Breakout stocks to buy or Sell – Sumeet Bagadia

Indian benchmark indices ended lower on Monday amid muted year-end volumes and absence of strong directional cues, pointing towards near-term consolidation.

The Sensex declined for the fourth consecutive session, slipping 345.91 points (0.41%) to close at 84,695.54. The NSE Nifty 50 also ended in the red for the third straight day, down 100.20 points (0.38%) at 25,942.10.

Nifty 50 View

On December 29, the Nifty 50 remained range-bound as selective profit-booking and thin participation capped upside momentum.

According to Sumeet Bagadia, the daily candlestick reflected a bearish bias, with the index failing to sustain above intraday highs, indicating waning upside strength. On the hourly chart, repeated formation of lower highs signaled short-term consolidation, with resistance continuing to reject rallies. Although buying emerged at lower levels, it lacked conviction to trigger a meaningful rebound.

Technically, immediate resistance is placed at 26,050–26,100, while 25,800–25,850 remains a crucial support zone. Overall sentiment remains cautious, with the index stuck in a consolidation phase.

Bank Nifty View

The Bank Nifty closed marginally lower, but showed a mild recovery in the latter half of the session as selective buying in private and PSU banks offered support.

Bagadia noted that early weakness followed by recovery attempts points to short-term consolidation with cautious optimism. On the hourly chart, late-session buying helped the index reclaim intraday support levels, suggesting tentative accumulation and easing selling pressure. However, the recovery lacked momentum to decisively cross key resistance.

From a technical standpoint, immediate resistance is seen at 59,150–59,250, while support lies at 58,600–58,700. The 58,600 zone continues to act as a strong demand area for positional traders. Overall, Bank Nifty remains range-bound with a mild upside bias.