Indian stock markets are likely to start the new year quietly on Friday, Jan 2, as most global exchanges were closed yesterday.
Market snapshot
The pre‑market Gift Nifty was at 26,314, a modest rise of 23 points (0.09%). Yesterday, the Sensex closed at 85,188.60, down 32 points (‑0.04%), while the Nifty 50 ended at 26,146.55, up 17 points (+0.06%). With no fresh news, the market is expected to move in a narrow range.
Sensex outlook
Analysts see room for the Sensex to climb if it stays above key support levels.
- Support zones: 85,000 and 84,800.
- Potential upside: If the index holds above 84,800, it could target 85,800 and even 86,100.
- Risk: A clear break below 84,800 may turn the trend negative.
Nifty 50 outlook
The Nifty is hovering near important resistance. A breakout above 26,200 could push it toward 26,500‑26,700.
- Support: 26,050.
- Near‑term target: 26,300‑26,400 if the index clears 26,200.
- Strategy tip: Consider buying on dips, especially in banking, auto and metal stocks.
Bank Nifty outlook
Banking stocks remain strong. The Bank Nifty closed at 59,711.55, up 0.22%, and is trading above its key moving averages.
- Support area: 59,450‑59,400.
- Immediate hurdle: 59,850, followed by 60,000.
- Opportunity: Small pullbacks to support levels could be good buying points.
What to watch
- Global markets are quiet, so Indian indices may stay range‑bound.
- Quarter‑3 earnings and India‑US trade talks could provide fresh direction later in the week.
- Low volatility in the India VIX suggests stable short‑term expectations.
Remember, this is just an overview, not a prediction. Do your own research or talk to a qualified advisor before making any investment decisions.