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Following a sharp 1000-point rebound from recent lows, the bulls took a breather as prices approached a key resistance zone on the daily chart. The Nifty is currently placed at the hurdle of down sloping trend line-connected from the swing highs of September and December 2024 around 23,800 levels.
Midcap outperformance continued as the Midcap Index gained nearly 1%, rising 367 points to 54,181.
Consumption stocks underperformed following mixed Q3 results from Asian Paints and Titan. The top five Nifty losers were consumption names — Asian Paints, Nestlé, Titan, HUL, and Britannia.
Meanwhile, oil and gas stocks saw buying interest, with ONGC and BPCL among the top Nifty gainers. ITC and SBI slipped, while Hero Moto ended with minor gains ahead of its Q3 results.
It appeared that traders preferred to book some of their long positions around the key resistance, given the upcoming domestic events, including the MPC (Monetary Policy Committee) outcome and Delhi state election results.
Additionally, global factors such as the ongoing trade war continue to add an element of uncertainty.
Thursday will be the weekly options expiry of the Nifty 50 contracts. The India VIX stood at 14.18, indicating reduced volatility and raising the prospects of a potential rebound in the coming sessions.
Stocks like Bharti Airtel, Britannia, Hero Moto, ITC, SBI, Trent, Apollo Tyres, Aurobindo Pharma, BEML, MRF, among others will be reporting their December quarter earnings on Thursday.
What do the Nifty 50 charts indicate?
The Nifty remained mostly sideways during the session before closing slightly lower. On the lower end, the fall was limited to around 23,700, while the upside was capped at approximately 23,800.
However, in the short term, the trend continues to favor the bulls as the index remains above the critical moving average, supporting a bullish outlook. On the higher end, the index may continue to move towards 24,050 in the near term. Meanwhile, support is placed at 23,500, where maximum put writing is visible, said Rupak De of LKP Securities.
According to Nagaraj Shetti of HDFC Securities, the bullish higher tops and bottoms pattern has started to form on the daily chart. Hence, any dip from here could be a buying opportunity.
“A decisive move above 23,800 could open next upside towards 24,100-24,200 levels. Immediate support is placed at 23,500 levels,” he said.
The Nifty remains above the 9 DMA and 20 DMA, signaling underlying strength in the broader trend, Om Mehra of SAMCO Securities said.
Mehra added that the hourly chart retains a bullish structure, suggesting a pullback toward the 23,600–23,620 zone could present an attractive short-term buying opportunity. Support is positioned at 23,550, providing a firm base in the short term. The overall outlook for Nifty remains positive, with the possibility of some consolidation.
What do the Nifty Bank charts indicate?
The Nifty Bank concluded the session at 50,343.05, registering a gain of 0.37%. However, the index formed a runaway bearish candle, indicating caution and a potential short-term pullback.
Despite this, its position above the 9 DMA and 20 DMA reflects underlying resilience in the medium term. The support is placed around 49,700–49,800, while any pullback towards 50,000 could present a buying opportunity. The resistance remains near 51,820, aligning with the 50% Fibonacci retracement level, said Om Mehra of SAMCO Securities.
Here are the stocks to watch ahead of Thursday’s trading session:
Swiggy | Food delivery aggregator reported a net loss of ₹800 crore for the December quarter, wider than the loss of ₹574 crore which it reported during the same quarter last year. Swiggy’s revenue went up by 31% on a year-on-year basis to ₹3,993 crore from ₹3,049 crore last year. Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) was at a negative ₹725 crore, which was also wider than the loss of ₹525 crore last year.
IndiGo | The company said it has been levied with penalties totalling ₹115.87 crore by the GST authorities. The penalties include ₹113.02 crore imposed by the Additional Commissioner of Central Goods & Service Tax — Delhi South Commissionerate, and ₹2.84 crore by the Joint Commissioner of GST & Central Excise – Chennai South – Tamil Nadu. The violations, as per the authorities, are primarily related to the levy of GST on services provided to offshore recipients, which the department has determined is not an export of services.
Info Edge | Job portal Naukri.com’s parent firm announced its approval to enter into a contribution agreement with the IE Venture Investment Fund III, a scheme to be launched by Karkardooma Trust. The company plans to commit up to ₹1,000 crore to the fund, either directly or through its wholly-owned subsidiaries, pending approval from SEBI and the shareholders of Info Edge.
Kansai Nerolac | Paint maker reported a 341.4% year-on-year (YoY) jump in net profit at ₹680.9 crore for the third quarter that ended December 31, 2024, compared to ₹154.3 crore in Q3 FY24. The figure includes a profit of ₹665.4 crore from the sale of land in Lower Parel, Mumbai. Revenue from operations increased 0.2% to ₹1,921.9 crore against ₹1,918.7 crore in the corresponding period of the preceding fiscal.
Sula Vineyards | Wine maker reported a 34.9% decline in net profit to ₹28 crore in Q3 FY25, down from ₹43 crore a year earlier. During the three months ended 2024, revenue slipped 1.4% to ₹200 crore, while EBITDA fell 26.1% to ₹53 crore. Margins contracted to 26.5% from 35.3% due to higher costs and lower operating leverage. In a nine-month period, the company posted a net revenue of ₹489.2 crore, up 1.7% YoY.
Sagility India | Healthtech services provider reported a 207.2% year-on-year (YoY) jump in net profit at ₹216.9 crore for the third quarter that ended December 31, 2024. The company posted a net profit of ₹70.6 crore in the year-ago quarter. Revenue from operations increased 15.3% to ₹1,453 crore against ₹1,260 crore in the corresponding period of the preceding fiscal.
