencing movement.
Silver outlook: The recent rally reflects real‑world scarcity and rising industrial demand, especially in Asia. Physical silver prices in Shanghai have surged, showing a gap with paper prices on Western exchanges.
Rupee Perspective
The rupee traded near the 90 mark, staying in a weak range as US holiday trading kept the dollar index soft. Near‑term direction will depend on commodity prices and foreign institutional flows. Expect the rupee to move within 89.45‑90.40.
Intraday Stock Picks
Analysts highlighted eight stocks to watch for today’s intraday moves:
- Graphite India: Buy @ ₹602, target ₹646, stop ₹580
- SCI: Buy @ ₹234, target ₹250, stop ₹226
- AU Small Finance Bank: Buy @ ₹988, target ₹1,020, stop ₹970
- BSE: Buy @ ₹2,625, target ₹2,750, stop ₹2,570
- Federal Bank: Buy @ ₹262, target ₹270, stop ₹252
- RateGain: Buy @ ₹667.45, target ₹705, stop ₹652
- Zaggle Prepaid: Buy @ ₹360, target ₹384, stop ₹350
- URGO Capital: Buy @ ₹180, target ₹194, stop ₹176
Disclaimer
Remember, this is just perspective, not a prediction. Do your own research or consult a certified professional before making any investment decisions.