Morning Action @ 7:00 AM — Friday, December 26th 2025.

# Across Dalal Street, bulls whisper a simple prayer: may Santa finally arrive.

# Our Call of the Day: It’s likely to be a day marked by wild swings.

Blame it on FIIs turning out net sellers to the tune of Rupees 1721 Crores in Wednesday’s trade.

# That said, the 2-Positive Catalysts keeping downside limited are likely to be:

1) Strong global cues with festive optimism in the air.

2) Murmurs of another quarter-point rate cut from the Federal Reserve are acting as a safety net—cushioning the downside and keeping bullish hopes firmly alive.

# Long Story Short: While Wall Street’s momentum remains strong, Nifty’s bullish mood could stay somewhat restrained as the street keeps a close watch on whether the prevailing macro environment can continue to support earnings prospects in 2026.

# 7:00 AM GLOBAL UPDATE:
GIFT Nifty ????????: (-52, 26125)
Dow Futures: (+15, 49044)
Nasdaq 100 Futures (+30, 25910)

Nikkei (+445, 50853)
Hang Seng (Closed, 25819)

Dow Jones (+289, 48731)
Nasdaq Composite (+51, 23613)
Bovespa (+2314, 160456).

# MARKET TRENDS:
Global cues: Positive
FII: (-1721.30 crores)
DII: (+2381.30 crores)
Sentiment: Neutral
Market Breadth: Neutral
Technicals: Consolidation
F&O: 25700 - 26700 zone.

INDIA VIX 9.19 (-2.00%)
USD/INR Futures (December) (89.84)
NIFTY PCR (30th December) 0.91
Bank Nifty PCR (30th December) 0.69

# Nifty Outlook: Nifty may consolidate. No massive rally in sight. Nifty may struggle for direction.

# WHAT TECHNICALS TELLS US ON NIFTY & BANK NIFTY:

NIFTY (CMP 26142):
SUPPORT: 26047/25903
RESISTANCE: 26326/26900
RANGE: 26050-26250
BIAS: Neutral
21 DMA: 26025
50 DMA: 25892
200 DMA: 24862

SENSEX (CMP 85409)
SUPPORT: 85151/84231
RESISTANCE: 86200/87100
RANGE: 85100-85700
BIAS: Neutral
21 DMA: 85169
50 DMA: 84619
200 DMA: 81485

BANK NIFTY (CMP 59184)
SUPPORT: 58700/58100
RESISTANCE: 59600/60115
RANGE: 58700-59600
BIAS: Neutral
21 DMA: 59314
50 DMA: 58639
200 DMA: 55646

WHAT HAPPENED AT WALL STREET IN WEDNESDAY’S TRADE:

# At Wall Street, the S&P 500 and the Dow Jones closed at a fresh record high and all the three key equity indices at Wall Street marched higher for a 5th consecutive session

# As on Wednesday's closing bell, the S&P 500 gained 0.4% and the Dow jumped 0.7%, both at record highs, while the Nasdaq 100 gained 0.3%.

# Gold prices ($4515 per ounce) have surged past $4,500 per ounce to a fresh record, driven by expectations of further Federal Reserve easing and rising geopolitical tensions. Markets are still pricing in two rate cuts in 2026 as inflation cools and employment conditions soften, even as policymakers remain divided.

Gold is now up around 70% this year and is on track for its strongest annual gain since 1979, supported by sustained central bank buying and steady inflows into gold-backed funds.

# Silver too zoomed higher near $75.05 per ounce, scaling new record levels, as demand remains robust, supported by growth in the solar, electric vehicle, and data center sectors, underpinning the metal’s long-term fundamentals.

# WTI crude oil futures ($58.58 per barrel) are on the rise as geopolitical risks revived supply concerns. US forces recently boarded the tanker Centuries, carrying roughly 2 million barrels of Venezuelan crude, and pursued another vessel, underscoring Washington’s efforts to choke off revenue to Nicolás Maduro’s government.

# STOCK MARKET NEWS:

# Market Recap:
Nifty began Wednesday’s session on a cautious and nervous note, briefly reclaimed the green, but failed to hold higher levels. As the session progressed, selling pressure returned, forcing the index to surrender all gains and close on a jittery and unstable footing.

Benchmark Indices at 3:30 PM
NIFTY (-35, 26142)
SENSEX (-116, 85409)
BANK NIFTY (-116, 59184)

# Our Call of the Day: It’s likely to be a day marked by wild swings.

After a cautiously optimistic start, Nifty is likely to drift into another listless, dull and uninspiring session, as bullish traders shall choose to remain on the sidelines amid low holiday volumes and uncertain cues.

Net-Net, There Will Be No Christmas Cheer at Dalal Street.

# The 2-key positive catalyst:

1) Wall Street on the rise as Christmas and Year-End Rally Rolls On. The S&P 500 and the Dow Jones Industrial Average have notched new all-time closing highs

2) Murmurs of another quarter-point rate cut from the Federal Reserve are acting as a safety net—cushioning the downside and keeping bullish hopes firmly alive.

# The Biggest Headwind:
In Wednesday’s wavering session, FIIs turned out to be net sellers to the tune of Rupees 1721 Crores.

# What Technicals Tells Us On Nifty:
Technically, the crucial support at 25,903 remains the line in the sand — a breakdown below this level could accelerate downside pressure.

Nifty’s all-time high of 26,326 shall continue to be biggest hurdles.

# Bottom-line: Friday’s trading session is expected to be marked by indecision, caution and absence of conviction —

Santa may once again skip Dalal Street

Meanwhile, Gold’s buoyancy shall continue to lift Gold Financier stocks: Manappuram Finance (+7.11%), IIFL Finance (+5.28%), Muthoot Finance (-0.30%) and other gold-focused counters scaled new 52-week highs.

# What’s Driving the Rally?
1) Gold at Record Highs. Gold has vaulted past $4,500/oz on COMEX and ₹1.38 lakh on MCX, fueled by:
a) Escalating geopolitical tensions (Venezuela, Eastern Europe, Asia)
b) Softening U.S. dollar
c) Rising expectations of multiple Fed rate cuts in 2026

4) Why Gold Financiers Are Prime Beneficiaries
Factor Impact
Rising gold prices Higher collateral value & loan growth
Lower rate expectations Margin expansion
Strong festive loan demand Volume acceleration
Risk-off global environment Steady asset quality

# STOCKS IN SPOTLIGHT:

1) Vikran Engineering jumped 11.24% after the company announced a major solar EPC order win. The company has secured a work order worth Rs 2,035.26 crore from Onix Renewables to set up 600 MW AC solar power projects across multiple locations in Maharashtra. The order will be executed on a turnkey EPC basis.

2) GK Energy jumped 2.96% after the company received an amended Letter of Empanelment from Maharashtra State Electricity Distribution Company. The order is valued at Rs 254.30 crore.

# Now, here is the preferred trade on Nifty and Bank Nifty:

Nifty (26142): Buy on dips between 26050-26100 zone. Stop 25713. Targets 26251/26326. Aggressive targets at 26500-26750 zone.

Bank Nifty (59184): Buy on dips between 58700-58800 zone. Stop at 58123. Targets 59600/60115. Aggressive targets at 60500-60900 zone.

# Our chart of the day is bullish on INDUS TOWER, M&M and MANAPPURAM on any early excessive intraday declines with an interweek/Intermonth perspective.

# The 1 Stock to Buy Right Now: Buy GMR AIRPORT (CMP 103): Buy at CMP. Stop at 94. Targets 111/117. Aggressive targets at 123. (Interweek Strategy). Rationale: Signalling a massive rebound on the upside. Key interweek support 95. Confirmation of major strength only above major hurdles at 111 mark. 200-DMA at 89.40

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