Nifty50 at 26,300, Bank Nifty Above 60,000

Nifty50, Bank Nifty Hit Fresh Record Highs as PSU & Metal Stocks Power the Rally

Team Sahi

2 weeks ago•5 min read

Nifty: 26,328.55 ▲ +0.70%

Sensex: 85,762.01 ▲ +0.67%

Bank Nifty: 60,150.95 ▲ +0.74%

Market Today: Record highs across the board — can the momentum hold?

Markets wrapped up the week on a strong note, with Nifty hitting a fresh all-time high and posting its biggest weekly gain in nearly two months. Bank Nifty and the Midcap index also scaled lifetime highs.

Market breadth stayed strong at 3:1, highlighting broad-based participation and healthy buying interest.

Structurally, Nifty has moved into uncharted territory, making its ability to hold above the breakout zone crucial. Sensex faces a key hurdle near 86,160, while Bank Nifty’s post-breakout structure remains firm, keeping the broader trend intact.

Key Levels to Watch for January 05, 2026

Index	Support	Resistance
Nifty	26,250 & 26,180	26,400 & 26,500
Bank Nifty	59,850 & 59,600	60,350 & 60,550
Sensex	85,400 & 85,200	85,950 & 86,150

Sector & Stock Moves: Where the action was?

PSU and metal stocks led the rally, supported by strong buying in PSU banks and power names. Coal India surged after opening up e-auctions to foreign participants.

Metal stocks extended gains as aluminium prices touched $3,000 on the LME, lifting NALCO, Tata Steel and JSW Steel.

Power and finance-linked stocks such as SJVN, IREDA, PFC and REC posted sharp gains, while IDBI Bank jumped on reports of financial bids.

FMCG stocks lagged, with ITC extending losses for a second session amid concerns around the excise duty hike.

NIFTY50: Top Gainers

COALINDIA ▲ +6.85%
NTPC ▲ +4.70%
HINDALCO ▲ +3.44%

NIFTY50: Top Losers

ITC ▼ -3.79%
NESTLEIND ▼ -1.18%
KOTAKBANK ▼ -1.02%

Open Interest Insights

Heavy put writing at 26,200 (1.16 Cr) is creating a strong support base. Call unwinding at 26,400 (-22.12L) and limited additions at 26,500 (32.15L) keep the PCR-OI elevated near 1.6.

What does this mean? Put writing signals downside support and confidence in holding lower levels, while call unwinding points to a stable-to-bullish structure.

Stocks on the Move

Stock	% Gain / Loss	What’s happening?
IDBI	+10.57%	Cup & Handle breakout above 107, backed by strong volumes
COALINDIA	+6.85%	Accumulation turning into a decisive breakout; resistance near 430
NLCINDIA	+6.19%	Follow-through move after inverse H&S breakout with volume support
NTPC	+4.70%	Breakout from consolidation near 342, confirmed by volumes
ITC	-3.79%	Selling pressure persists amid excise duty-related concerns

News You Can Use

Coal India allows direct participation of foreign coal buyers in e-auctions from January 1, 2026.
BHEL gets relief as the Income Tax Department drops a ₹183.77 crore tax demand.
December manufacturing PMI slips to 55.0, the lowest in two years.
L&T bags orders worth up to ₹10,000 crore from SAIL.

Chart of the Day: IDBI (Weekly Timeframe)

Spotted: Cup & Handle

Structure: A rounded base followed by a brief consolidation, indicating absorption of supply after a sustained advance.

Validation: A decisive breakout above the handle resistance, ideally supported by rising volumes, confirms continuation.

Trading Insight: A classic continuation pattern where post-breakout moves often mirror the prior uptrend with strong momentum.