Stock Idea

Indian benchmark indices BSE Sensex and Nifty ended with minor declines on Tuesday dragged by IT and bank stocks. While the 30-stock BSE Sensex finished at 78,472.87, falling by 67.30 points or 0.09%, the broader Nifty50 finished at 23,727.65, declining by 25.80 points or 0.11%. Domestic markets were closed today (Wednesday, December 25) on account of the Christmas holiday.

Commenting on the day's action, analyst Rupak De, Senior Technical Analyst at LKP Securities said that Nifty closed below the 200-DMA on Tuesday for the first time in three days, confirming a short-term bearish trend. "It remained mostly range bound throughout the day before closing flat. The RSI is in a bearish crossover and continues to decline, reinforcing the negative outlook. On the downside, support is placed at the 23,500-23,400 zone, while resistance is seen at 23,860," De said.