Taking Stock: Sensex, Nifty end flat in rangebound session; IT top drag

The BSE midcap index ended flat, while smallcap index rose 0.4 percent.

Also Read: Nifty near record highs, but 9 in 10 stocks are still deep in the red

In stock-specific action, Belrise Industries share price added 5% on 5.83 crore shares block deal, Puravankara shares jumped 6% on acquiring 53-acre land parcel in Bengaluru, Antony Waste Handling Cell shares added 6% on bagging contract worth Rs 329.45 crore, Restaurant Brands Asia shares gained 3% on block deal of 72.2 lakh shares.

GPT Infraprojects share price rose nearly 3% on order win of Rs 670 crore, SRM Contractors share price fell 6% post CEO resignation, Shakti Pumps share price rose 2% on order win worth Rs 356.77 crore, Dev Information Technology shares gained 4% on securing order from Knowledge Consortium of Gujarat.

Also Read - India’s AIF industry confronts its disclosure dilemma

Nearly 100 stocks hit 52-week high, including NMDC, Hindustan Copper, Vodafone Idea, City Union Bank, UPL, NALCO, Hindustan Zinc, Eicher Motors, MCX India, Maruti Suzuki, Laurus Labs, M&M Financial, among others. Click to View More

Outlook for December 24

Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities

After showing sharp upmove in the last couple of sessions, Nifty cooled off its trend on Tuesday and closed the day on a consolidation mode. After opening on a positive note, the market shifted into a narrow range movement for better part of the session. Minor softness was seen towards the end and Nifty eventually closed on a flat to positive note.

A small red candle was formed on the daily chart with minor upper and lower shadow. Technically, this market action indicates a formation of breather type pattern after a sharp upmove recently. This market action could be an uptrend continuation pattern.

The underlying trend of Nifty remains positive. The market is expected to resume its uptrend after 1 or 2 sessions of consolidation movement or range bound action. Immediate support is placed at 26050. Next upside levels to be watched around 26300-26400 levels.

Ajit Mishra – SVP, Research, Religare Broking

Markets traded in a subdued manner on the weekly expiry day and ended almost unchanged, taking a pause after the recent rebound. Following a steady start, the Nifty oscillated within a tight range with a mild positive bias and eventually settled at 26,177.15. Sectoral participation remained rotational, with metals, FMCG and energy witnessing buying interest, while IT and pharma saw selective pressure. The broader markets moved largely in line with the benchmark and closed flat to marginally positive.

With the holiday-shortened week ahead of the New Year and the absence of major domestic triggers, global cues continue to dictate market direction. This has led to selective positioning rather than aggressive trades, while foreign flows remained mixed.

Going forward, some consolidation in the index is likely after the recent rebound; however, the overall tone is expected to remain positive. We therefore continue to recommend a buy-on-dips approach, with an emphasis on stock selection based on relative strength. A decisive move above the 26,300 level would be required to generate fresh directional momentum, while support remains intact in the 25,950–26,050 zone.

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.