Finally, the Sensex closed 448 points, or 0.53%, higher at 84,929.36, while the Nifty 50 settled at 25,966.40, up 151 points, or 0.58%.
Gains were broad-based as the BSE Midcap and Smallcap indices rose more than a per cent each. The BSE Midcap index jumped 1.26% while the Smallcap index rose by 1.25%.
Top three stock picks by Ankush Bajaj for 22 December
Buy: Infosys Ltd
Why it’s recommended: Infosys is displaying strong bullish momentum with a well-defined trend on the daily chart. The RSI at 79 highlights powerful buying strength and sustained upside momentum, while the MACD at +25 confirms a strong positive crossover, indicating continuation of the ongoing uptrend. The ADX at 30 reflects a well-established and strengthening trend, suggesting that the stock remains in a high-momentum phase. Price action continues to remain supportive above key short-term levels, reinforcing bullish sentiment.
Key metrics: RSI (14-day): 79 — strong bullish momentum
MACD (12,26): +25 — strong positive crossover
ADX (14): 30 — strong and established trend
Technical view: As long as Infosys holds above ₹1,625, the bullish structure remains intact, with scope for a further move toward ₹1,665.
Risk factors: Overbought conditions in the short term, global IT spending trends, and volatility in currency movements.
Buy at: ₹1,638.70
Target price: ₹1,665
Stop loss: ₹1,625
Buy: Tata Consultancy Services (TCS)
Why it’s recommended: TCS continues to trade with a strong bullish bias supported by robust trend indicators. The daily RSI at 68 suggests healthy upward momentum without entering extreme overbought territory. The MACD at +41 signals a powerful positive crossover, reinforcing the strength of the ongoing rally. The ADX at 33 confirms a strong and mature trend, indicating sustained institutional participation. Price action above key support levels keeps the outlook constructive.
Key metrics: RSI (14-day): 68 — healthy bullish momentum
MACD (12,26): +41 — strong positive crossover
ADX (14): 33 — strong trend strength
Technical view: Sustaining above ₹3,266 will keep momentum positive, with an upside potential toward ₹3,315 in the near term.
Risk factors: Global tech sentiment, client spending cycles, and broader market volatility.
Buy at: ₹3,282
Target price: ₹3,315
Stop loss: ₹3,266
Buy: Bharat Electronics Ltd (BEL)
Why it’s recommended: BEL is currently in a consolidation phase, but signs of a developing trend are emerging. The daily RSI at 43 indicates neutral momentum, suggesting limited downside at current levels. While the MACD at −7 remains slightly negative, it is flattening, pointing toward a possible bullish turnaround. The ADX at 31 reflects strong trend strength, implying that a directional move could emerge once momentum improves.
Key metrics: RSI (14-day): 43 — neutral, base-building phase
MACD (12,26): −7 — negative but stabilizing
ADX (14): 31 — strong trend potential
Technical view: A sustained move above the stop-loss level will support a recovery, with upside potential toward ₹403 once momentum turns positive.
Risk factors: Delay in order inflows, execution timelines, and broader PSU sector sentiment.
Buy at: Current market levels
Target price: ₹403
Stop loss: ₹387
Market wrap | 19 December
On Friday, 19 December, the Indian equity market rebounded strongly with benchmark indices ending the session notably higher. The Nifty 50 climbed 150.85 points or 0.58% to close at 25,966.40, while the Sensex jumped 447.55 points or 0.53% to settle at 84,929.36, snapping a four-day losing streak and reflecting broad-based buying interest across key segments.
Banking stocks recovered from prior weakness, with the Bank Nifty also advancing in line with the positive market momentum, signaling a modest stabilization in the financial space after recent consolidation. (Sector index data broadly pointed higher on the day).
Sectoral action was broadly positive, as investors participated in a broad rally spurred by supportive global cues. IT and financial stocks led the advance, while other cyclical segments also participated in the up-move. Precise sector moves (e.g., Realty, Metal, Energy, Auto, PSE) showed mixed strength, with several indices finishing in the green, highlighting a more constructive breadth compared with the prior session.
Top performers: Shriram Finance outperformed the broader market, surging 3.71%, while Bharat Electronics (BEL) followed with a solid gain of 2.45%. Power Grid continued its steady up-move, advancing 2.13%, as Tata Motors added 1.98%. Eicher Motors closed the session higher by 1.55%, rounding off the list of top gainers.
Worst performers: On the downside, HCL Technologies led the losses, declining 1.14%. Hindalco Industries slipped 0.55%, while Kotak Mahindra Bank edged lower by 0.24%. JSW Steel also fell 0.24%, and ICICI Bank ended marginally lower, down 0.20%.
View Full Image
Nifty closed at 25,966.40, gaining 150.85 points or 0.58%, reflecting a steady recovery after recent consolidation. On the daily timeframe, the index is trading above its 40 DEMA at 25,839 and key trend averages such as the 20 HMA at 25,903 and 40 HEMA at 25,867, indicating improving underlying strength.
However, it remains marginally below the 20 DMA placed at 25,993, suggesting the presence of immediate resistance near the 26,000 zone. The daily RSI at 52 signals a neutral-to-positive momentum, showing room for further upside without overbought conditions, while the daily MACD at 13 staying in positive territory supports continuation of the current uptrend.
View Full Image
On the hourly chart, momentum appears stronger as Nifty continues to trade comfortably above its short-term averages. The hourly RSI at 59 reflects healthy bullish momentum, and the hourly MACD at 17 further confirms strong intraday strength, indicating that buyers remain in control on dips. As long as the index holds above the 25,900–25,920 support zone, the short-term structure is likely to remain positive.
From the derivatives perspective, the options data clearly supports a bullish bias. Total Put Open Interest at 16.60 crore remains higher than Call Open Interest at 15.08 crore, resulting in a PCR of 1.13, which reflects stronger put writing and confidence in downside support.
The change in open interest further strengthens the bullish view, with Put OI addition of 5.59 crore and a reduction in Call OI by 1.19 crore, leading to a positive PE–CE OI change difference of 6.77 crore. The 25,900 strike has emerged as a strong support zone with maximum put OI and OI addition, while 26,000 remains the immediate resistance based on maximum call OI, followed by 26,200 where fresh call writing is visible. The relatively low India VIX at 6.94 suggests a stable market environment with limited near-term volatility.
Overall, the technical structure across daily and hourly charts, combined with supportive options data, indicates a mild-to-positive bullish outlook for Nifty. The index is likely to maintain a buy-on-dips approach as long as it sustains above 25,900, while a decisive breakout above 26,000 could pave the way for further upside in the coming sessions.
Ankush Bajaj is a Sebi-registered research analyst. His registration number is INH000010441.
Investments in securities are subject to market risks. Read all the related documents carefully before investing.
Registration granted by Sebi and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.
