The final trading session of the week, however, erased a significant portion of those gains. The Nifty opened 177 points lower amid weak global cues and remained range-bound for most of Friday’s session. Buying interest emerged in the latter half of the session, helping the index recover from its intraday lows and trim losses.
The Nifty snapped its five-session winning streak on Friday, weighed down primarily by a sharp selloff in information technology stocks. Despite the weakness, the benchmark managed to hold above the psychologically important 24,000 level and ended the week with gains of 1.65%.
On the sectoral front, Nifty Tourism emerged as the top performer, followed by Nifty Healthcare. Nifty IT was the biggest laggard, ending the session 3.65% lower.
The weakness in IT stocks followed Accenture’s downward revision of its revenue growth guidance and comments pointing to a softer demand environment, reigniting concerns over the pace of recovery in global technology spending.
Among individual stocks, Eternal and Bharti Airtel were the top gainers on the Nifty, while Infosys and TCS led the losses.
The Nifty Midcap Index also opened lower but attracted buying at lower levels, ending the session at 62,517, up 0.22%. The index is now just 0.62% away from its all-time high of 62,908 touched on May 29, 2026.
The Smallcap Index, meanwhile, continues to trade above its key short-term and long-term moving averages, indicating underlying strength in the broader market.
Nagaraj Shetti of HDFC Securities said the current weakness in the Nifty is unlikely to derail the market’s near-term uptrend.
He expects the index to rebound from lower levels and potentially reclaim the 24,150 mark in the short term, with immediate support placed at 23,800.
Nilesh Jain of Centrum Finverse said the broader trend remains positive as the index continues to trade above its 50-day moving average of 23,840, keeping the possibility of a gradual move towards 24,400 intact.
LKP Securities’ Vatsal Bhuva said the Nifty’s ability to close above 24,000 reflects sustained buying interest at lower levels.
“The overall technical structure remains bullish, with immediate support at 23,900 and positional support at 23,800. Resistance is seen in the 24,200-24,250 zone, and a buy-on-dips strategy remains favourable,” he said.
Hitesh Rathi of Angel One said immediate support is placed at 23,900, followed by a stronger support zone between 23,710 and 23,620. On the upside, resistance is seen near 24,200, while a stronger hurdle is placed in the 24,450-24,500 range.
Meanwhile, the Nifty Bank index opened with a gap-down and slipped to an intraday low of 57,465 before staging a smart recovery in the second half of the session. The index eventually settled at 57,686, down 0.48%.
According to Sudeep Shah of SBI Securities, immediate resistance for Bank Nifty is placed in the 58,100-58,200 zone.
A sustained move above this range could trigger a rally towards 58,600 and subsequently 59,000. On the downside, support is seen in the 57,300-57,200 zone.
