The index opened on a flat note but came under pressure in the first half of the session, falling more than 100 points from the previous close. However, a recovery of over 90 points during the mid-session helped the index pare most of its losses, before gains were once again surrendered.
A recovery of more than 40 points during the Closing Auction Session (CAS) further helped limit the decline, with the Nifty eventually settling near the 24,400 mark.
Among Nifty50 constituents, Tata Consumer Products, Tata Motors Passenger Vehicles and Eternal were the top gainers, while Hindalco Industries, UltraTech Cement and Grasim Industries ended among the biggest laggards.
Sectoral performance remained mixed. Realty, FMCG and Consumer Durables were the top-performing sectors, while Metal, Financial Services and Oil & Gas came under pressure.
The broader market, however, remained relatively resilient. The Nifty Midcap 100 and Nifty Smallcap 100 indices gained 0.15% and 0.27%, respectively.
Going ahead, analysts expect the Nifty to remain rangebound with a marginal negative bias, with rising geopolitical tensions in West Asia and elevated crude prices likely to weigh on sentiment.
“With the Q1FY27 earnings season nearing its end, investors are expected to shift their focus towards macro indicators and global developments going forward,” said Siddhartha Khemka of Motilal Oswal.
Key data points due on Friday include India’s WPI inflation, EU GDP and US retail sales. On the earnings front, Ashok Leyland, NMDC and Alkem Laboratories are scheduled to announce their results.
What analysts say
According to Nagaraj Shetti of HDFC Securities, the Nifty continues to hold above the crucial 24,300 level, although the index has so far failed to sustain moves on the upside.
“The underlying trend of Nifty remains choppy with a weak bias. As long as Nifty sustains above 24,200-24,300 levels, there is a possibility of a bounce back from the lower levels,” Shetti said. He sees immediate resistance at 24,500.
Osho Krishan of Angel One said the intermediate swing low of 24,265 remains a key support zone. A break below this level could intensify selling pressure and drag the index towards the 50- and 100-day exponential moving averages, placed around 24,200-24,150.
On the upside, any technical rebound is likely to face resistance in the 24,450-24,500 zone, followed by 24,600, he said.
Vinay Rajani of HDFC Securities noted that the Nifty continues to trade in a choppy range but managed to close above both its 20-day DEMA at 24,363 and 200-day DEMA at 24,385.
“This marks the second consecutive session in which the index has closed above these key moving averages and remains an encouraging sign for the bulls,” Rajani said.
He sees immediate support at 24,265, followed by the psychological 24,000 level. On the upside, 24,630 and 24,750 are the key resistance zones. Sustaining above 24,265 could keep the near-term bias positive, while a decisive break below the level would weaken the setup.
LKP Securities’ Rupak De said the Nifty witnessed another lacklustre session and remained confined between its 50-EMA and 200-DMA on the 30-minute chart.
He sees 24,450 as the immediate resistance, with a decisive move above this level needed for a meaningful recovery. On the downside, 24,300 is the key support, and a break below it could trigger further weakness.
“Until there is a decisive breakout on either side, the index is likely to remain rangebound, offering limited trading opportunities,” De said.
