The Indian equity market kicked off December on a strong note, with key indices soaring to unprecedented levels. This early surge was fueled by encouraging domestic economic data and positive cues from international markets. However, the rally lost momentum as the trading session progressed due to a lack of consistent buying pressure.
Market Ends in Red After Record-Breaking Start
After touching historic highs, the benchmarks witnessed a gradual correction, wiping out all intraday gains to finish in negative territory. The Nifty 50 index closed slightly below the 26,200 mark, reflecting a subdued end to the volatile session. The BSE Sensex dropped 64 points to settle at 85,641. The banking sector index, Bank Nifty, declined by 71 points, ending the day at 59,681.
In the broader market, performance was mixed. The small-cap index managed to eke out marginal gains, while the mid-cap index closed 0.19% lower, indicating selective profit-booking.
Expert View: Vaishali Parekh on Nifty and Bank Nifty Trajectory
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, maintains a positive outlook on the market sentiment. She notes that the Nifty 50 is holding firmly above the 26,000 level, having established a crucial support band between 25,750 and 25,800. The immediate hurdle for the index is at 26,300.
"The Nifty 50 index, once again, after witnessing a positive opening... found resistance near the 26,300 zone," Parekh stated. She added that the index's bias remains intact as long as it holds the key support. She expects a revival that could propel the Nifty towards fresh targets of 26,500 and 27,200 in the near term, with 26,000 acting as near-term support.
Regarding the Bank Nifty, Parekh observed that the index created a new all-time high at 60,100 before succumbing to profit booking. She emphasized that the overall trend remains robust. The index has near-term support at 58,700, and she anticipates higher targets of 61,400 and 63,500 once a fresh upward move is confirmed.
Parekh identified the immediate support and resistance for the Nifty 50 at 26,100 and 26,400, respectively. For the Bank Nifty, she projected a daily range between 59,300 and 60,300.
Today's Stock Picks by Vaishali Parekh
For intraday trading on Monday, Vaishali Parekh recommended three stocks to buy:
- NHPC: Buy at ₹77, target ₹81, stop loss ₹75.50.
- PB Fintech (Policy Bazaar): Buy at ₹1,850, target ₹1,950, stop loss ₹1,820.
- Info Edge (Naukri): Buy at ₹1,369, target ₹1,430, stop loss ₹1,369.
Disclaimer: This information is for educational purposes only. The views and recommendations are those of the analyst. Investors are advised to consult certified experts before making any investment decisions.
