Indian markets closed lower on Monday, with the Sensex and Nifty each slipping for a fourth straight session amid weak trading volumes.
Market recap
The Sensex fell 345.91 points, or 0.41%, to end at 84,695.54. The Nifty 50 dropped 100.20 points, or 0.38%, to finish at 25,942.10. Thin year‑end trading and selective profit‑booking kept both indices range‑bound.
Technical outlook
Analysts see a bearish bias on the daily chart, as the indices failed to hold above recent highs. On the 1‑hour chart, lower highs suggest short‑term consolidation.
- Nifty 50: Immediate resistance around 26,050‑26,100; support near 25,800‑25,850.
- Bank Nifty: Resistance at 59,150‑59,250; support at 58,600‑58,700, with 58,600 acting as a strong demand zone.
Overall sentiment remains cautious, with the market likely moving sideways until a clear trigger appears.
Breakout stocks to watch
Breakout stocks are those that break through key support or resistance levels, often signaling a fresh price move. Here are five shares that have recently shown such patterns.
- NLC India – Current price: ₹256.4. The stock has broken its falling trendline and sits above its major moving averages. Target: ₹275. Stop‑loss: ₹247.
- India Cements – Current price: ₹448.05. Higher‑high, higher‑low structure with the price above all key EMAs. Target: ₹490. Stop‑loss: ₹424.
- City Union Bank – Current price: ₹298.95. Formed a bullish engulfing candle and is near its all‑time high. Target: ₹327. Stop‑loss: ₹285.
- Honasa Consumer – Current price: ₹277. After a recent bottom, the stock bounced higher with RSI indicating recovery. Target: ₹299. Stop‑loss: ₹265.
- NTPC Green Energy – Current price: ₹95.04. Bullish engulfing candle and strong buying volume. Target: ₹101.5. Stop‑loss: ₹91.96.
These ideas are meant for short‑term traders who can manage risk with appropriate stop‑loss levels.
Disclaimer
These suggestions are for educational purposes only. They reflect the views of individual analysts, not a guarantee of future performance. Please do your own research or consult a certified financial advisor before making any investment decisions.