Exclusive Technical Analysis of the Market by Nagaraj Shetti
Senior Technical Research Analyst, HDFC Securities
🕗 Last Updated: 5 January 2026, 6.00 AM
🔔 Nifty Market Update – 6 January 2026
After witnessing a decisive break out of the crucial hurdle of around 26200 levels on Friday, Nifty slipped into minor weakness on Monday and closed the day lower by 78 points. After opening on a positive note, the market surged higher in the early part and registered new all-time highs at 26373 levels. The profit booking has emerged from the new highs in the mid to later part of the session and Nifty closed the day lower with minor recovery note.
A reasonable red candle was formed on the daily chart with minor upper and lower shadow. Technically, the market is placed at the crucial support zone as per the concept of change in polarity. The recent breakout of hurdles remains valid and Nifty is expected to bounce back from the lows in the short term.
The underlying trend of the market remains positive. Nifty is expected to bounce back from near the important support of around 26200-26150 levels in the next 1-2 sessions. The near-term upside target to be watched around 26700.
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Stock recommendations by Nagaraj Shetti
Stock Recommendations by Nagaraj Shetti (HDFC Securities)
Senior Technical Analyst Nagaraj Shetti has identified a select group of stocks showing strong chart setups and momentum for short-term traders.
According to him, the near-term market structure remains supportive for selective long positions, especially in scrips showing breakouts above key resistance levels and higher-high formations on the daily chart.
Shetti recommends traders focus on stocks with rising volumes and bullish crossover patterns on the short- and medium-term moving averages.
He advises maintaining strict stop-loss levels and booking partial profits near resistance bands.
These recommendations are part of his latest weekly outlook published in Chanakya Ni Pothi, providing guidance on potential outperformers for the coming sessions.
