Indian markets barely moved on Dec 30, with the Nifty 50 slipping a tiny bit while the Bank Nifty managed to climb modestly.
Market snapshot
The Nifty 50 closed at 25,938.85, just 0.01% lower than the previous day. The BSE Sensex fell 0.02% to 84,675.08. Trading volumes were thin, and there were no fresh domestic news triggers.
Nifty outlook
Expert Sumeet Bagadia says the Nifty stayed in a narrow range, showing weak momentum near its resistance. On the hourly chart the index kept making lower highs, pointing to short‑term consolidation.
- Resistance: 26,050‑26,100
- Support: 25,750‑25,800
Overall, the market is cautious and likely to stay sideways until new catalysts appear.
Bank Nifty outlook
Bank Nifty performed better, ending up 238.90 points. Selective buying in major banks helped lift the index despite low volume.
- Resistance: 59,400‑59,500
- Support: 58,800‑58,900
The index shows a mild upward bias but remains in a consolidation phase.
Breakout stock picks
Bagadia highlighted five stocks that could break out of their current ranges. Below are simple entry, target and stop‑loss levels for each.
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Jindal Steel Ltd (JINDALSTEL)
Buy: ₹1,021.30 | Target: ₹1,093 | Stop‑loss: ₹985
The stock is bouncing off its 200‑day average and has crossed a falling trendline, suggesting a possible up‑turn.
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Radico Khaitan Ltd (RADICO)
Buy: ₹3,376 | Target: ₹3,615 | Stop‑loss: ₹3,257
Radico is holding above its 20‑week average and shows a solid bullish signal with an RSI above 60.
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Indian Bank Ltd (INDIANB)
Buy: ₹809 | Target: ₹865 | Stop‑loss: ₹780
The bank’s share formed a strong bullish candle and is supported near its 20‑week average.
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Adani Power Ltd (ADANIPOWER)
Buy: ₹144.65 | Target: ₹156 | Stop‑loss: ₹139
Adani Power is consolidating around its 100‑day average. A clear break above ₹146 could start a rally.
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Godawari Power & Ispat Ltd (GPIL)
Buy: ₹263.55 | Target: ₹285 | Stop‑loss: ₹254
The stock shows a rounding‑bottom pattern with higher highs, indicating growing buying interest.
Takeaway
With the broader market stuck in a narrow range, the Bank Nifty offers a slight upside, and the five highlighted stocks provide potential short‑term opportunities. As always, manage risk carefully and do your own research before trading.
Remember, this is my view, not a prediction. Do your own research before investing.