The Indian equity market kicked off 2026 on a cautious note, with benchmark indices ending Thursday’s session mixed amid thin volumes and a lack of fresh triggers. As traders gear up for Friday’s session, focus shifts to stock-specific action, key technical levels on the Nifty 50, movements in gold and silver prices, and the near-term outlook for USD vs INR.
Market Close: Nifty Flat, Sensex Slightly Lower
The Nifty 50 ended Thursday marginally higher at 26,146.55, up 0.06 per cent, while the BSE Sensex slipped 0.04 per cent to close at 85,188.60, according to exchange data. Trading remained range-bound as global markets were largely shut for New Year holidays.
Vinod Nair, Head of Research at Geojit Investments Ltd, said the market lacked strong cues. He noted that continued foreign institutional investor (FII) outflows and thin liquidity kept sentiment in check. According to him, upcoming Q3 earnings, Budget expectations, global cues such as the India–US trade deal, and potential US Fed actions are likely to shape market direction in the coming weeks, with earnings growth remaining the key theme for 2026.
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Nifty 50 Outlook: Key Levels to Watch
Analysts at Bajaj Broking expect the Nifty 50 to inch higher in the near term. The index faces a crucial resistance zone at 26,250–26,350, where some consolidation is possible. On the downside, 26,000 remains the immediate support level to watch for traders.
Gold and Silver Rates Today: MCX Check
Gold prices on the Multi Commodity Exchange (MCX) eased slightly on Thursday. Gold futures were down ₹114, or 0.08 per cent, at ₹1,35,690 per 10 grams as of 5:30 pm IST.
Ponmudi R, CEO at Enrich Money, said the broader trend in gold remains positive. He highlighted that prices continue to hold above the 20-day EMA near ₹1,33,980. A decisive move above ₹1,35,700 could open the door for ₹1,36,000–₹1,36,500, while immediate support lies at ₹1,34,500.
Silver prices on MCX also ended marginally lower, slipping ₹73 to ₹2,35,800 per kg. Ponmudi added that silver remains well-supported by safe-haven demand and industrial usage, with support seen in the ₹2,33,000–₹2,30,000 zone and upside potential towards ₹2,37,000–₹2,38,000.
USD vs INR: Range-Bound Trade Likely
The Indian rupee weakened slightly against the US dollar amid thin liquidity during the New Year holiday session. Dilip Parmar, Senior Research Analyst at HDFC Securities, said the lack of strong domestic or global cues kept the currency range-bound.
He expects USD/INR to find support near 89.40 and face resistance around 90.26 in the near term.
Stocks to Buy or Sell Today: Expert Picks for Friday
Market experts have shortlisted eight stocks for Friday’s trade, based on technical setups and momentum.
Stocks Recommended by Sumeet Bagadia (Choice Broking)
Indus Towers
Buy at: ₹436 | Target: ₹468 | Stop loss: ₹420
The stock remains in a strong bullish trend, trading above key moving averages and posting fresh 52-week highs.
JK Tyre & Industries
Buy at: ₹517 | Target: ₹551 | Stop loss: ₹500
A breakout from consolidation, backed by volumes, signals a potential continuation of the uptrend.
Stocks Recommended by Ganesh Dongre (Anand Rathi)
CG Power and Industrial Solutions
Buy at: ₹639 | Target: ₹660 | Stop loss: ₹628
A bullish reversal pattern suggests scope for a short-term retracement towards higher levels.
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Steel Authority of India
Buy at: ₹149 | Target: ₹158 | Stop loss: ₹142
The stock has shown a reversal from a strong support zone, indicating potential upside.
Sun Pharmaceutical Industries
Buy at: ₹1,725 | Target: ₹1,770 | Stop loss: ₹1,700
Sun Pharma continues to display a bullish structure, supported by strong price action near key support.
Stocks Recommended by Shiju Koothupalakkal (PL Capital, Prabhudas Lilladher)
Shakti Pumps India
Buy at: ₹739.30 | Target: ₹777 | Stop loss: ₹720
A flag pattern breakout with rising volumes points to further upside potential.
Fortis Healthcare
Buy at: ₹900 | Target: ₹955 | Stop loss: ₹880
After a healthy correction, the stock is showing signs of revival with improving momentum.
Manappuram Finance
Buy at: ₹314 | Target: ₹335 | Stop loss: ₹307
The stock has regained strength after consolidation and continues to trade with a positive bias.
Disclaimer: This article is for informational and educational purposes only. Stock market investments are subject to market risks. Readers are advised to consult certified financial advisors before making any investment decisions.
