Stock Market Today: On Friday, December 26, Indian stock markets closed in the red. Investors remained in a selling mood amid lack of new triggers and mixed global signals. At the end of the trading session, Sensex closed 367 points or 0.43% lower at 85,041.45 and Nifty closed 100 points or 0.38% lower at 26,042.30. The BSE Midcap index weakened by 0.18%, while the Smallcap index saw a decline of 0.34%. The total market capitalization of BSE listed companies declined to about ₹474 lakh crore from ₹475 lakh crore in the previous session, leading to a loss of about ₹1 lakh crore for investors in a single session.
On a weekly basis, for the week ending December 26, the Sensex rose 112 points or 0.13%, ending a two-week decline. Nifty 50 also rose 0.30% on a weekly basis, stopping its three-week long decline. Experts say that due to lack of new triggers and low trading volume at the end of the year, investors are withdrawing their money. The domestic market is expected to remain in range till the announcement of December quarter results starts. TCS and HCL Tech will declare their December quarter (Q3FY26) results on January 12.
Vinod Nair, Research Head, Geojit Investments said that the domestic stock markets closed with a decline today. Trading volumes were low at the end of the year and a cautious environment ahead of the upcoming results led to large-scale profit booking. Nair further said that expectations regarding the Santa Claus rally have gone down. The Indian rupee is under pressure due to lack of any new trigger and selling by FIIs.
How could the market move on 29th December?
On the technical front, Anand James, Chief Market Strategist, Geojit Investments Limited, says that the level of 26,100 on Nifty remained an important downside marker for the second consecutive session. He said that the formation of “Evening Star” candlestick pattern is likely to lead to further decline towards 25,935–25,850 zone. However, he also said that a move above 26,325 could open the way for a rise towards 26,550–26,850 range.
Sudeep Shah, Head of Technical and Derivatives Research, SBI Securities Says that the zone of 25,950-25,900 will act as an important support for Nifty. If Nifty goes below the level of 25,900, it may further weaken to the level of 25,800. After that a level of 25,600 can also be seen. On the upside, the zone of 26,200-26,250 will act as a strong resistance for the index.
Rupak Dey, Senior Technical Analyst, LKP Securities According to Nifty has slipped below 21 EMA on the hourly chart, indicating an increase in bearish bets after two days of rangebound phase in the recent session. The RSI is in a bearish crossover and trending downwards, indicating weakening momentum.
During today’s session, Nifty found support near 26,000 level, where EMA is currently 21. In the short term, if 26,000 level holds, the trend may improve and move towards 26,200 and above. However, if there is a fall below 26,000, the market may witness further weakness.
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