NIFTY Consumption

Avinash Agarwal is reasonably positive on the entire value chain of the capital market as it is an emerging sector.

shorts/business/daily-voice-avinash-agarwal-explains-why-real-estate-sector-can-be-a-good-contra-bet-for-2026

Avinash Agarwal, senior vice president &amp; head – Equity at Bandhan Life, believes the real estate sector can be a good contra bet for 2026.

"This year (2025) we saw a correction in this sector, and valuations have come to a more reasonable level. We also witnessed rate cuts this year, which should help boost demand, especially in the value segment," he said in an interview to Moneycontrol.

He believes 2026 will be much better for the mid and small-cap segment given that the earnings growth is expected to improve and the full benefit of rate cuts, GST reforms, and other announcements will flow into the economy.

Are you positive on the entire value chain within the capital markets space for 2026?

We are reasonably positive on the entire value chain of the capital market as it is an emerging sector. The financialization of the economy has been taking prominence in the last few years, and we believe there is still a long way to go. Also, most of these businesses are capital light and generate good ROEs for the investors.

Do you expect 2026 to be a significantly better year than 2025 for equity markets, given that most negative factors appear to be discounted and several others have turned favourable for India?

Yes, we believe 2026 will be better than 2025 given that we have seen relatively muted returns from the market. While the Nifty has given about 10% returns, some segments of mid- and small-caps have seen meaningful correction.

We believe 2026 will be much better for the mid and small-cap segment given that the earnings growth is expected to improve and the full benefit of rate cuts, GST reforms, and other announcements will flow into the economy.

Despite the prevailing market perception that midcaps are overvalued, we are launching a new midcap fund in early 2026. Our conviction is based on two key pillars. First, midcaps have historically been the market’s top-performing segment over the long term, making them an essential component for life insurance portfolios. Second, we believe high-growth midcap companies should be evaluated using the Price/Earnings-to-Growth (PEG) ratio rather than a standard P/E multiple. On a PEG basis, midcaps are currently trading at attractive levels relative to large caps.

For 2026, do you prefer domestic economy–focused sectors over export-oriented sectors?

We believe that the domestic economy will be far more resilient compared to the global economy in the near future. The global economy is facing some challenges, in the form of conflicts, slower growth, currency challenges and fear of overspending on AI.

The domestic economy, on the other hand, is growing at a steady pace, boosted by favourable demographics, government reforms, lower interest rates, and clean balance sheets of the banks and companies. In this context, the mid caps are a better proxy for the India growth story.

Are you avoiding the IT services sector even in 2026, considering the possibility of a weakening US economy?

The IT sector has faced several challenges over the past 2–3 years, with AI being the biggest one at present. The companies need to adapt to this change. We have seen the Indian IT players adapt to technological changes in the past and continue to grow.

We believe the companies would be able to do it again. Some of these challenges have been factored into the valuations already. For 2026 we have a neutral view on the sector.

Do you expect any announcement related to an India–US trade deal from Trump in the next couple of weeks? Would such an announcement have more of a sentiment-driven impact rather than a fundamental one?

It is very difficult to give a timeline on the signing of any deal given the number of complexities involved. However, we believe that a deal would certainly be positive, as the US is a large export market for Indian companies. Some labour-intensive sectors such as gems and jewellery and textiles are dependent on exports to the US. Hence, if a deal is announced, it would certainly have a positive fundamental impact on the businesses and economy.

What is your contrarian (contra) bet for 2026?

We feel the real estate sector can be a good contra bet for 2026. The sector started its revival post-covid where we saw both price and volume recovery. While the price increases have slowed now, we continue to see decent volume growth. The industry has consolidated meaningfully in the last decade due to RERA and the previous down-cycle, and the survivors should do well now.

This year we have seen a correction in this sector, and valuations have come to a more reasonable level. Also, we have seen rate cuts this year, which should help boost demand, especially in the value segment.

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.

Ownership, Material Conflicts of Interest and Disciplinary History

MCD is a wholly owned subsidiary of Network 18 Media & Investments Ltd ("Network18"), in which Independent Media Trust (IMT) holds 56.89% stake. Reliance Industries Limited ("RIL") is the sole beneficiary of IMT. Network18 and RIL and their subsidiaries, joint ventures and associates can be considered as associates of MCD.

Details of Associate

Receipt of Compensation

Third-Party Compensation

Employment History

Market-Making Activities

Use of Artificial Intelligence

Daily Voice: Avinash Agarwal explains why real estate sector can be a good contra bet for 2026

Avinash Agarwal, senior vice president &amp;amp; head – Equity at Bandhan Life, believes the real estate sector can be a good contra bet for 2026.

&quot;This year (2025) we saw a correction in this sector, and valuations have come to a more reasonable level. We also witnessed rate cuts this year, which should help boost demand, especially in the value segment,&quot; he said in an interview to Moneycontrol.

He believes 2026 will be much better for the mid and small-cap segment given that the earnings growth is expected to improve and the full benefit of rate cuts, GST reforms, and other announcements will flow into the economy.

Are you positive on the entire value chain within the capital markets space for 2026?

We are reasonably positive on the entire value chain of the capital market as it is an emerging sector. The financialization of the economy has been taking prominence in the last few years, and we believe there is still a long way to go. Also, most of these businesses are capital light and generate good ROEs for the investors.

Do you expect 2026 to be a significantly better year than 2025 for equity markets, given that most negative factors appear to be discounted and several others have turned favourable for India?

Yes, we believe 2026 will be better than 2025 given that we have seen relatively muted returns from the market. While the Nifty has given about 10% returns, some segments of mid- and small-caps have seen meaningful correction.

We believe 2026 will be much better for the mid and small-cap segment given that the earnings growth is expected to improve and the full benefit of rate cuts, GST reforms, and other announcements will flow into the economy.

Despite the prevailing market perception that midcaps are overvalued, we are launching a new midcap fund in early 2026. Our conviction is based on two key pillars. First, midcaps have historically been the market’s top-performing segment over the long term, making them an essential component for life insurance portfolios. Second, we believe high-growth midcap companies should be evaluated using the Price/Earnings-to-Growth (PEG) ratio rather than a standard P/E multiple. On a PEG basis, midcaps are currently trading at attractive levels relative to large caps.

For 2026, do you prefer domestic economy–focused sectors over export-oriented sectors?

We believe that the domestic economy will be far more resilient compared to the global economy in the near future. The global economy is facing some challenges, in the form of conflicts, slower growth, currency challenges and fear of overspending on AI.

The domestic economy, on the other hand, is growing at a steady pace, boosted by favourable demographics, government reforms, lower interest rates, and clean balance sheets of the banks and companies. In this context, the mid caps are a better proxy for the India growth story.

Are you avoiding the IT services sector even in 2026, considering the possibility of a weakening US economy?

The IT sector has faced several challenges over the past 2–3 years, with AI being the biggest one at present. The companies need to adapt to this change. We have seen the Indian IT players adapt to technological changes in the past and continue to grow.

We believe the companies would be able to do it again. Some of these challenges have been factored into the valuations already. For 2026 we have a neutral view on the sector.

Do you expect any announcement related to an India–US trade deal from Trump in the next couple of weeks? Would such an announcement have more of a sentiment-driven impact rather than a fundamental one?

It is very difficult to give a timeline on the signing of any deal given the number of complexities involved. However, we believe that a deal would certainly be positive, as the US is a large export market for Indian companies. Some labour-intensive sectors such as gems and jewellery and textiles are dependent on exports to the US. Hence, if a deal is announced, it would certainly have a positive fundamental impact on the businesses and economy.

What is your contrarian (contra) bet for 2026?

We feel the real estate sector can be a good contra bet for 2026. The sector started its revival post-covid where we saw both price and volume recovery. While the price increases have slowed now, we continue to see decent volume growth. The industry has consolidated meaningfully in the last decade due to RERA and the previous down-cycle, and the survivors should do well now.

This year we have seen a correction in this sector, and valuations have come to a more reasonable level. Also, we have seen rate cuts this year, which should help boost demand, especially in the value segment.

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.

The Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) will remain closed on December 25 on account of Christmas holiday.

Trading in derivatives, equities, SLBs, currency derivatives, and interest rate derivatives will remain shut for the day.

The commodity derivatives segment will also remain closed for morning and evening sessions.

Trading on the NSE and the BSE will resume on December 26 (Friday).

On December 24, the Indian equity indices ended with marginal losses, following a volatile trading session marked by muted volumes ahead of the Christmas holiday.

At close, the Sensex was down 116.14 points or 0.14 percent at 85,408.70, and the Nifty was down 35.05 points or 0.13 percent at 26,142.10.

Trent, Shriram Finance, Apollo Hospitals, UltraTech Cement, Adani Ports were among major gainers on the Nifty, while losers were Interglobe Aviation, Wipro, Dr Reddy's Labs, Sun Pharma, Tata Motors Passenger Vehicles.

Except media and metal, all other sectoral indices ended in the red with Information Technology, Oil &amp; Gas, Pharma, PSU Bank down 0.4% each.

"Nifty continued with choppy movement with weak bias on Wednesday ahead of holiday in Indian and global markets due to Christmas and closed the day lower by 35 points amidst range movement. After opening on a positive note, the market failed to continue with upside momentum in the early to mid-part of the session. Gradual weakness was seen with range bound action in the mid to later part of the session and Nifty finally closed lower," said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.

"A small negative candle was formed on the daily chart with long upper shadow. Technically, the market action of the last two sessions signal breather in the market after a stellar rise from the lows, which could be an uptrend continuation pattern."

"The present lackluster movement in the market could be short lived and Nifty could bounce back sharply from the lows in the near term. Immediate support is placed at 26000 levels and the upside resistance to be watched around 26300," Shetti added.

Indian rupee ended lower at 89.78 per dollar on Wednesday versus Tuesday's close of 89.66.

"Following two days of muted close, the Indian rupee retreated, lagging behind its Asian peers on Wednesday. This decline was driven by a shift toward risk aversion, fueled by persistent capital withdrawals from foreign investors leading up to the holiday break, alongside heightened greenback demand from bullion importers," said Dilip Parmar – Senior Research Analyst, HDFC Securities.

"Despite the central bank’s announcement of USDINR swaps and Open Market Operations (OMO), the measures failed to ignite market enthusiasm as they did little to bridge the widening gap between dollar supply and demand ahead of year end."

"The outlook for spot USDINR maintains an upward trajectory provided it holds above the 89.00 mark; however, the 90.30 level continues to act as a formidable resistance for further gains," he added.

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.

Stock market holiday today: BSE, NSE to remain shut for Christmas

The Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) will remain closed on December 25 on account of Christmas holiday.

Trading in derivatives, equities, SLBs, currency derivatives, and interest rate derivatives will remain shut for the day.

The commodity derivatives segment will also remain closed for morning and evening sessions.

Trading on the NSE and the BSE will resume on December 26 (Friday).

On December 24, the Indian equity indices ended with marginal losses, following a volatile trading session marked by muted volumes ahead of the Christmas holiday.

At close, the Sensex was down 116.14 points or 0.14 percent at 85,408.70, and the Nifty was down 35.05 points or 0.13 percent at 26,142.10.

Trent, Shriram Finance, Apollo Hospitals, UltraTech Cement, Adani Ports were among major gainers on the Nifty, while losers were Interglobe Aviation, Wipro, Dr Reddy's Labs, Sun Pharma, Tata Motors Passenger Vehicles.

Except media and metal, all other sectoral indices ended in the red with Information Technology, Oil &amp;amp; Gas, Pharma, PSU Bank down 0.4% each.

&quot;Nifty continued with choppy movement with weak bias on Wednesday ahead of holiday in Indian and global markets due to Christmas and closed the day lower by 35 points amidst range movement. After opening on a positive note, the market failed to continue with upside momentum in the early to mid-part of the session. Gradual weakness was seen with range bound action in the mid to later part of the session and Nifty finally closed lower,&quot; said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.

&quot;A small negative candle was formed on the daily chart with long upper shadow. Technically, the market action of the last two sessions signal breather in the market after a stellar rise from the lows, which could be an uptrend continuation pattern.&quot;

&quot;The present lackluster movement in the market could be short lived and Nifty could bounce back sharply from the lows in the near term. Immediate support is placed at 26000 levels and the upside resistance to be watched around 26300,&quot; Shetti added.

Indian rupee ended lower at 89.78 per dollar on Wednesday versus Tuesday's close of 89.66.

&quot;Following two days of muted close, the Indian rupee retreated, lagging behind its Asian peers on Wednesday. This decline was driven by a shift toward risk aversion, fueled by persistent capital withdrawals from foreign investors leading up to the holiday break, alongside heightened greenback demand from bullion importers,&quot; said Dilip Parmar – Senior Research Analyst, HDFC Securities.

&quot;Despite the central bank’s announcement of USDINR swaps and Open Market Operations (OMO), the measures failed to ignite market enthusiasm as they did little to bridge the widening gap between dollar supply and demand ahead of year end.&quot;

&quot;The outlook for spot USDINR maintains an upward trajectory provided it holds above the 89.00 mark; however, the 90.30 level continues to act as a formidable resistance for further gains,&quot; he added.

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.

Motilal Oswal predicts steady Indian stock growth in 2026 post-2025 consolidation., Large-cap stocks preferred for their more reasonable valuations over mid and small caps, Top investment sectors: financials, consumer discretionary, and industrials

* Motilal Oswal predicts steady Indian stock growth in 2026 post-2025 consolidation.
* Large-cap stocks preferred for their more reasonable valuations over mid and small caps
* Top investment sectors: financials, consumer discretionary, and industrials

Motilal Oswal expects steady growth for Indian stocks in 2026 after a consolidating 2025, citing strong earnings, policy support, and sectoral opportunities in large-caps, financials, consumption, and industrials, with optimism for long-term market growth.

shorts/business/after-a-year-of-consolidation-motilal-oswal-expects-markets-to-deliver-steady-growth-in-2026-check-its-favourite-sectors

* Motilal Oswal predicts steady Indian stock growth in 2026 post-2025 consolidation.
* Large-cap stocks preferred for their more reasonable valuations over mid and small caps
* Top investment sectors: financials, consumer discretionary, and industrials

Indian stock markets are likely to deliver steady growth in the upcoming year 2026 after a phase of consolidation this year, Motilal Oswal Financial Services said in its report of 2026 outlook.

Indian benchmark indices closed in the red on December 24, with <a href="https://www.moneycontrol.com/indian-indices/SENSEX-4.html">Sensex</a> falling over 116 points (0.14 percent) to 85,408.70, and <a href="https://www.moneycontrol.com/indian-indices/nifty-50-9.html">Nifty 50</a> dropping 37 points (0.14 percent) to 26,139.70.

The domestic brokerage said that Indian equity markets are entering 2026 while trading close to all-time highs. It noted that Nifty is ending the calendar year 2025 after rising 10 percent on a year-to-date basis. It however held a positive view for the next year, supported by a recovery in corporate earnings and a gradual revival in private sector investments.

"Recent and forthcoming government policy measures should further aid this recovery. The Union Budget 2026 will be a key event to watch, as it is likely to set the direction for FY2026-27," Motilal added.
<h3>'India's long-term structural growth story remains intact'</h3>
India's long-term structural growth story remains intact, supported by favourable demographics, rising digital adoption, increasing financialisation of household savings and continued reform momentum, the brokerage said. "We believe the government's ongoing policy initiatives will help reset the trajectory of corporate earnings over the medium term. Additionally, any resolution of the tariff stalemate with the US could act as an important external catalyst for markets," it added.
<h3>Largecaps over small, midcaps:</h3>
From a valuation standpoint, Motilal explained why largecaps are relatively more reasonable after recent consolidation, while midcap and small-cap stocks warrant a more selective approach, with a focus on companies that have strong balance sheets, sustainable cash flows and clear earnings visibility.

"From a valuation standpoint, the Nifty-50’s one-year forward P/E stands at 21.5x, around 4% above its long-period average (LPA) of 20.8x. In comparison, valuations in the broader market remain elevated. The Nifty Midcap-100 and Nifty Smallcap-100 are trading at P/E multiples of 28.3x and 25.9x, representing premiums of ~26% and ~50% over their respective long-term averages," it added.
<h3>Which are Motilal's favourite sectors?</h3>
From an investment perspective, Motilal held a positive stance on large-cap stocks, particularly in sectors where earnings growth is strong and valuations remain reasonable. Financials continue to be preferred segment, backed by healthy credit growth, improving return ratios and strong balance sheets. It also remains positive on consumption-linked sectors such as consumer discretionary and automobiles, as demand recovery broadens and revenue growth improves.

Industrials and capital goods remain well positioned, benefiting from government-led reforms, infrastructure spending and localisation initiatives across manufacturing, electronics, data centres and energy transition-related segments, it added. “We are constructive on IT services from a medium-term perspective, as global technology spending is expected to recover gradually with stabilising macro conditions and increased focus on digital transformation, AI and efficiency-led adoption,” the brokerage further said.
<h3>Looking back at 2025:</h3>
2025 proved to be a year of consolidation and recalibration for Indian equity markets, marked by intermittent volatility and global headwinds, Motilal said. Nifty had entered this year in correction mode after touching record highs in September 2024, with the correction extending until early April 2025 amid the imposition of trade tariffs by the US.

The brokerage noted that market movements through 2025 were largely influenced by global trade dynamics, persistent FII outflows, currency volatility and evolving geopolitical developments. Markets remained range-bound amid moderation in earnings growth across select sectors, especially in small-cap stocks, despite a relatively stable domestic macroeconomic backdrop.

Towards the end of the year, however, Motilal noted that the Nifty recovered most of its losses and went on to make new record highs, reaching 26,325 on December 1. Broader markets displayed mixed trends, with midcaps showing relative resilience, while small-caps witnessed sharper bouts of volatility.

"After two years of a sharp rally—when the Nifty Midcap100 delivered returns of 46% and 24% in 2023 and 2024, respectively, and the Nifty Smallcap100 generated 56% and 24% over the same period—2025 turned out to be a year of consolidation for the broader market. The Nifty Midcap100 managed a modest ~6% annual return, while the Nifty Smallcap100 declined by ~-6%," it said.
<h3>Which factors shaped Indian stock markets in 2025?</h3>
While listing out the domestic and global factors which shaped market performance in 2025, Motilal said that easing by the Reserve Bank of India (RBI) emerged as a key stabilising force. During the year, the Indian central bank implemented four repo rate cuts amounting to a cumulative 125 basis points, bringing the policy rate down to 5.25 percent. Motilal said that this easing cycle was supported by low inflation and resilient economic growth.

RBI’s 100 basis points Cash Reserve Ratio (CRR) cut, announced in June 2025 and implemented in four tranches also improved liquidity conditions. “The RBI also conducted multiple open market operations, including a ₹1 lakh crore government securities purchase in December 2025, to inject durable liquidity into the system,” it said.

“Overall, CY2025 was a year of consolidation marked by volatility and global uncertainty, but it also helped reset valuations and investor expectations. As we move into 2026, improving earnings visibility, supportive policy measures and the potential turnaround in FII flows create a favourable backdrop for Indian equities. We remain optimistic on the long-term compounding potential of Indian markets and advise investors to stay disciplined, focus on quality businesses and use market volatility as an opportunity to build exposure fundamentally strong businesses aligned with India’s structural growth themes,” it added.

After a year of consolidation, Motilal Oswal expects markets to deliver steady growth in 2026: Check its favourite sectors

Indian stock markets are likely to deliver steady growth in the upcoming year 2026 after a phase of consolidation this year, Motilal Oswal Financial Services said in its report of 2026 outlook.

Indian benchmark indices closed in the red on December 24, with Sensex falling over 116 points (0.14 percent) to 85,408.70, and Nifty 50 dropping 37 points (0.14 percent) to 26,139.70.

The domestic brokerage said that Indian equity markets are entering 2026 while trading close to all-time highs. It noted that Nifty is ending the calendar year 2025 after rising 10 percent on a year-to-date basis. It however held a positive view for the next year, supported by a recovery in corporate earnings and a gradual revival in private sector investments.

&quot;Recent and forthcoming government policy measures should further aid this recovery. The Union Budget 2026 will be a key event to watch, as it is likely to set the direction for FY2026-27,&quot; Motilal added.
'India's long-term structural growth story remains intact'
India's long-term structural growth story remains intact, supported by favourable demographics, rising digital adoption, increasing financialisation of household savings and continued reform momentum, the brokerage said. &quot;We believe the government's ongoing policy initiatives will help reset the trajectory of corporate earnings over the medium term. Additionally, any resolution of the tariff stalemate with the US could act as an important external catalyst for markets,&quot; it added.
Largecaps over small, midcaps:
From a valuation standpoint, Motilal explained why largecaps are relatively more reasonable after recent consolidation, while midcap and small-cap stocks warrant a more selective approach, with a focus on companies that have strong balance sheets, sustainable cash flows and clear earnings visibility.

&quot;From a valuation standpoint, the Nifty-50’s one-year forward P/E stands at 21.5x, around 4% above its long-period average (LPA) of 20.8x. In comparison, valuations in the broader market remain elevated. The Nifty Midcap-100 and Nifty Smallcap-100 are trading at P/E multiples of 28.3x and 25.9x, representing premiums of ~26% and ~50% over their respective long-term averages,&quot; it added.
Which are Motilal's favourite sectors?
From an investment perspective, Motilal held a positive stance on large-cap stocks, particularly in sectors where earnings growth is strong and valuations remain reasonable. Financials continue to be preferred segment, backed by healthy credit growth, improving return ratios and strong balance sheets. It also remains positive on consumption-linked sectors such as consumer discretionary and automobiles, as demand recovery broadens and revenue growth improves.

Industrials and capital goods remain well positioned, benefiting from government-led reforms, infrastructure spending and localisation initiatives across manufacturing, electronics, data centres and energy transition-related segments, it added. “We are constructive on IT services from a medium-term perspective, as global technology spending is expected to recover gradually with stabilising macro conditions and increased focus on digital transformation, AI and efficiency-led adoption,” the brokerage further said.
Looking back at 2025:
2025 proved to be a year of consolidation and recalibration for Indian equity markets, marked by intermittent volatility and global headwinds, Motilal said. Nifty had entered this year in correction mode after touching record highs in September 2024, with the correction extending until early April 2025 amid the imposition of trade tariffs by the US.

The brokerage noted that market movements through 2025 were largely influenced by global trade dynamics, persistent FII outflows, currency volatility and evolving geopolitical developments. Markets remained range-bound amid moderation in earnings growth across select sectors, especially in small-cap stocks, despite a relatively stable domestic macroeconomic backdrop.

Towards the end of the year, however, Motilal noted that the Nifty recovered most of its losses and went on to make new record highs, reaching 26,325 on December 1. Broader markets displayed mixed trends, with midcaps showing relative resilience, while small-caps witnessed sharper bouts of volatility.

&quot;After two years of a sharp rally—when the Nifty Midcap100 delivered returns of 46% and 24% in 2023 and 2024, respectively, and the Nifty Smallcap100 generated 56% and 24% over the same period—2025 turned out to be a year of consolidation for the broader market. The Nifty Midcap100 managed a modest ~6% annual return, while the Nifty Smallcap100 declined by ~-6%,&quot; it said.
Which factors shaped Indian stock markets in 2025?
While listing out the domestic and global factors which shaped market performance in 2025, Motilal said that easing by the Reserve Bank of India (RBI) emerged as a key stabilising force. During the year, the Indian central bank implemented four repo rate cuts amounting to a cumulative 125 basis points, bringing the policy rate down to 5.25 percent. Motilal said that this easing cycle was supported by low inflation and resilient economic growth.

RBI’s 100 basis points Cash Reserve Ratio (CRR) cut, announced in June 2025 and implemented in four tranches also improved liquidity conditions. “The RBI also conducted multiple open market operations, including a ₹1 lakh crore government securities purchase in December 2025, to inject durable liquidity into the system,” it said.

“Overall, CY2025 was a year of consolidation marked by volatility and global uncertainty, but it also helped reset valuations and investor expectations. As we move into 2026, improving earnings visibility, supportive policy measures and the potential turnaround in FII flows create a favourable backdrop for Indian equities. We remain optimistic on the long-term compounding potential of Indian markets and advise investors to stay disciplined, focus on quality businesses and use market volatility as an opportunity to build exposure fundamentally strong businesses aligned with India’s structural growth themes,” it added.

The monthly options data suggested a resistance range of 26,200–26,500, with crucial support at 26,000 for the Nifty 50.

A Chennai student team won the “Most Inspirational” award at NASA’s 2025 Space Apps Challenge for “AakashNet,” a project aiming to deliver affordable, high-speed internet to remote Indian villages using an ISRO-inspired, cost-efficient satellite model.

shorts/business/technical-view-hope-for-rebound-remains-as-long-as-nifty-defends-26-000-amid-consolidation-as-vix-hits-new-closing-low

The Nifty 50 failed to defend the 26,200 level on a closing basis for another session, closing moderately lower after consolidation on December 24. However, market participants remained hopeful for a resumption of the Santa rally, given favourable technical and momentum indicators along with the India VIX hitting a new closing low. As long as the index sustains above the 26,000 support level—which coincides with the 10- and 20-day EMAs as well as the midline of the Bollinger Bands—a rally toward 26,325–26,500 is possible once the index decisively clears 26,200, experts said.

The Nifty 50 opened flat and climbed to an intraday high of 26,236, but gradually wiped out those gains from late morning deals onward. The index slipped below 26,200 in the afternoon and closed at 26,142, down 35 points. It formed a red candle with an upper shadow on the daily charts, indicating an inability to sustain at higher levels, although the higher high–higher low formation continued.

Overall, the market action over the last two sessions signals a breather after a stellar rise from the lows, which could be an uptrend continuation pattern.

According to Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, the present lacklustre movement in the market could be short-lived, and the Nifty could bounce back sharply from the lows in the near term. “Immediate support is placed at the 26,000 level, and the upside resistance to be watched is around 26,300,” he said.

The index traded well above all key moving averages, with short-term moving averages trending upward. The RSI edged slightly lower to 57.18 but continued to remain well above the reference line. The MACD maintained a positive crossover with further upside in the histogram. The Stochastic RSI also sustained a bullish crossover. All these indicators suggest the continuation of a healthy trend.

The monthly options data suggested a resistance range of 26,200–26,500, with crucial support at 26,000 for the Nifty 50.

Bank Nifty

The Bank Nifty also ended the session lower at 59,184, down 116 points, forming a bearish candle with an upper shadow on the daily timeframe. This indicated a failure to sustain the 59,400–59,550 resistance zone, which is required for a further upward move toward the 59,800–60,000 levels.

The banking index failed to sustain above the midline of the Bollinger Bands for the second consecutive session. It also closed below the 10-day EMA and intraday tested the 20-day EMA as well as the falling resistance trendline (around 59,130). A decisive fall below the 59,100 level could bring bears back into action, followed by key support at 58,800–58,700.

The RSI, at 53.55, turned bearish, although the Stochastic RSI remained above the reference line. The MACD also stayed below the reference line, though the histogram weakness gradually faded further. All these indicators suggest a cautious undertone in the near term.

“On the downside, the index has formed a good base around 58,800, while major resistance is placed near the 59,550 level. An eventual breakout on either side of this consolidation range is likely to set up the next directional move for the index,” said Hrishikesh Yedve, AVP – Technical and Derivative Research at Asit C Mehta Investment Intermediates.

Meanwhile, the India VIX ended at a fresh closing low of 9.19, down 2 percent, and continued its downtrend for another session, which is favourable for bulls. However, being at such low levels could also lead to sharp market moves.

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.

Technical View: Hope for rebound remains as long as Nifty defends 26,000 amid consolidation as VIX hits new closing low

The Nifty 50 failed to defend the 26,200 level on a closing basis for another session, closing moderately lower after consolidation on December 24. However, market participants remained hopeful for a resumption of the Santa rally, given favourable technical and momentum indicators along with the India VIX hitting a new closing low. As long as the index sustains above the 26,000 support level—which coincides with the 10- and 20-day EMAs as well as the midline of the Bollinger Bands—a rally toward 26,325–26,500 is possible once the index decisively clears 26,200, experts said.

The Nifty 50 opened flat and climbed to an intraday high of 26,236, but gradually wiped out those gains from late morning deals onward. The index slipped below 26,200 in the afternoon and closed at 26,142, down 35 points. It formed a red candle with an upper shadow on the daily charts, indicating an inability to sustain at higher levels, although the higher high–higher low formation continued.

Overall, the market action over the last two sessions signals a breather after a stellar rise from the lows, which could be an uptrend continuation pattern.

According to Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, the present lacklustre movement in the market could be short-lived, and the Nifty could bounce back sharply from the lows in the near term. “Immediate support is placed at the 26,000 level, and the upside resistance to be watched is around 26,300,” he said.

The index traded well above all key moving averages, with short-term moving averages trending upward. The RSI edged slightly lower to 57.18 but continued to remain well above the reference line. The MACD maintained a positive crossover with further upside in the histogram. The Stochastic RSI also sustained a bullish crossover. All these indicators suggest the continuation of a healthy trend.

The monthly options data suggested a resistance range of 26,200–26,500, with crucial support at 26,000 for the Nifty 50.

Bank Nifty

The Bank Nifty also ended the session lower at 59,184, down 116 points, forming a bearish candle with an upper shadow on the daily timeframe. This indicated a failure to sustain the 59,400–59,550 resistance zone, which is required for a further upward move toward the 59,800–60,000 levels.

The banking index failed to sustain above the midline of the Bollinger Bands for the second consecutive session. It also closed below the 10-day EMA and intraday tested the 20-day EMA as well as the falling resistance trendline (around 59,130). A decisive fall below the 59,100 level could bring bears back into action, followed by key support at 58,800–58,700.

The RSI, at 53.55, turned bearish, although the Stochastic RSI remained above the reference line. The MACD also stayed below the reference line, though the histogram weakness gradually faded further. All these indicators suggest a cautious undertone in the near term.

“On the downside, the index has formed a good base around 58,800, while major resistance is placed near the 59,550 level. An eventual breakout on either side of this consolidation range is likely to set up the next directional move for the index,” said Hrishikesh Yedve, AVP – Technical and Derivative Research at Asit C Mehta Investment Intermediates.

Meanwhile, the India VIX ended at a fresh closing low of 9.19, down 2 percent, and continued its downtrend for another session, which is favourable for bulls. However, being at such low levels could also lead to sharp market moves.

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.

IndiGo shares fell over 2 percent after NOCs cleared for two new airlines, Al Hind Air and FlyExpress received government NOCs to begin operations, IndiGo holds over 60% market share; competition scrutiny underway

* IndiGo shares fell over 2 percent after NOCs cleared for two new airlines
* Al Hind Air and FlyExpress received government NOCs to begin operations
* IndiGo holds over 60% market share; competition scrutiny underway

IndiGo shares fell over 2% after the government granted no objection certificates to new airlines Al Hind Air and FlyExpress, increasing competition in India's aviation market where IndiGo holds over 60% share. The stock hit a four-session low.

shorts/business/indigo-shares-fall-2-after-govt-grants-nocs-to-two-new-airlines

The Indian equity indices ended with marginal losses on December 24, following a volatile trading session marked by muted volumes ahead of the Christmas holiday. At close, the Sensex was down 116.14 points or 0.14 percent at 85,408.70, and the Nifty was down 35.05 points or 0.13 percent at 26,142.10.

The market will remain shut on Thursday, December 25 on account of Christmas.

Also Read: <a href="https://www.moneycontrol.com/news/business/markets/unlisted-stocks-see-sharp-falls-in-msei-apollo-green-ncdex-goodluck-defence-gain-in-2025-13740261.html">Unlisted stocks see sharp falls in MSEI, Apollo Green; NCDEX, Goodluck Defence gain in 2025</a>

Trent, Shriram Finance, Apollo Hospitals, UltraTech Cement, Adani Ports were among major gainers on the Nifty, while losers were Interglobe Aviation, Wipro, Dr Reddy's Labs, Sun Pharma, Tata Motors Passenger Vehicles.

Except media and metal, all other sectoral indices ended in the red with Information Technology, Oil &amp; Gas, Pharma, PSU Bank down 0.4% each.

The BSE midcap index was down 0.3 percent and smallcap index ended flat.

In stock-specific action, Oswal Pumps rose 3 percent on order win of Rs 180 crore, Coal India shares gain on gives in-principle approval to list South Eastern Coalfields and Mahanadi Coalfields, VIP Industries shares added 9.5% post 36.8 million shares change hands in a block trade, Rail Vikas Nigam added 1% on appointing Saleem Ahmad as CMD, Monte Carlo Fashions shares shed 3% despite getting multiple LOAs from Madhya Pradesh Urja Vikas Nigam.

Also Read - <a href="https://www.moneycontrol.com/news/business/tier-2-india-s-ultra-rich-chase-double-digit-returns-lag-metros-on-succession-planning-nuvama-s-alok-saigal-explains-the-divergence-13739540.html">Tier-2 India’s ultra-rich chase double-digit returns, lag metros on succession planning: Nuvama’s Alok Saigal explains the divergence</a>

More than 100 stocks hit 52-week high, including Hindustan Copper, Manappuram Finance, IIFL Finance, City Union Bank, Hindustan Zinc, Vedanta, Can Fin Home, NALCO, Shriram Finance, Laurus Labs, AIA Engineering, Phoenix Mills, Eicher Motors, Hindalco, Vodafone Idea, MCX India, NMDC, Muthoot Finance, Granules India, Bharat Forge, among others. <a href="https://www.moneycontrol.com/stocks/market-stats/52-week-high-bse/?indexName=BSE%2520500&amp;id=12">Click to View More</a>

Outlook for December 26

Sudeep Shah, Head - Technical and Derivatives Research at SBI Securities

Nifty faced strong resistance in the 26,230–26,235 zone, which coincides with the previous session’s high area and gradually drifted lower as the day progressed to close at 26,142 down 0.13%. For the second consecutive session, the index failed to register a decisive close above this resistance zone. On the daily chart, Nifty formed a small-bodied candle with pronounced upper wicks, highlighting persistent selling pressure at higher levels and an inability to sustain the upside momentum.

Going ahead, for Nifty, 26,200-26,250 will act as important resistance. Any sustained move above the 26,250 level could lead to continuation of an up move towards the 26,350 level, followed by 26,500. On the downside, the 20-day EMA zone of 26,050-26,000 will act as an immediate support for the index.

Since breaking below its upward-sloping trendline on 17th December, Bank Nifty has continued to trade beneath this key resistance. Despite multiple intraday attempts to reclaim the trendline and settle higher, the index has consistently failed to do so. Over the last five trading sessions, Bank Nifty has formed candles with noticeable upper wicks, indicating supply emerging at higher levels. A meaningful directional move is unlikely unless the index delivers a strong and decisive close above the trendline.

Going ahead, 59,000-58,900 will act as an immediate support for the index. Any sustainable move below the 58,900 level can lead Index moving down till 58,600 followed by 58,300 level in the short term. While on the upside, the zone of 59,500-59,600 will act as a strong resistance for the index.

Hrishikesh Yedve, AVP Technical and Derivative Research, Asit C. Mehta Investment Interrmediates

The Nifty index began the day on a flat note, witnessed range-bound consolidation, and eventually settled on a negative note at 26,142. Technically, on the daily chart, Nifty formed a shooting star candle, reflecting selling pressure at higher levels. The next major hurdle for the index is placed in the 26,250–26,325 zone, while immediate support is seen near the 26,050 level, followed by 25,990, where the bullish gap support is placed. Thus, the index is likely to consolidate in the 25,990–26,325 band in the short term, and traders are advised to maintain a stock-specific approach.

The Bank Nifty index opened on a flat note, witnessed selling pressure, and settled on a negative note at 59,184. Technically, on the daily chart, the Bank Nifty index has formed a red candle with a long upper shadow, reflecting selling pressure at higher levels. On the downside, the index has formed a good base around 58,800, while major resistance is placed near the 59,550 level. An eventual breakout on either side of this consolidation range is likely to set up the next directional move for the index.

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 decision.

Taking Stock: Sensex, Nifty down marginally amid volatility; FMCG, PSU Bank, pharma drag

The Indian equity indices ended with marginal losses on December 24, following a volatile trading session marked by muted volumes ahead of the Christmas holiday. At close, the Sensex was down 116.14 points or 0.14 percent at 85,408.70, and the Nifty was down 35.05 points or 0.13 percent at 26,142.10.

The market will remain shut on Thursday, December 25 on account of Christmas.

Also Read: Unlisted stocks see sharp falls in MSEI, Apollo Green; NCDEX, Goodluck Defence gain in 2025

Trent, Shriram Finance, Apollo Hospitals, UltraTech Cement, Adani Ports were among major gainers on the Nifty, while losers were Interglobe Aviation, Wipro, Dr Reddy's Labs, Sun Pharma, Tata Motors Passenger Vehicles.

Except media and metal, all other sectoral indices ended in the red with Information Technology, Oil &amp;amp; Gas, Pharma, PSU Bank down 0.4% each.

The BSE midcap index was down 0.3 percent and smallcap index ended flat.

In stock-specific action, Oswal Pumps rose 3 percent on order win of Rs 180 crore, Coal India shares gain on gives in-principle approval to list South Eastern Coalfields and Mahanadi Coalfields, VIP Industries shares added 9.5% post 36.8 million shares change hands in a block trade, Rail Vikas Nigam added 1% on appointing Saleem Ahmad as CMD, Monte Carlo Fashions shares shed 3% despite getting multiple LOAs from Madhya Pradesh Urja Vikas Nigam.

Also Read - Tier-2 India’s ultra-rich chase double-digit returns, lag metros on succession planning: Nuvama’s Alok Saigal explains the divergence

More than 100 stocks hit 52-week high, including Hindustan Copper, Manappuram Finance, IIFL Finance, City Union Bank, Hindustan Zinc, Vedanta, Can Fin Home, NALCO, Shriram Finance, Laurus Labs, AIA Engineering, Phoenix Mills, Eicher Motors, Hindalco, Vodafone Idea, MCX India, NMDC, Muthoot Finance, Granules India, Bharat Forge, among others. Click to View More

Outlook for December 26

Sudeep Shah, Head - Technical and Derivatives Research at SBI Securities

Nifty faced strong resistance in the 26,230–26,235 zone, which coincides with the previous session’s high area and gradually drifted lower as the day progressed to close at 26,142 down 0.13%. For the second consecutive session, the index failed to register a decisive close above this resistance zone. On the daily chart, Nifty formed a small-bodied candle with pronounced upper wicks, highlighting persistent selling pressure at higher levels and an inability to sustain the upside momentum.

Going ahead, for Nifty, 26,200-26,250 will act as important resistance. Any sustained move above the 26,250 level could lead to continuation of an up move towards the 26,350 level, followed by 26,500. On the downside, the 20-day EMA zone of 26,050-26,000 will act as an immediate support for the index.

Since breaking below its upward-sloping trendline on 17th December, Bank Nifty has continued to trade beneath this key resistance. Despite multiple intraday attempts to reclaim the trendline and settle higher, the index has consistently failed to do so. Over the last five trading sessions, Bank Nifty has formed candles with noticeable upper wicks, indicating supply emerging at higher levels. A meaningful directional move is unlikely unless the index delivers a strong and decisive close above the trendline.

Going ahead, 59,000-58,900 will act as an immediate support for the index. Any sustainable move below the 58,900 level can lead Index moving down till 58,600 followed by 58,300 level in the short term. While on the upside, the zone of 59,500-59,600 will act as a strong resistance for the index.

Hrishikesh Yedve, AVP Technical and Derivative Research, Asit C. Mehta Investment Interrmediates

The Nifty index began the day on a flat note, witnessed range-bound consolidation, and eventually settled on a negative note at 26,142. Technically, on the daily chart, Nifty formed a shooting star candle, reflecting selling pressure at higher levels. The next major hurdle for the index is placed in the 26,250–26,325 zone, while immediate support is seen near the 26,050 level, followed by 25,990, where the bullish gap support is placed. Thus, the index is likely to consolidate in the 25,990–26,325 band in the short term, and traders are advised to maintain a stock-specific approach.

The Bank Nifty index opened on a flat note, witnessed selling pressure, and settled on a negative note at 59,184. Technically, on the daily chart, the Bank Nifty index has formed a red candle with a long upper shadow, reflecting selling pressure at higher levels. On the downside, the index has formed a good base around 58,800, while major resistance is placed near the 59,550 level. An eventual breakout on either side of this consolidation range is likely to set up the next directional move for the index.

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 decision.

8 out of 14 years NIFTY CONSUMPTION has given positive returns in December.

Type	R1	R2	R3	PP	S1	S2	S3
Classic	12,303.55	12,334.80	12,359.80	12,278.55	12,247.30	12,222.30	12,191.05
Fibonacci	12,300.04	12,313.31	12,334.80	12,278.55	12,257.06	12,243.79	12,222.30
Camarilla	12,277.46	12,282.61	12,287.77	12,278.55	12,267.14	12,261.99	12,256.83

INDEX CONTRIBUTION - NIFTY Consumption

Net Contribution

MC TechnicalsPRO

Pivot levels

Seasonality analysis

News

Moving Averages
Technical Indicators
Moving Averages Crossovers