Data Watch – NSE: 26172 – 23/12/25

FIIs bought Nifty worth Rs. 2618.53 cr and Bank Nifty worth Rs. 71 cr.

1. FIIs net long is @ 11.3%
2. VIX is @ 9.67
3. PCR is @ 1.64
4. FIIs sold Rs. 457.30 cr in the cash segment and bought Rs. 2675 cr in index futures.
   DIIs bought Rs. 4058.20 cr in the cash segment.
5. Open Interest Position

A. FIIs bought 852 lots and covered 8545 lots on the short side.
B. DIIs covered 44 lots in index futures.
C. Retail clients covered 10,908 lots on the long side and 2133 lots on the short side.
D. Pro clients covered 1544 lots on the long side and 3666 lots on the short side.

Note: As expected, FIIs’ net long position increased from 8.8% to 11.3%, a sharp rise of 2.5% in a single day. PCR is @ 1.64 (slightly overbought). VIX remains low at 9.67, indicating comfort.

Today, not a single short lot was created by any institution. A total of 11,644 short lots were covered, while 12,496 long lots were booked. Only 852 fresh long lots were created by FIIs.

We may see further traction, but 26189–26310 will act as a resistance zone. Intraday dips are likely around the 26300–26330 zone as PCR is already at 1.64, and any rise of 120–150 points may push PCR towards 1.75–1.80, a highly overbought zone.

As mentioned earlier, IT and Metals have continued to perform well. We were bullish on IT over the last 2–3 days and on metals for the past two months. In fact, we were among the first to highlight that metals were in a highly oversold zone, from where frontline stocks have delivered nearly 30% returns.

We also highlighted last week that mid-cap and small-cap indices have bottomed out and started showing upward movement. Most mid-cap and small-cap stocks have now begun to participate.

With the Union Budget approaching, we expect Railways and Defence to receive a significant allocation. Defence spending may see around 20% higher allocation compared to the previous budget. Most stocks in both sectors have corrected 30–40% from their highs. We expect 12–15% movement in frontline stocks and 25–35% in mid-cap and small-cap stocks.

We have already recommended Apollo Micro Systems in defence and recently suggested BDL and RVNL from railways. Expect more opportunities from these sectors, keeping a margin of safety along with upside potential.

Intraday Levels:

1. If Nifty trades above 26220, it may move up to 26267–26311 with SL: 26172.
2. If Nifty breaks below 26077, it may slip to 26029–25990 with SL: 26125.
3. Nifty around 26350–26370 will be in the overbought zone. If it reaches this zone, short positions can be considered; Nifty may slip to 26267–26220 with SL: 26411.
4. If Nifty again breaks below 26077, it may drift further to 26029–25981