The Indian stock market closed the week a bit lower, with the Nifty 50 hovering around 26,300 as investors took some profits near record highs.
Market Overview
Trading was thin and foreign investors kept selling, but domestic institutions stayed active, helping the market stay constructive. Rather than a sign of a falling trend, the market is consolidating at high levels as we move toward the new calendar year.
Technical Outlook for Nifty 50
The Nifty 50 found support around the 50‑day EMA at roughly ₹25,850. Immediate support is near ₹25,900 and the next resistance is around ₹26,300. To move higher, the index needs to break the short‑term hurdle at ₹26,250. If it can stay above that, the longer‑term trend line near ₹25,450 could become the next target.
Bank Nifty Outlook
Bank Nifty is also in a range‑bound phase, with solid support near ₹58,700. A decisive move above ₹59,800 would be needed for a fresh upward push. For now, the daily range is expected to stay between ₹58,800 and ₹59,600.
Intraday Stock Picks
- Mishra Dhatu Nigam Ltd: Buy at ₹318.60, target ₹335, stop‑loss ₹312. The stock has bounced off a support zone and the RSI is rising from oversold levels, suggesting further upside.
- Madras Fertilizers: Buy at ₹79.05, target ₹84, stop‑loss ₹77.50. It recovered from a recent dip, staying above its 50‑day EMA, and the RSI shows strength.
- Graphite India: Buy at ₹582.80, target ₹612, stop‑loss ₹570. The stock moved above its 200‑period moving average and the 50‑EMA, with a healthy RSI indicating continued momentum.
Precious Metals Update
Gold futures on the MCX closed at ₹1,39,940 per 10 grams, keeping the record rally alive as safe‑haven demand stays strong. Silver rose sharply to ₹2,40,935 per kg, gaining nearly ₹30,000 in a week and hitting fresh lifetime highs, supported by global cues and limited supply.
Disclaimer
Remember, this is just my perspective, not a guaranteed prediction. Always do your own research and consider your risk tolerance before making any investment decisions.