The Sensex ended with a minor loss of 43 points, or 0.05%, at 85,524.84, while the Nifty 50 closed 5 points, or 0.02%, up at 26,177.15. The BSE Midcap index inched up by 0.07%, and the Smallcap index rose by 0.38%.
Select heavyweights, such as Infosys, Bharti Airtel, and ICICI Bank, were among the top drags on the benchmarks, while HDFC Bank and ITC were among the key supports.
Top three stock picks by Ankush Bajaj for 24 December
Buy: ITC Ltd
Why it’s recommended: ITC Ltd has formed a double bottom pattern on the daily chart — a classic bullish reversal formation indicating base-building and renewed buying interest. The Relative Strength Index (RSI) is placed at 57, pointing to strengthening momentum without being overbought. In addition, the MACD has given a positive crossover, further confirming upside bias. The overall setup suggests that the stock could be on the verge of a fresh upward leg if it sustains above key support.
Key Metrics: RSI (14-day): 57 — rising momentum
MACD: Positive crossover — bullish confirmation
Pattern: Double bottom breakout on daily chart
Technical View: Holding above ₹396 keeps the bullish setup intact. A move above ₹410 will accelerate momentum toward the ₹432 zone.
Buy at: ₹407.35
Target: ₹432
Stop Loss: ₹396
Buy: Tata Steel Ltd
Why it’s recommended: Tata Steel has witnessed a bullish pennant breakout on the hourly chart, suggesting trend continuation after consolidation. The RSI at 59 reflects improving strength, while the MACD has also crossed over positively, indicating that momentum is aligning with price action. The breakout comes on the back of a short-term base near ₹165, making the risk-reward favorable.
Key Metrics: RSI (Hourly): 59 — bullish zone
MACD: Positive crossover — trend continuation
Pattern: Bullish pennant breakout
Technical View: As long as the stock holds above ₹159, bulls are likely to push it higher toward the ₹194 level.
Buy at: ₹170.90
Target: ₹194
Stop Loss: ₹159
Buy: Dr. Reddy’s Laboratories Ltd
Why it’s recommended: Dr. Reddy’s has given a triangle breakout on the daily chart — a strong indication of resumption in trend after consolidation. The RSI is at 60, showing healthy strength, while MACD stands at +9, confirming momentum. The structure suggests that the stock may be entering a fresh leg of upside after a period of sideways movement.
Key Metrics: RSI (14-day): 60 — momentum supportive
MACD: +9 — bullish continuation
Pattern: Triangle breakout
Technical View: A sustained move above ₹1,260 keeps the bullish structure intact, with room for an upside toward ₹1,368.
Buy at: ₹1,283.50
Target: ₹1,368
Stop Loss: ₹1,241
Market wrap | 23 December
On Tuesday, 23 December, Nifty 50 edged up by 4.75 points or 0.02% to close at 26,177.15, while the Sensex slipped marginally by 42.64 points or 0.05% to settle at 85,524.84, reflecting selective buying across key segments.
Banking stocks attempted a mild recovery from earlier weakness, with the Bank Nifty inching up 4.45 points or 0.01% to close at 59,299.55, signaling tentative stabilization in the financial space following a phase of consolidation.
Sectoral performance remained largely supportive, led by the PSE Index, which advanced 1.02%, while the Energy and Metal indices both gained 0.54%. On the downside, PSU Bank stocks closed lower by 0.34%, the Nifty Healthcare Index declined 0.24%, and the Pharma sector eased 0.23%, marking the only pockets of weakness during the session.
Stock-specific action added to market resilience, with Coal India rallying 3.66%, Shriram Finance climbing 2.45%, and UltraTech Cement rising 1.27%, although selective profit booking in heavyweights such as Infosys, which fell 1.26%, Bharti Airtel, down 1.15%, and Adani Ports, lower by 1.00%, capped broader upside and kept sentiment measured.
Nifty Technical Outlook – 24 December
The Nifty 50 ended the December expiry session on a muted note, closing marginally higher by just 4.75 points at 26,177.15. Despite the flat close, the index has maintained its upward structure and managed to stay above key support zones. The day’s price action reflected indecision, typical of expiry days, with volatility remaining subdued and participants showing a wait-and-watch approach.
View Full Image
Looking at the hourly chart, the index opened this week with a notable gap-up, breaking above a near-term trendline resistance. This breakout was followed by a move toward the immediate supply zone between 26,225 and 26,310, where the index faced selling pressure. This level continues to act as a resistance band, as evident from the rejection seen from those levels. On the downside, the demand zone lies between 25,998 and 25,940, where buyers are likely to step in on dips.
From a momentum perspective, the hourly RSI is at 66.23, indicating the index is nearing overbought territory but not extreme. Interestingly, we have witnessed a MACD crossover from the top, which may signal short-term fatigue or a likely consolidation. The Momentum (10) turning into a ‘Sell’ and Stochastic %K at over 80 levels further supports the possibility of a mild pullback or pause in the uptrend.
Unless the index decisively closes above the 26,320 level — which would mark a clean breakout above the current supply zone — a short-term correction or range-bound action cannot be ruled out.
View Full Image
On the daily chart, Nifty continues to hold above short-term moving averages and is supported by healthy technical structure. The daily RSI stands at 58.70, comfortably placed in bullish territory without being overbought. The MACD remains in a positive crossover with a reading of +46.55, and both Momentum (10) and the Awesome Oscillator are showing ‘Buy’ signals — a strong confirmation that the broader trend remains positive.
That said, ADX at 12.18 indicates the ongoing trend is not yet very strong, and markets could consolidate before the next directional move.
From the options data, there is a mixed signal. The overall Put Open Interest (PE OI) stands at 11.41 Cr, slightly higher than Call Open Interest (CE OI) at 10.54 Cr, which shows a PE-CE differential of 86.98 lakh — suggesting a mildly bullish positioning. However, when it comes to changes in open interest, Calls have added 2.90 Cr while Puts added 2.78 Cr, resulting in a net OI change of -12.84 lakh in favor of calls, indicating short-term bearish pressure or caution at higher levels.
The Max Pain point is currently at 26,100, suggesting expiry pinning near this level. The highest Call OI stands at the 27,000 strike, while Put writers dominate at the 26,000 strike, which should serve as immediate support.
Summary: Nifty is in a short-term consolidation phase after a sharp gap-up earlier this week. The index is facing supply near 26,225–26,310 and support around 25,940–25,998. While broader indicators still favor the bulls, intraday charts are hinting at short-term exhaustion. A decisive close above 26,320 is needed to trigger the next leg higher, possibly toward 26,500+. On the flip side, any move below 25,940 could extend weakness toward 25,800. Traders should remain cautious near resistance and watch for confirmation before positioning aggressively.
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.
