Nifty and Sensex Close Lower Amid Mixed Trends
In the stock market update, the domestic market closed in the red on Monday, December 16, as key indices registered declines after a choppy trading session. The Nifty 50 ended 0.4% lower at 24,668.25, down from its previous close of 24,768.30. Similarly, the BSE Sensex dropped 0.47%, closing at 81,748.57 compared to 82,133.12 in the previous session. The markets were weighed down by a sharp sell-off in IT and financial stocks, which erased gains led earlier in the day by Pharma and PSU stocks.
Market experts maintain a positive outlook despite the sluggish movement. Analysts highlight that the Nifty index faces resistance at 24,800, and a decisive breakout above this level could drive further gains. On the downside, key support for the index stands at 24,500 points. For Bank Nifty, which closed near 53,600, experts suggest a breakout above 53,900 could signal an upward move, while support remains strong at 52,600 points. Overall, analysts emphasize that maintaining these levels will be crucial for the market to sustain its bullish sentiment.
US Dollar Index Shows Signs of Weakness
The US Dollar Index Spot was trading 0.12% lower at 106.87 as of 12:45 p.m. (EST) on Monday, December 16, according to Bloomberg. Despite strengthening over 6% this year, the outlook for the US dollar has turned cautious. Analysts note that Wall Street is becoming increasingly bearish on the currency, with factors like anticipated Federal Reserve interest rate cuts and evolving US economic policies under scrutiny. Experts predict the dollar could face significant pressure in the second half of 2025.
In the stock market update, these developments are likely to have a broader impact on emerging market currencies, with investors closely monitoring economic cues from the US. As global markets adjust to shifting monetary policies, forex trends will remain key indicators for equity market momentum.
Top 5 Stock Picks for Tuesday
Stock market experts have identified five stocks for investors to consider for Tuesday’s trading session:
- Kaynes Technology India Ltd. (KAYNES): Analysts recommend buying at ₹7,119.75 with a target price of ₹7,600 and a stop loss at ₹6,860. The stock is trading near its all-time high, showing strong bullish momentum and supported by higher trading volumes. Key technical indicators, including the RSI at 80.29, confirm its upward trend.
- Lloyds Metals and Energy Ltd. (LLOYDSME): The stock offers a buy opportunity at ₹1,148.75 with a target of ₹1,210 and a stop loss at ₹1,105. A strong breakout and rising volumes indicate positive momentum, and the stock is trading above its crucial moving averages.
- Manappuram Finance Ltd. (MANAPPURAM): Investors can buy at ₹185, targeting ₹198 with a stop loss at ₹178. A price reversal pattern signals potential upward momentum, positioning traders to capitalize on the stock’s anticipated rally.
- Emami Ltd. (EMAMILTD): Analysts recommend buying at ₹598, with a target of ₹615 and a stop loss at ₹585. A bullish reversal pattern and strong support levels indicate upward potential for the stock.
- Kotak Mahindra Bank Ltd. (KOTAKBANK): With a breakout observed at ₹1,805, traders are advised to buy for a target price of ₹1,840. A stop loss at ₹1,760 is recommended to manage risk, while RSI indicators show rising buying momentum.
In the stock market update, market participants are encouraged to monitor these stocks closely, focusing on technical indicators and support-resistance levels to maximize gains amid volatile trends.
