Friday’s session remained muted, with the index moving within a narrow 100-point range through the day. A modest recovery of around 10 points during the Closing Auction Session (CAS) helped limit the final decline.
The Nifty ended the week 0.83% lower.
Among Nifty 50 constituents, Apollo Hospitals, Bharti Airtel and Adani Enterprises were the top gainers, while Tata Motors Passenger Vehicles, Jio Financial Services and ONGC were the biggest laggards.
Except for Media and Consumer Durables, all sectoral indices ended in the red, with Financial Services, Pharma and Metal emerging as the biggest underperformers.
The broader market also remained weak, with the Nifty Midcap 100 and Nifty Smallcap 100 declining 0.53% and 0.69%, respectively. Market breadth on the BSE deteriorated, with the advance-decline ratio falling to 0.84, signalling increased profit booking.
The Indian rupee remained under pressure, with USD/INR trading in the 95.40-95.45 range. Persistent dollar demand weighed on the currency, which closed near ₹95.43 against the US dollar and extended its recent depreciating trend.
Nifty outlook
Indian equities are likely to remain range-bound next week, with global cues and macroeconomic developments assuming greater importance following the conclusion of the Q1FY27 earnings season.
“Going forward, stock-specific action is likely to become more selective as investors assess the sustainability of the earnings recovery and broader domestic fundamentals,” said Siddhartha Khemka of Motilal Oswal.
Developments in West Asia, crude oil prices and global risk sentiment are likely to remain key near-term drivers. Brent crude remains above $87 a barrel amid renewed US-Iran tensions, keeping concerns over potential supply disruptions elevated. However, gains in oil prices have been capped by weaker demand expectations and higher US inventories.
Nagaraj Shetti of HDFC Securities expects further consolidation in the coming sessions. A sustained decline from current levels could drag the Nifty towards the next support zone of 24,200-24,000, while 24,500 is likely to act as immediate resistance.
Sudeep Shah of SBI Securities sees immediate resistance at 24,500-24,550. A sustained move above this zone could extend the Nifty’s pullback towards 24,700, followed by 24,850 in the short term. On the downside, immediate support is placed at 24,230-24,200, which coincides with the 100-day EMA.
Rupak De of LKP Securities said the overall sentiment remains weak, with the index potentially slipping towards 24,180. On the upside, 24,400 is likely to act as a crucial resistance level.
According to Vinay Rajani of HDFC Securities, the Nifty closed near its 20-day DEMA at 24,363 and 200-day DEMA at 24,385, making the 24,360-24,385 zone crucial for the near-term trend.
Rajani sees immediate support at 24,265, followed by the psychological level of 24,000. On the upside, 24,630 and 24,750 are likely to act as key resistance zones. A sustained close below the 200-day DEMA could weaken the technical setup, while a move above 24,630 would improve short-term sentiment.
