BSE Utilities

The 25,900–25,850 band will remain an important demand zone and key support on the downside for the Nifty 50, says Sudeep Shah.

shorts/business/chartist-talk-bullish-momentum-intact-in-rvnl-irfc-on-price-action-and-technicals-nifty-f-o-expiry-seen-in-25-970-26-130-says-sudeep-shah

Considering the Option writing data, Sudeep Shah, the Head - Technical and Derivatives Research at SBI Securities expects the Nifty monthly expiry to be in the range of 25,970 and 26,130 next week.

For the Bank Nifty, the monthly F&amp;O expiry could be in the 58,700 to 59,350 range, he said in an interview to Moneycontrol.

Overall, the price action and technical indicators point to a continuation of the current bullish momentum in <a href="https://www.moneycontrol.com/india/stockpricequote/finance-nbfc/indianrailwayfinancecorporation/IRF">IRFC</a> (Indian Railway Finance Corporation) and <a href="https://www.moneycontrol.com/india/stockpricequote/miscellaneous/railvikasnigam/RVN">RVNL</a> (Rail Vikas Nigam). "RSI has sharply rebounded from oversold levels, reflecting renewed buying momentum, while the MACD shows a rising slope with increasing green histogram bars, suggesting accelerating bullish momentum," he said.

Do you expect the Nifty 50 to break above 26,000 next week, or will this level act as a strong support?

The holiday season clearly cast a shadow on market activity this past week, with the benchmark Nifty spending the entire period in a narrow 227-point range — its tightest weekly band since November 2023. The index touched a peak of 26,236 before slipping into a minor pullback, yet still ended the week with a modest gain of 0.29%. On the weekly timeframe, Nifty printed a Gravestone Doji, underscoring indecision at higher levels due to muted participation.

One standout development was India VIX dropping to its lowest weekly close ever, highlighting an unusual collapse in volatility and a growing sense of complacency in the market. Historically, prolonged phases of suppressed volatility tend to act as precursors to strong directional moves, making the current lull potentially significant.

Even as the headline indices moved sideways, the broader market displayed resilience. The Nifty Smallcap 100 surged with a spirited rebound, aided by sharp recoveries in several previously underperforming small-cap counters. Meanwhile, focused segments like Railways, CPSEs, and PSEs saw notable upticks, hinting that liquidity and buying interest are gradually rotating away from the Nifty and into select pockets of the market.

Looking ahead, the 26,200–26,250 zone is likely to serve as a key barrier for Nifty. A convincing breakout above 26,250 could open the door for a swift upswing towards 26,500 and then 26,650 in the near term. Conversely, the 25,900–25,850 band will remain an important demand zone and key support on the downside.

Bank Nifty has fallen below the downward-sloping support trendline (which had earlier acted as a resistance trendline). Do you foresee further weakness in the index?

Last week, Bank Nifty moved in a remarkably tight range of just 531 points — its smallest weekly range since late August 2024. The weekly candle reflected this with a compact body, signalling clear indecision and a lack of conviction from both buyers and sellers.

The index has been stuck in consolidation for multiple sessions now, and this extended sideways phase is beginning to weigh on the short-term trend setup. The 20-day and 50-day EMAs have started to flatten out, indicating fading momentum, while the daily RSI has moved sideways for 13 straight trading days, underscoring this stretch of stagnation and range-bound action.

Looking ahead, the 58,700–58,600 zone is likely to serve as an important support pocket. On the higher side, the 59,400–59,500 region continues to be the immediate resistance that Bank Nifty needs to clear in order to revive bullish momentum. A convincing move beyond either boundary of this tight range could pave the way for the next significant trending phase.

What closing levels do you expect for the Nifty 50 and Bank Nifty on monthly F&amp;O expiry day next week?

Considering the Option writing data, we expect the Nifty monthly expiry to be in the range of 25,970 and 26,130, while for the Bank Nifty, the range can be 58,700 to 59,350.

Are you bullish on <a href="https://www.moneycontrol.com/india/stockpricequote/miscellaneous/railvikasnigam/RVN">Rail Vikas Nigam</a> and <a href="https://www.moneycontrol.com/india/stockpricequote/finance-nbfc/indianrailwayfinancecorporation/IRF">IRFC</a> after their stellar performance on Friday?

Both IRFC and RVNL have broken above their downward-sloping trendline on the daily chart after months of underperformance, signalling a structural shift from a bearish to a bullish trend. The breakouts were supported by a surge in volumes, adding strength to the move.

On the technical front, DI+ has crossed above DI– on the ADX, indicating a strengthening bullish trend. RSI has sharply rebounded from oversold levels, reflecting renewed buying momentum, while the MACD shows a rising slope with increasing green histogram bars, suggesting accelerating bullish momentum. Overall, the price action along with these technical indicators points to a continuation of the current bullish momentum.

Do you anticipate a continuation of the rally in <a href="https://www.moneycontrol.com/india/stockpricequote/infrastructure-general/titagarhrailsystems/TW04">Titagarh Rail Systems</a> after its 14 percent gain over the past week?

Titagarh Rail Systems has staged a strong rebound from its key support zone of Rs 750–770 on the daily chart. The stock has broken above a downward-sloping trendline, supported by rising volumes, and now trades above all key moving averages.

On the technical front, DI+ has crossed above DI– on the ADX, indicating a strengthening bullish trend, while the MACD line has crossed above the zero line, signalling accelerating upward momentum. Overall, the price action and indicators suggest that the current rally is likely to continue.

Are you maintaining a bullish outlook on <a href="https://www.moneycontrol.com/india/stockpricequote/metals-non-ferrous/hindustancopper/HC07">Hindustan Copper</a>, <a href="https://www.moneycontrol.com/india/stockpricequote/banks-private-sector/karurvysyabank/KVB">Karur Vysya Bank</a>, and <a href="https://www.moneycontrol.com/india/stockpricequote/aluminium/nationalaluminiumcompany/NAC">NALCO</a> for the coming week as well?

Hindustan Copper has surged nearly 29 percent in the last six sessions after a decisive breakout above the Rs 365 level resistance, supported by strong volumes, highlighting robust underlying strength. However, elevated RSI levels suggest the possibility of short-term profit booking.

Similarly, NALCO continues to form higher highs and higher lows, with the 20-day EMA acting as a dynamic support. With RSI deep in overbought territory, a healthy pause or mild correction cannot be ruled out before the stock starts moving higher again. Overall, the primary trend for both stocks remain strongly bullish.

On the other hand, Karur Vysya Bank has given a decisive breakout above the Rs 255–258 resistance zone with strong volume support. Momentum indicators remain firmly positive, indicating strengthening buying interest and scope for further upside. The stock maintains a bullish bias and is likely to continue its upward trajectory after the recent breakout.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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Chartist Talk: Bullish momentum intact in RVNL, IRFC on price action and technicals, Nifty F&O expiry seen in 25,970–26,130, says Sudeep Shah

Considering the Option writing data, Sudeep Shah, the Head - Technical and Derivatives Research at SBI Securities expects the Nifty monthly expiry to be in the range of 25,970 and 26,130 next week.

For the Bank Nifty, the monthly F&amp;amp;O expiry could be in the 58,700 to 59,350 range, he said in an interview to Moneycontrol.

Overall, the price action and technical indicators point to a continuation of the current bullish momentum in IRFC (Indian Railway Finance Corporation) and RVNL (Rail Vikas Nigam). &quot;RSI has sharply rebounded from oversold levels, reflecting renewed buying momentum, while the MACD shows a rising slope with increasing green histogram bars, suggesting accelerating bullish momentum,&quot; he said.

Do you expect the Nifty 50 to break above 26,000 next week, or will this level act as a strong support?

The holiday season clearly cast a shadow on market activity this past week, with the benchmark Nifty spending the entire period in a narrow 227-point range — its tightest weekly band since November 2023. The index touched a peak of 26,236 before slipping into a minor pullback, yet still ended the week with a modest gain of 0.29%. On the weekly timeframe, Nifty printed a Gravestone Doji, underscoring indecision at higher levels due to muted participation.

One standout development was India VIX dropping to its lowest weekly close ever, highlighting an unusual collapse in volatility and a growing sense of complacency in the market. Historically, prolonged phases of suppressed volatility tend to act as precursors to strong directional moves, making the current lull potentially significant.

Even as the headline indices moved sideways, the broader market displayed resilience. The Nifty Smallcap 100 surged with a spirited rebound, aided by sharp recoveries in several previously underperforming small-cap counters. Meanwhile, focused segments like Railways, CPSEs, and PSEs saw notable upticks, hinting that liquidity and buying interest are gradually rotating away from the Nifty and into select pockets of the market.

Looking ahead, the 26,200–26,250 zone is likely to serve as a key barrier for Nifty. A convincing breakout above 26,250 could open the door for a swift upswing towards 26,500 and then 26,650 in the near term. Conversely, the 25,900–25,850 band will remain an important demand zone and key support on the downside.

Bank Nifty has fallen below the downward-sloping support trendline (which had earlier acted as a resistance trendline). Do you foresee further weakness in the index?

Last week, Bank Nifty moved in a remarkably tight range of just 531 points — its smallest weekly range since late August 2024. The weekly candle reflected this with a compact body, signalling clear indecision and a lack of conviction from both buyers and sellers.

The index has been stuck in consolidation for multiple sessions now, and this extended sideways phase is beginning to weigh on the short-term trend setup. The 20-day and 50-day EMAs have started to flatten out, indicating fading momentum, while the daily RSI has moved sideways for 13 straight trading days, underscoring this stretch of stagnation and range-bound action.

Looking ahead, the 58,700–58,600 zone is likely to serve as an important support pocket. On the higher side, the 59,400–59,500 region continues to be the immediate resistance that Bank Nifty needs to clear in order to revive bullish momentum. A convincing move beyond either boundary of this tight range could pave the way for the next significant trending phase.

What closing levels do you expect for the Nifty 50 and Bank Nifty on monthly F&amp;amp;O expiry day next week?

Considering the Option writing data, we expect the Nifty monthly expiry to be in the range of 25,970 and 26,130, while for the Bank Nifty, the range can be 58,700 to 59,350.

Are you bullish on Rail Vikas Nigam and IRFC after their stellar performance on Friday?

Both IRFC and RVNL have broken above their downward-sloping trendline on the daily chart after months of underperformance, signalling a structural shift from a bearish to a bullish trend. The breakouts were supported by a surge in volumes, adding strength to the move.

On the technical front, DI+ has crossed above DI– on the ADX, indicating a strengthening bullish trend. RSI has sharply rebounded from oversold levels, reflecting renewed buying momentum, while the MACD shows a rising slope with increasing green histogram bars, suggesting accelerating bullish momentum. Overall, the price action along with these technical indicators points to a continuation of the current bullish momentum.

Do you anticipate a continuation of the rally in Titagarh Rail Systems after its 14 percent gain over the past week?

Titagarh Rail Systems has staged a strong rebound from its key support zone of Rs 750–770 on the daily chart. The stock has broken above a downward-sloping trendline, supported by rising volumes, and now trades above all key moving averages.

On the technical front, DI+ has crossed above DI– on the ADX, indicating a strengthening bullish trend, while the MACD line has crossed above the zero line, signalling accelerating upward momentum. Overall, the price action and indicators suggest that the current rally is likely to continue.

Are you maintaining a bullish outlook on Hindustan Copper, Karur Vysya Bank, and NALCO for the coming week as well?

Hindustan Copper has surged nearly 29 percent in the last six sessions after a decisive breakout above the Rs 365 level resistance, supported by strong volumes, highlighting robust underlying strength. However, elevated RSI levels suggest the possibility of short-term profit booking.

Similarly, NALCO continues to form higher highs and higher lows, with the 20-day EMA acting as a dynamic support. With RSI deep in overbought territory, a healthy pause or mild correction cannot be ruled out before the stock starts moving higher again. Overall, the primary trend for both stocks remain strongly bullish.

On the other hand, Karur Vysya Bank has given a decisive breakout above the Rs 255–258 resistance zone with strong volume support. Momentum indicators remain firmly positive, indicating strengthening buying interest and scope for further upside. The stock maintains a bullish bias and is likely to continue its upward trajectory after the recent breakout.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Chartist Talk: Bullish momentum intact in RVNL, IRFC on price action and technicals, Nifty F&amp;O expiry seen in 25,970–26,130, says Sudeep Shah

If there is a sharp correction in developed markets, especially in crowded themes, it could impact risk appetite everywhere, including India, said Rishabh Nahar.

shorts/business/daily-voice-rishabh-nahar-expects-significant-divergence-in-q3-fy26-earnings-season-markets-look-for-delivery-on-priced-in-expectations

According to Rishabh Nahar, Partner and Fund Manager at Qode Advisors PMS, the Q3FY26 earnings season is likely to be more important than usual, as markets are looking for confirmation rather than commentary.

He expects significant divergence across sectors. Expectations are already priced into many pockets, so actual delivery will matter, he said in an interview with Moneycontrol.

He also believes that staples are no longer a high-growth sector in the traditional sense. Instead, they represent a steady compounding space rather than a fast-growth story.

How do you view Coforge’s large acquisition in the mid-tier IT space? Does it give confidence on IT for 2026?

The acquisition tells me that mid-tier IT companies are not waiting for demand to magically come back. They are actively buying capabilities they think clients will pay for in the next cycle, especially around digital engineering and AI. That’s a sensible move in a slow environment.

Having said that, I wouldn’t read this as a blanket signal that the IT sector is back. The opportunity is there, but the recovery is likely to be uneven.

For 2026, IT may do better than the last couple of years, but returns will depend on execution and positioning rather than just a sector-wide upturn.

Do you believe the auto ancillary sector represents a high-growth theme, supported by higher private capex?

Auto ancillaries continue to look interesting because they benefit from multiple trends at once. Even modest growth in vehicle volumes can translate into better growth for ancillaries due to higher value addition, more electronics, and export opportunities. The key, however, is differentiation.

Companies that are stuck in commoditised products may not see the same benefits. The better opportunities lie with players who have pricing power, technology depth, or strong relationships with global OEMs.

Has the staples sector matured, with single-digit growth likely going forward?

Staples is no longer a high-growth sector in the traditional sense. Many categories are mature and competition has increased, which naturally limits growth and margins over time.

From an investor’s perspective, this means expectations have to be more grounded. That said, staples still play an important role in portfolios. When rural demand improves or input costs ease, earnings can surprise positively. It’s more of a steady compounding space now rather than a fast-growth story.

Would you advise increasing exposure to gold- and silver-related stocks for 2026, including gold financiers?

Gold should be looked at more as a portfolio stabiliser than a pure return generator. It tends to do well when uncertainty rises, whether that’s global geopolitics, currency volatility, or real interest rate movements.

Within equities, gold financiers are a different discussion. Their performance depends less on gold prices and more on lending discipline, customer quality, and cost control. A rising gold price helps sentiment, but sustainable returns come from how well the business is run.

What are your expectations from the Q3FY26 earnings season?

This earnings season is likely to be more important than usual because markets are looking for confirmation, not commentary. Expectations are already built into prices in many pockets, so delivery will matter.

I expect a lot of divergence. Some companies will surprise positively, while others may struggle to meet expectations. Stock-specific factors will matter much more than broad sector trends.

Do you think the capital markets theme remains intact, and that real estate and other rate-sensitive sectors will perform well in 2026?

The long-term capital markets story remains intact because financial participation in India continues to deepen. Short-term cycles will come and go, but structurally the trend is still favourable.

For real estate and other rate-sensitive sectors, 2026 could be supportive if interest rates remain stable and demand stays healthy. However, performance will vary widely across regions and companies, so selectivity will be important.

What could be a potential surprise factor for equity markets in 2026?

One possible surprise could come from global markets. If there is a sharp correction in developed markets, especially in crowded themes, it could impact risk appetite everywhere, including India.

On the domestic side, the surprise could be earnings related. Either earnings come in weaker-than-expected, or they surprise positively if demand and margins improve faster than anticipated. Markets are currently positioned somewhere in the middle, so any deviation could move sentiment sharply.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Daily Voice: Rishabh Nahar expects significant divergence in Q3 FY26 earnings season; markets look for delivery on priced-in expectations

According to Rishabh Nahar, Partner and Fund Manager at Qode Advisors PMS, the Q3FY26 earnings season is likely to be more important than usual, as markets are looking for confirmation rather than commentary.

He expects significant divergence across sectors. Expectations are already priced into many pockets, so actual delivery will matter, he said in an interview with Moneycontrol.

He also believes that staples are no longer a high-growth sector in the traditional sense. Instead, they represent a steady compounding space rather than a fast-growth story.

How do you view Coforge’s large acquisition in the mid-tier IT space? Does it give confidence on IT for 2026?

The acquisition tells me that mid-tier IT companies are not waiting for demand to magically come back. They are actively buying capabilities they think clients will pay for in the next cycle, especially around digital engineering and AI. That’s a sensible move in a slow environment.

Having said that, I wouldn’t read this as a blanket signal that the IT sector is back. The opportunity is there, but the recovery is likely to be uneven.

For 2026, IT may do better than the last couple of years, but returns will depend on execution and positioning rather than just a sector-wide upturn.

Do you believe the auto ancillary sector represents a high-growth theme, supported by higher private capex?

Auto ancillaries continue to look interesting because they benefit from multiple trends at once. Even modest growth in vehicle volumes can translate into better growth for ancillaries due to higher value addition, more electronics, and export opportunities. The key, however, is differentiation.

Companies that are stuck in commoditised products may not see the same benefits. The better opportunities lie with players who have pricing power, technology depth, or strong relationships with global OEMs.

Has the staples sector matured, with single-digit growth likely going forward?

Staples is no longer a high-growth sector in the traditional sense. Many categories are mature and competition has increased, which naturally limits growth and margins over time.

From an investor’s perspective, this means expectations have to be more grounded. That said, staples still play an important role in portfolios. When rural demand improves or input costs ease, earnings can surprise positively. It’s more of a steady compounding space now rather than a fast-growth story.

Would you advise increasing exposure to gold- and silver-related stocks for 2026, including gold financiers?

Gold should be looked at more as a portfolio stabiliser than a pure return generator. It tends to do well when uncertainty rises, whether that’s global geopolitics, currency volatility, or real interest rate movements.

Within equities, gold financiers are a different discussion. Their performance depends less on gold prices and more on lending discipline, customer quality, and cost control. A rising gold price helps sentiment, but sustainable returns come from how well the business is run.

What are your expectations from the Q3FY26 earnings season?

This earnings season is likely to be more important than usual because markets are looking for confirmation, not commentary. Expectations are already built into prices in many pockets, so delivery will matter.

I expect a lot of divergence. Some companies will surprise positively, while others may struggle to meet expectations. Stock-specific factors will matter much more than broad sector trends.

Do you think the capital markets theme remains intact, and that real estate and other rate-sensitive sectors will perform well in 2026?

The long-term capital markets story remains intact because financial participation in India continues to deepen. Short-term cycles will come and go, but structurally the trend is still favourable.

For real estate and other rate-sensitive sectors, 2026 could be supportive if interest rates remain stable and demand stays healthy. However, performance will vary widely across regions and companies, so selectivity will be important.

What could be a potential surprise factor for equity markets in 2026?

One possible surprise could come from global markets. If there is a sharp correction in developed markets, especially in crowded themes, it could impact risk appetite everywhere, including India.

On the domestic side, the surprise could be earnings related. Either earnings come in weaker-than-expected, or they surprise positively if demand and margins improve faster than anticipated. Markets are currently positioned somewhere in the middle, so any deviation could move sentiment sharply.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Anupam Kher lauded Dhurandhar's success and Aditya Dhar's bold direction., He dismissed claims of the film being "propaganda," citing audience response, Dhurandhar has crossed 1000 crore worldwide, marking a major milestone

* Anupam Kher lauded Dhurandhar's success and Aditya Dhar's bold direction.
* He dismissed claims of the film being "propaganda," citing audience response
* Dhurandhar has crossed 1000 crore worldwide, marking a major milestone

Anupam Kher praised director Aditya Dhar and the success of Ranveer Singh’s film Dhurandhar, dismissing “propaganda” criticism and highlighting its cultural impact. He noted the film’s milestone 1000 crore earnings and lauded Yami Gautam’s performances.

shorts/entertainment/anupam-kher-slams-propaganda-tag-as-dhurandhar-roars-at-the-box-office-says-my-heart-is-very-peaceful

The Indian broader indices continued the outperformance in the truncated week with BSE Smallcap index rising 1 percent, while BSE Mid and Largecap gaining 0.3 percent each.

However, BSE Sensex index added 112.09 points or 0.13 percent at 85041.45, while Nifty50 index rose 75.09 points or 0.29 percent at 26,042.30.

Among sectors, Nifty Defence index rose more than 3 percent, Nifty Metal index up 2.7 percent, Nifty Media gained 1 percent, however, Nifty PSU Bank shed nearly 1 percent, Nifty IT and Nifty Pharma declined 0.3% each.

Foreign Institutional Investors (FIIs) continued their selling trend in the Indian equity markets during the truncated final week of 2025, offloading equities worth Rs 4,290.96 crore. In contrast, Domestic Institutional Investors (DIIs) provided crucial support by remaining net buyers, purchasing equities worth Rs 12,024.49 crore.

"Indian equity markets ended the week in a positive terrain, buoyed by expectations of stronger domestic demand, a favourable liquidity outlook, and optimism over potential Fed policy easing in 2026. The holiday-shortened week opened with a bullish undertone; however, momentum tapered off as the days progressed. The year-end lull kept trading largely range-bound, with hopes for a Santa Claus rally diminishing amid the absence of fresh catalysts, limited progress in US-India trade talks, and caution ahead of the upcoming earnings season. Sectoral trends were mixed, marked by selective profit booking across most segments, while metals, FMCG, and media stocks offered notable resilience," said Vinod Nair, Head of Research, Geojit Investments.

"Globally, elevated Japanese bond yields tempered risk appetite, even as robust U.S. GDP figures underscored the resilience of the world’s largest economy. On the domestic front, RBI’s liquidity interventions, such as open market operations and a USD/INR buy–sell swap, helped stabilize the rupee, though persistent FII outflows continued to weigh on sentiment. Meanwhile, gold advanced on safe-haven demand, while crude prices hovered near multi-year lows, though U.S. steps to tighten pressure on Venezuelan oil shipments could exert upward pressure in the near term."

"Looking ahead, market sentiment is likely to stay cautious as investors brace for the upcoming earnings season while remaining attuned to global developments and currency movements. Key drivers will include progress in India–U.S. trade talks, rupee stability, FII trends, and movements in commodity prices. With year-end trading volumes expected to remain subdued, price action could be largely contained. Attention will also turn to next week’s data releases, including India’s industrial and manufacturing output figures, manufacturing PMI, and the U.S. FOMC minutes," he added.

The BSE Small-cap index added 1 percent with KR Rail Enginerring, Jupiter Wagons, Sasken Technologies, Hindustan Copper, KNR Constructions, Steel Exchange India, Ceinsys Tech, Kothari Industrial Corporation, Deccan Gold Mines rising 21-34 percent, while Lloyds Enterprises, Shoppers Stop, Ecos India Mobility &amp; Hospitality, Embassy Developments, Indo Thai Securities, Epigral, Cigniti Technologies.

<img class="alignnone size-full wp-image-13744700" src="https://images.moneycontrol.com/static-mcnews/2025/12/20251227030617_Untitled.png" alt="Untitled" width="843" height="1123" />

Where is Nifty50 headed?

Amol Athawale, VP Technical Research, Kotak Securities

We are of the view that the short-term market texture is weak, but a fresh sell-off is possible only after the dismissal of 26,000/85000 or the 20-day SMA (Simple Moving Average). Below this, the market could retest the level of the 50-day SMA or 25,900/84700. Further downside may continue, potentially dragging the index to 25,800/84300. On the upside, a move above 26,200/85600 could lead to a bounce back towards 26,250–26,350/85800-86100.

For Bank Nifty, as long as it remains below the 20-day SMA of 59,300, the weak sentiment is likely to continue. Below this level, it could decline to 58,500–58,300. On the higher side, a move above 59,300 could push it up to 59,800–60,000.

Rajesh Bhosale, Equity Technical Analyst, Angel One

Traders are advised to avoid getting swayed by short-term noise and instead adopt a buy-on-dips approach while booking profits near higher levels. On the downside, immediate support is placed around 25900, while 25700 remains a sacrosanct level for the near-term trend. On the upside, the 26250–26350 zone stands out as a key hurdle, beyond which Nifty could fresh leg of momentum in the uncharted territory. Traders should keep a close tab on these levels and align their trades accordingly.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

More than 50 smallcaps rise between 10-34% as broader indices outperform

The Indian broader indices continued the outperformance in the truncated week with BSE Smallcap index rising 1 percent, while BSE Mid and Largecap gaining 0.3 percent each.

However, BSE Sensex index added 112.09 points or 0.13 percent at 85041.45, while Nifty50 index rose 75.09 points or 0.29 percent at 26,042.30.

Among sectors, Nifty Defence index rose more than 3 percent, Nifty Metal index up 2.7 percent, Nifty Media gained 1 percent, however, Nifty PSU Bank shed nearly 1 percent, Nifty IT and Nifty Pharma declined 0.3% each.

Foreign Institutional Investors (FIIs) continued their selling trend in the Indian equity markets during the truncated final week of 2025, offloading equities worth Rs 4,290.96 crore. In contrast, Domestic Institutional Investors (DIIs) provided crucial support by remaining net buyers, purchasing equities worth Rs 12,024.49 crore.

&quot;Indian equity markets ended the week in a positive terrain, buoyed by expectations of stronger domestic demand, a favourable liquidity outlook, and optimism over potential Fed policy easing in 2026. The holiday-shortened week opened with a bullish undertone; however, momentum tapered off as the days progressed. The year-end lull kept trading largely range-bound, with hopes for a Santa Claus rally diminishing amid the absence of fresh catalysts, limited progress in US-India trade talks, and caution ahead of the upcoming earnings season. Sectoral trends were mixed, marked by selective profit booking across most segments, while metals, FMCG, and media stocks offered notable resilience,&quot; said Vinod Nair, Head of Research, Geojit Investments.

&quot;Globally, elevated Japanese bond yields tempered risk appetite, even as robust U.S. GDP figures underscored the resilience of the world’s largest economy. On the domestic front, RBI’s liquidity interventions, such as open market operations and a USD/INR buy–sell swap, helped stabilize the rupee, though persistent FII outflows continued to weigh on sentiment. Meanwhile, gold advanced on safe-haven demand, while crude prices hovered near multi-year lows, though U.S. steps to tighten pressure on Venezuelan oil shipments could exert upward pressure in the near term.&quot;

&quot;Looking ahead, market sentiment is likely to stay cautious as investors brace for the upcoming earnings season while remaining attuned to global developments and currency movements. Key drivers will include progress in India–U.S. trade talks, rupee stability, FII trends, and movements in commodity prices. With year-end trading volumes expected to remain subdued, price action could be largely contained. Attention will also turn to next week’s data releases, including India’s industrial and manufacturing output figures, manufacturing PMI, and the U.S. FOMC minutes,&quot; he added.

The BSE Small-cap index added 1 percent with KR Rail Enginerring, Jupiter Wagons, Sasken Technologies, Hindustan Copper, KNR Constructions, Steel Exchange India, Ceinsys Tech, Kothari Industrial Corporation, Deccan Gold Mines rising 21-34 percent, while Lloyds Enterprises, Shoppers Stop, Ecos India Mobility &amp;amp; Hospitality, Embassy Developments, Indo Thai Securities, Epigral, Cigniti Technologies.



Where is Nifty50 headed?

Amol Athawale, VP Technical Research, Kotak Securities

We are of the view that the short-term market texture is weak, but a fresh sell-off is possible only after the dismissal of 26,000/85000 or the 20-day SMA (Simple Moving Average). Below this, the market could retest the level of the 50-day SMA or 25,900/84700. Further downside may continue, potentially dragging the index to 25,800/84300. On the upside, a move above 26,200/85600 could lead to a bounce back towards 26,250–26,350/85800-86100.

For Bank Nifty, as long as it remains below the 20-day SMA of 59,300, the weak sentiment is likely to continue. Below this level, it could decline to 58,500–58,300. On the higher side, a move above 59,300 could push it up to 59,800–60,000.

Rajesh Bhosale, Equity Technical Analyst, Angel One

Traders are advised to avoid getting swayed by short-term noise and instead adopt a buy-on-dips approach while booking profits near higher levels. On the downside, immediate support is placed around 25900, while 25700 remains a sacrosanct level for the near-term trend. On the upside, the 26250–26350 zone stands out as a key hurdle, beyond which Nifty could fresh leg of momentum in the uncharted territory. Traders should keep a close tab on these levels and align their trades accordingly.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

In absolute terms, large-cap valuations appear reasonable when compared to their own long-term averages, offering a better risk-reward balance, said Rohit Sarin.

shorts/business/daily-voice-rohit-sarin-expects-financials-consumer-discretionary-sectors-to-drive-equity-markets-in-2026

Rohit Sarin, the co-founder of Client Associates, expects the financials and consumer discretionary sectors to drive equity markets in 2026.

"These sectors are well-positioned to benefit from improving domestic demand, credit growth normalization, and a potential recovery in consumption trends," he said in an interview to Moneycontrol.

According to him, the large-cap IT stocks are expected to retrace their value in 2026 as demand stabilises and global macro conditions improve.

Do you believe the dollar–rupee has entered the final phase of peaking, and that India’s macroeconomic fundamentals are improving?

India’s macroeconomic fundamentals have been in good shape for some time now, particularly with respect to inflation management, the strength of forex reserves, and a relatively contained current account deficit. These factors provide a strong underlying cushion to the economy and help absorb external shocks.

While the depreciation of the INR versus the USD in CY2025 has been relatively higher in the near term, it remains broadly in sync with long-term historical averages. From that perspective, the recent currency movement does not appear disorderly or structurally concerning. It is also plausible that the RBI has allowed the rupee to find its near-term equilibrium, especially to ensure that India’s export competitiveness is preserved in an environment where global trade dynamics are evolving and US tariff-related uncertainties persist. Overall, the currency movement seems more tactical than a reflection of weakening fundamentals.

What is your preference for 2026: Large-cap stocks or mid- and small-cap stocks?

Our preference for 2026 is tilted toward large-cap stocks. This is primarily because large caps are currently more favourably valued relative to mid- and small-cap stocks. In absolute terms as well, large-cap valuations appear reasonable when compared to their own long-term averages, offering a better risk-reward balance.

Additionally, large caps tend to provide greater earnings visibility, balance sheet strength, and resilience during periods of global uncertainty. Given the valuation divergence that has built up over recent years, large caps appear better positioned to benefit from any mean reversion in market leadership.

Do you expect large-cap IT stocks to make a strong comeback in 2026 after a prolonged period of underperformance? Among IT stocks, do mid-cap names offer a better opportunity, particularly as a play on rupee depreciation?

Large-cap IT companies are high-quality businesses run by competitive management teams, with an established track record of long-term performance across different market cycles. Despite the prolonged phase of underperformance, these companies continue to demonstrate strong execution capabilities, client diversification, and balance sheet strength.

We expect large-cap IT stocks to retrace their value in 2026 as demand stabilizes and global macro conditions improve. While rupee depreciation can provide some earnings tailwinds across the sector, our confidence remains higher in large-cap names due to their scale, consistency, and ability to navigate cycles effectively.

Despite ongoing challenges such as global growth concerns, geopolitical tensions, and uncertainty around potential Trump-era policy positions, do you expect the market to remain in a consolidation phase yet still deliver a 10–15 percent rally next year?

With Indian markets having time-corrected in 2025 and the INR now priced attractively against the USD, we expect mean reversion to play out in 2026. If domestic consumption begins to pick up in the first two quarters of 2026, it could act as a key trigger for improved earnings momentum.

Under such conditions, Indian markets are likely to attract higher allocations from foreign institutional investors, even if global volatility persists. This creates room for markets to remain range-bound for parts of the year while still delivering a reasonable upside over the full period.

Which sectors do you see leading earnings growth and driving equity market upside going forward?

We expect the financials and consumer discretionary sectors to drive equity markets in 2026. These sectors are well-positioned to benefit from improving domestic demand, credit growth normalization, and a potential recovery in consumption trends. Their earnings visibility and linkage to India’s internal growth engine make them central to the broader market narrative.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Daily Voice: Rohit Sarin expects financials, consumer discretionary sectors to drive equity markets in 2026

Rohit Sarin, the co-founder of Client Associates, expects the financials and consumer discretionary sectors to drive equity markets in 2026.

&quot;These sectors are well-positioned to benefit from improving domestic demand, credit growth normalization, and a potential recovery in consumption trends,&quot; he said in an interview to Moneycontrol.

According to him, the large-cap IT stocks are expected to retrace their value in 2026 as demand stabilises and global macro conditions improve.

Do you believe the dollar–rupee has entered the final phase of peaking, and that India’s macroeconomic fundamentals are improving?

India’s macroeconomic fundamentals have been in good shape for some time now, particularly with respect to inflation management, the strength of forex reserves, and a relatively contained current account deficit. These factors provide a strong underlying cushion to the economy and help absorb external shocks.

While the depreciation of the INR versus the USD in CY2025 has been relatively higher in the near term, it remains broadly in sync with long-term historical averages. From that perspective, the recent currency movement does not appear disorderly or structurally concerning. It is also plausible that the RBI has allowed the rupee to find its near-term equilibrium, especially to ensure that India’s export competitiveness is preserved in an environment where global trade dynamics are evolving and US tariff-related uncertainties persist. Overall, the currency movement seems more tactical than a reflection of weakening fundamentals.

What is your preference for 2026: Large-cap stocks or mid- and small-cap stocks?

Our preference for 2026 is tilted toward large-cap stocks. This is primarily because large caps are currently more favourably valued relative to mid- and small-cap stocks. In absolute terms as well, large-cap valuations appear reasonable when compared to their own long-term averages, offering a better risk-reward balance.

Additionally, large caps tend to provide greater earnings visibility, balance sheet strength, and resilience during periods of global uncertainty. Given the valuation divergence that has built up over recent years, large caps appear better positioned to benefit from any mean reversion in market leadership.

Do you expect large-cap IT stocks to make a strong comeback in 2026 after a prolonged period of underperformance? Among IT stocks, do mid-cap names offer a better opportunity, particularly as a play on rupee depreciation?

Large-cap IT companies are high-quality businesses run by competitive management teams, with an established track record of long-term performance across different market cycles. Despite the prolonged phase of underperformance, these companies continue to demonstrate strong execution capabilities, client diversification, and balance sheet strength.

We expect large-cap IT stocks to retrace their value in 2026 as demand stabilizes and global macro conditions improve. While rupee depreciation can provide some earnings tailwinds across the sector, our confidence remains higher in large-cap names due to their scale, consistency, and ability to navigate cycles effectively.

Despite ongoing challenges such as global growth concerns, geopolitical tensions, and uncertainty around potential Trump-era policy positions, do you expect the market to remain in a consolidation phase yet still deliver a 10–15 percent rally next year?

With Indian markets having time-corrected in 2025 and the INR now priced attractively against the USD, we expect mean reversion to play out in 2026. If domestic consumption begins to pick up in the first two quarters of 2026, it could act as a key trigger for improved earnings momentum.

Under such conditions, Indian markets are likely to attract higher allocations from foreign institutional investors, even if global volatility persists. This creates room for markets to remain range-bound for parts of the year while still delivering a reasonable upside over the full period.

Which sectors do you see leading earnings growth and driving equity market upside going forward?

We expect the financials and consumer discretionary sectors to drive equity markets in 2026. These sectors are well-positioned to benefit from improving domestic demand, credit growth normalization, and a potential recovery in consumption trends. Their earnings visibility and linkage to India’s internal growth engine make them central to the broader market narrative.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Live: Nifty slips below 26,100-mark but ends the week marginally higher | Closing Bell

6 out of 11 years BSE Utilities has given positive returns in December.

Type	R1	R2	R3	PP	S1	S2	S3
Classic	5,138.29	5,170.26	5,188.61	5,119.94	5,087.97	5,069.62	5,037.65
Fibonacci	5,139.16	5,151.04	5,170.26	5,119.94	5,100.72	5,088.84	5,069.62
Camarilla	5,110.93	5,115.55	5,120.16	5,119.94	5,101.71	5,097.09	5,092.48

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