Indian stock market: Indian equity benchmarks posted solid gains on Friday, January 2, supported by broad-based buying across sectors and rising optimism ahead of the Q3 earnings season. The Sensex advanced 573 points, or 0.67%, to close at 85,762.01.
The Nifty 50 scaled a fresh all-time high of 26,340 during intraday trade before easing slightly to end at a record closing level of 26,328.55, up 182 points, or 0.70%. Meanwhile, the BSE Midcap index gained 0.97% and the Smallcap index rose 0.79%.
Stock market next week
Nifty 50
According to Sumeet Bagadia, Executive Director at Choice Broking, Nifty 50 opened on a strong positive note and sustained its upward momentum throughout the session, indicating underlying bullish strength. The index briefly crossed the major resistance at 26,200 and confirmed a breakout above the earlier all-time high of 26,325, closing at 26,328, which reinforces the continuation of the bullish trend.
” Immediate resistance is placed in the 26,450–26,500 zone, while key support is seen at 26,150–26,200. The daily RSI stands at 62.39 and is trending higher, reflecting strengthening momentum. Volatility remained subdued, with India VIX rising marginally by 2.89 percent to 9.45. Derivatives data shows heavy call writing and strong put accumulation at the 26,200 strike, establishing it as a crucial pivot level.As long as the index holds above 26,200, a selective buy-on-dips strategy remains favorable, with strict stop-losses placed at 26,150.
Bank Nifty
The Bank Nifty opened on a strong positive note and witnessed a sharp bullish rally, registering a fresh all-time high at 60,203, indicating strong buying interest and positive sentiment across banking stocks. This price action suggests that intraday additions are being well supported by strong institutional participation and sustained follow-through buying.
“Immediate resistance is seen in the 60,400–60,500 zone, while the support band of 59,800–59,900 remains critical for maintaining near-term stability in the index. On the daily charts, the RSI stands at 67.55 and continues to trend higher, suggesting strong momentum with bullish undertones,” Bagadia said.
He further recommended traders to maintain a bullish bias and adopt a buy-on-dips strategy near key support levels, with disciplined risk management through appropriate stop-loss placements.
Stocks to buy
Sumeet Bagadia has recommended three stocks to buy on Monday, December 29. The three stock picks by Bagadia are – Yes Bank, Motherson Sumi Wiring India, and Dolat Algotech.
1] Yes Bank: Buy at ₹22.29 | Target Price: ₹23.93 | Stop Loss: ₹21.48
2] Motherson Sumi Wiring India: Buy at ₹49.85 | Target Price: ₹53.33 | Stop Loss: ₹48.10
3] Dolat Algotech: Buy at ₹91.54 | Target Price: ₹98.38 | Stop Loss: ₹88.22
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.
