Nifty and Bank Nifty: The Indian stock market closed almost flat on Thursday, 26 December. The Nifty 50 closed with a marginal gain of 0.10%, or 22.55 points, settling at 23,750. The BSE Sensex also remained flat at 78,472 points.
Today’s trading volumes were moderate as the market displayed signs of consolidation within a narrow range. Sectorial performance was mixed, with the Nifty Auto index outperforming, closing at 22,876, up 0.84%, driven by optimism in the automotive sector. In contrast, the Nifty Metal index underperformed, declining by 0.14%, reflecting weakness in metal stocks. Hindustan Copper surged by 6.5%, while Hindustan Zinc dropped by 2%.
The top losers on the Nifty were Asian Paints (-0.95%), Titan (-0.91%), and JSW Steel (-0.80%). The top gainers included Adani Ports (+5.22%), M&M (+1.60%), and SBI Life (+1.60%).
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Indian stock market outlook: The Nifty 50 is currently in a consolidation phase, trading near its 200-day moving average. A clear uptrend is expected only if the index surpasses the 24,000 level; until then, the market is likely to trade within a range over the next few days.
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Three stocks to buy, recommended by Ankush Bajaj:
Petronet LNG: Buy at ₹345; Target ₹364-375; Stop Loss ₹336.
The stock has found strong support and has successfully closed above the trendline at ₹340, breaking out from the upper side of the channel where selling pressure was observed around the ₹380 level. This stock appears to be a strong candidate for a potential upside move.
REC Ltd: Buy at ₹519; Target ₹545-560; Stop Loss ₹504.
The stock has found strong support at recent lows, and yesterday’s bullish price action indicates it can be a good candidate to go long with low risk.
Newgen Software: Buy at ₹1658; Target ₹1700-1725; Stop Loss ₹1634.
Technically, the stock looks strong, having managed to close above its recent high of ₹1600. The stock may continue its rally in the coming days.
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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.
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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.
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