The Indian equity market is poised for a cautiously optimistic start to the second trading session of 2026, drawing stability from steady domestic institutional support. With global markets like the Shanghai Stock Exchange and US bourses reopening after the New Year holiday, overseas cues are limited, leaving early trade dynamics largely in the hands of local factors.
Market Sentiment and Technical Outlook
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, maintains an optimistic to positive view on market sentiment. She notes that the Nifty 50 index concluded its first session of the year in a flat manner near the 26,150 zone, with a positive bias anticipating further gains.
According to Parekh, the index is now close to its immediate resistance at 26,200. A visible trend reversal pattern on the charts suggests the index is well-positioned to breach this hurdle. A decisive move above this level could trigger a fresh upward breakout in the coming days.
The analyst identified 26,000 as the immediate support for Nifty, with a stronger base at 25,850. On the higher side, resistance is placed at 26,300.
Bank Nifty in a Narrow Range
The banking index mirrored the broader market, ending marginally in the green near 59,700. Parekh stated that the Bank Nifty needs a clear breakout above the tough 59,800 resistance to initiate a fresh upward move. Its crucial support is held near the 58,700 level. The expected daily range for the index is between 59,400 and 60,300.
Vaishali Parekh's Intraday Stock Picks for Today
For today's trading session, Vaishali Parekh has recommended three stocks for purchase:
1. Finolex Industries: Buy at ₹173, target ₹182, stop loss ₹169. The stock has formed a rounding bottom pattern, signaling a potential new bullish trend.
2. Astral: Buy at ₹1,420, target ₹1,480, stop loss ₹1,400. The scrip is currently in an oversold territory on the technical chart, with signs of a trend reversal.
3. Samvardhana Motherson: Buy at ₹120, target ₹127, stop loss ₹118. The stock is on the verge of a breakout at the ₹123 mark, supported by high trading volumes.
Gold and Silver Prices Dip
Precious metals witnessed a marginal decline. On the Multi-Commodity Exchange (MCX), gold futures fell by 0.08% or ₹114 to settle at ₹1,35,690 per 10 grams as of 5:30 PM IST.
Silver futures also edged lower, closing down 0.03% or ₹73 at ₹2,35,800 per kilogram.
Investors are advised to monitor the movement in bullion prices closely as global markets resume full-scale operations.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
