Stocks to buy or sell: The Indian stock market showed resilience amid consolidation, with the Nifty 50 index bouncing sharply from key supports near 25,700–25,800 last week and repeatedly testing the falling trendline resistance around 26,000. On December 19, the index traded firmly in the 25,950–26,000 zone, gaining nearly 0.5–0.6% intraday, while broader market sentiment improved. The 50-stock index extended its gains on Monday and regained the 26,000 levels decisively, touched an intraday high of 26,148.40, and came close to the lifetime high of 26,325.80.
Mid-cap and Small-cap indices outperformed, reflecting a reversal of strength and renewed buying interest following declines, which helped stabilise overall market breadth. The week was characterised by volatile yet constructive price action, with selling pressure getting absorbed at lower levels.
Stock market today
Nagraj Shetti, Senior Technical Research Analyst at HDFC Securities, believes the Indian stock market sentiment is bullish, despite the Nifty 50 index trading in a narrow range with an upside on Monday. This indicates weakness and a tendency to profit-book at higher levels.
Speaking on the outlook of the Nifty 50 index after gap-up opening on Monday, Nagraj Shetti said, “After showing weakness with narrow range movement in the middle of Dec 25, the market witnessed a sharp breakout since Friday and is currently trading higher on Monday by 170 points. The overall chart pattern indicates a decisive breakout of a crucial hurdle and a breakout from a converging triangle around the 25,900 to 26,000 levels. The overall chart pattern of the Nifty is bullish, and one can expect the next upside targets to be around the 26,300 to 26,400 levels in the short term. Immediate supports to be watched around 26,000 levels.”
Nagraj Shetti’s stock recommendations
For short-term stocks to buy, Nagraj Shetti of HDFC Securities recommended two shares: Borosil Renewables and NMDC.
1] Borosil Renewables: Buy at ₹547.80, Target ₹575, Stop Loss ₹532.
Following a sharp breakout on Friday, the stock price cooled off on Monday, exhibiting minor weakness. We observe the formation of a crucial bottom reversal pattern, as indicated by the daily and weekly timeframe charts. The daily and weekly RSI show a positive indication. More upside expected in the short term.
2] NMDC: Buy at ₹78.10, Target ₹82, Stop Loss ₹76.
The recent downward correction appears to be over in this metal stock, and the stock price witnessed a sharp bounce back on Monday. Bullish higher tops and bottoms are observed on the daily chart. The volume has started to expand during the upside breakout in the stock price, and the RSI shows a positive indication.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
