India’s stock market wrapped up the first week of 2026 on a positive note, with the Nifty 50 breaking a fresh all‑time high and banking shares powering the rally.
Market Summary
The Nifty 50 rose 182 points (0.70%) to finish at 26,328.55. The Sensex also climbed, up 573 points (0.67%) to end at 85,762.01. The broad market bounce was helped by a strong performance from banks, as the Bank Nifty added 439 points (0.74%) to settle at 60,150.95.
Top Stock Picks
- Coal India Ltd. – The stock is showing solid bullish momentum, trading above key support at ₹421. Technical indicators (RSI 82, MACD +7) suggest the uptrend could continue to a target of ₹445. Consider buying around ₹428 with a stop‑loss at ₹421.
- MCX (Multi Commodity Exchange of India Ltd.) – Momentum remains healthy with RSI at 66 and a strong MACD crossover (+64). Holding above ₹2,188 keeps the trend intact, aiming for a target near ₹2,270. Entry around ₹2,216 and stop‑loss at ₹2,188 are suggested.
- NMDC Ltd. – The metal‑sector stock is gaining traction, supported by RSI 70 and a positive MACD (+2). Staying above ₹82.8 keeps the uptrend alive, with a target of about ₹88. Look to buy near ₹84.5 and set a stop‑loss at ₹82.8.
Technical Outlook
The Nifty 50’s daily chart now sits comfortably above its short‑term moving averages, confirming a bullish bias. Key support levels are around 26,200‑26,100, while the next upside targets are 26,500 and 26,700. Momentum indicators (RSI 62, MACD histogram +120, ADX 28) are all pointing upward, and trading volume has risen, adding confidence to the move.
On an hourly basis, the index is forming higher lows and staying above short‑term averages, indicating steady buying interest. Immediate hourly support is near 26,280, with resistance first at 26,400 and then at 26,500.
Disclaimer
Remember, this is my view, not a guarantee of future performance. Do your own research and consider talking to a certified financial advisor before making any investment decisions.