Trade Setup for December 26: Market Direction After Christmas and Stocks to Watch

trade Setup for December 26: ITS Future Market Direction Post-Christmas and the Stocks’ to Focus On

The stock market at the beginning of the week on December 23,flashed positive indicators, however, it could not be maintained further. On the 24th the last days of the year and a few hours before the lated, the market went below 23,750 points. It began well, but around the 23900 level and higher selling came into the market and the market turned negative. FIIs sell for the fifth consecutive day while DIIs were net buyers on Tuesday. On a sectoral basis, metal counters pulled down the market while auto counters showed mixed movement. Tata Group stocks were up by as much as 13% on the information on Tata Capital’s IPO.

Market Outlook: What’s Next?

According to Vinod Nair of Geojit Financial Services, the near-term action plan for the market will be triggered by the corporate results of the September quarter and the budget. He also warned signals associated with the appreciation of dollar, the yields on bonds and expectations of rate cuts.

Sameer, the head of technicals at Samco Securities, warned of a cluster of strong resistance at 23,870. However, if the market fails to hold above 23,535, then this will pull the market down again to 23,300. Nevertheless, due to the lowering of the India VIX to 13.18 in the short term there is a possibility for further bullish movement.

Nagaraj Shetti of HDFC Securities predicted a resistant range of Nifty at 23900-24000 while support level for Nifty was at 23500. The monthly expiry was bearish for Nifty Bank as it trading in a tight range of 51,382-51,137 on Tuesday. Mehra pointed out that the weekly RSI is lower than the daily one, showing that the daily RSI is in the oversold territory, which may indicate short-term bounce. If Nifty Bank is able to push beyond 51,800 and close above, then there might be a very swift move up. But if it goes below the 50,750 level it can easily go down drastically.

Stocks to Watch on Thursday

1. Nalco India: Nalco entered in to a fresh mining lease deed for Utkal-D and Utkal-E coal blocks to increase the production capability in coal to 40 MTPA. The lease is in force till the period April 21, 2051 in accordance with the agreement that is personally signed by the player and the team.
2. BPCL: Bharat Petroleum with lowest bid for 150 MW solar PV power project for NTPC. The total cost for undertaking the project is estimated to be ₹756.45 crore, and slated to generate revenue of ₹100 crore per annum.
3. Bharat Forge: To fund the arm’s growth, the company is to invest ₹3.9 crore in its subsidiary Bharat Forge Global Holding.
4. ICICI Bank: One of the private banking giants of the world is set to unveal its December quarter earnings on the 25th of January.
5. Panacea Biotec: UNICEF placed an order for 11.5 crore bivalents oral polio vaccines for the bOPV financial year for 2025 with the company. DigiTech has signed the above deal for ₹50 Lakh, out of which FreeCharge can gating ₹50 crore ($6 million) whereas Snapdeal can gating ₹127 crore ($15 million).
6. Ramky Infrastructure: It got a ₹215.08 crore order from Hyderabad Metropolitan Water Supply and Sewerage Board.
7. Apollo Hospitals: Its subsidiary Apollo HealthCo is on the verge of acquiring the software sector of the Searchlight Health in ₹ 67.5 crore.
8. Ceigall India: The company said that its subsidiary entered into an agreement with NHAI for a ₹981 crore project.

Also Read : Gainers & Losers: Market Slows Down Ahead of Christmas, Intraday Gains Shine in Select Stocks

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