Indian markets slipped modestly on Dec 24 as the Nifty closed just below its recent resistance level.
Market Snapshot
The Sensex ended at 85,408.70, down 0.14%, and the Nifty finished at 26,142.10, down 0.13%.
Top Gainers and Losers
Among the Nifty constituents, the biggest gainers were Trent, Shriram Finance, Apollo Hospitals, UltraTech Cement and Adani Ports. The biggest losers included Interglobe Aviation, Wipro, Dr Reddy’s Labs, Sun Pharma and Tata Motors Passenger Vehicles.
Sector Performance
- Information Technology, Oil & Gas, Pharma and PSU Banks each fell about 0.4%.
- Media and metal sectors were the only ones to close in positive territory.
Notable Stock Moves
- Oswal Pumps rose 3% after winning an order worth ₹180 crore.
- Coal India gained after approval to list its South Eastern and Mahanadi Coalfields subsidiaries.
- VIP Industries jumped 9.5% on a large block trade.
- Rail Vikas Nigam added 1% after appointing a new CMD.
- Monte Carlo Fashions fell 3% despite receiving several LOAs.
Technical Outlook – Nifty
The index faced strong resistance around the 26,230‑26,235 zone, which also matches the prior day’s high. It drifted lower and closed with a small body and a long upper wick, showing selling pressure at higher levels.
Key levels to watch:
- Resistance: 26,200‑26,250; a break above 26,250 could push the index toward 26,350 and then 26,500.
- Support: 20‑day EMA around 26,050‑26,000; a drop below could test 25,990 and later 25,950.
Technical Outlook – Bank Nifty
Bank Nifty has been stuck below its upward‑sloping trendline since Dec 17. Repeated attempts to climb higher have been met with strong selling, creating long upper shadows.
Key levels:
- Support: 58,800‑58,900; a break below may lead to 58,600 and then 58,300.
- Resistance: 59,500‑59,600.
What This Means for Retail Investors
With the major indices hovering near important resistance zones, short‑term moves may be choppy. Traders might focus on individual stocks that show clear catalysts rather than trying to time the broader market.
Remember, this is perspective, not a prediction. Do your own research or consult a qualified advisor before making any investment decisions.