| Company | Value | Change | %Change |
|---|
For the week, the market delivered positive returns in a thin-volume environment, with the Sensex, Nifty, and Nifty Bank each rising 1%, while the Midcap Index remained flat.
A total of 32 Nifty stocks recorded gains, with M&M, Trent, and Adani Ports among the top performers.
As we step into the new calendar year and month, auto sales data will be closely monitored for initial market cues. In the absence of any significant events, attention is likely to shift toward FII flows and currency movement, especially as the rupee continues to weaken against the US dollar.
The above factors could play a crucial role in shaping market direction in the near term.
Foreign institutions continued to remain net sellers in the cash market on Friday, while their domestic counterparts were net buyers.
What do the Nifty50 charts indicate?
Nagaraj Shetti of HDFC Securities believes the short-term trend of the Nifty is slightly positive with range bound action. The market could encounter strong overhead resistance at around 24,000-24,200 levels by this week and any rise up to the hurdles could be a sell-on-rise opportunity. Immediate support is at 23,650.
The index remained below its 200-day and 9-day moving averages, signalling cautious sentiment and limited upward strength, said OM Mehra of SAMCO Securities. Over the week, Nifty oscillated in a tight range, with a high of 23,938.85 and a low of 23,647.20. A decisive breakout beyond these levels could set the direction for the coming sessions.
On the technical front, Ajit Mishra of Religare Broking said the Nifty is striving to hold its critical long-term moving average (200 DEMA), but pressure from heavyweight stocks is capping any meaningful recovery. A decisive breach below the recent swing low of 23,500 could intensify selling pressure, with the next major support level near November’s low of 23,263.15. On the upside, the 24,100–24,400 zone remains a key resistance area, requiring strong momentum to overcome.
According to Nandish Shah of HDFC Securities, the positional trend of the Nifty is still bearish, as it is placed below 20,50, 100 and 200 days SMA. The band of 24,065-23,537 is likely to act as a resistance and support for the Nifty next week.
What do the Nifty Bank charts indicate?
The Nifty Bank index closed at 51,311.30, up 0.27%, reflecting a measured recovery. The weekly chart revealed a bullish harami pattern, signalling the potential for a reversal if momentum gains traction.
Nevertheless, the index continues to trade below important moving averages, highlighting muted sentiment and the need for strength confirmation. The support at 51,000 is a vital safeguard against further downside risks, while a decisive break above the 51,800 resistance could unlock bullish momentum in the coming sessions, Mehra said.
Here are the stocks to watch ahead of Monday’s trading session:
– IOL Chemicals Board approves stock split in the ratio of 1:5.
– JSW Energy‘s arm JSW Neo Energy signs agreement with O2 Power Pooling Pte, O2 Power SG Pte and certain individuals to acquire O2 Power Midco Holdings Pte and O2 Energy SG Pte for $1.47 billion (approx ₹12,468 crore).
– SJVN appoints Sanjay Kumar as Chief Financial Officer (CFO) of the company w.e.f. January 1, 2025.
– Ola Electric: Anshul Khandelwal, Chief Marketing Officer, and Suvonil Chatterjee, Chief Technology and Product Officer, have resigned from the company with effect from December 27, 2024.
– Utkarsh Small Finance Bank board approves sale of NPA and Written-Off loans to ARC. Sale includes stressed microfinance loans of ₹355 crore and the reserve price for stressed microfinance loans is at ₹52 crore.
– CAMS: Pullakurthi Srinivasa Reddy resigns as Chief Technology Officer (CTO) of the company w.e.f December 27, 2024.
