A recovery in the penultimate session, supported by positive global cues, helped the index recoup some losses. However, Friday’s lacklustre session resulted in a weekly close of 24,252, down 0.47%.
The Nifty 50 closed higher for the second consecutive session on Friday, gaining 20 points, or 0.08%, to end at 24,252.
The index opened 53 points higher but remained range-bound for most of the session, consolidating within a narrow 60-point band amid a lack of clear directional momentum. The Nifty also gained 19 points during the closing auction session.
Among Nifty 50 constituents, Power Grid, HDFC Life and Nestlé were the top gainers, while Trent, Maruti Suzuki and IndiGo were the major laggards.
Sectoral trends remained mixed, with Metals, Private Banks and Realty ending higher, while Auto, Media and IT were among the biggest decliners.
The broader market outperformed the benchmark, with the Nifty Midcap 100 rising 0.10% and the Nifty Smallcap 100 gaining 0.69%.
What next for Nifty?
Going into this week, market participants expect the Nifty to remain largely sideways, with a possibility of a marginal recovery following two consecutive weeks of losses.
Monsoon progress, FII flows, crude oil prices and broader macroeconomic developments will remain key monitorables, while sector-specific opportunities are likely to drive market action.
HDFC Securities’ Nagaraj Shetti said the underlying trend of the Nifty remains positive and the index could move towards 24,500-24,600 next week. He sees immediate support at 24,100.
From a technical perspective, the Nifty has managed to sustain above its 50-day and 100-day EMAs, which are clustered around 24,200. However, the index remains below the 20-day EMA at 24,300 and the 200-day EMA at 24,376, keeping the near-term structure choppy and momentum-less, said HDFC Securities’ Vinay Rajani.
Rajani said a decisive close below 24,000 could confirm a resumption of the bearish trend, while a sustained move above 24,400 would be needed to establish a short-term bullish reversal.
LKP Securities’ Rupak De said the overall sentiment remains sideways to mildly positive. He sees 24,200 as immediate support, with a break below this level potentially dragging the index towards 24,000. On the upside, 24,350 is the immediate resistance, above which the Nifty could move towards 24,500.
Bank Nifty
Meanwhile, the Bank Nifty traded within a 290-point range during Friday’s session.
SBI Securities’ Sudeep Shah sees immediate resistance for Bank Nifty in the 58,200-58,300 zone. A sustained move above this range could extend the pullback towards 58,700, followed by 59,000.
On the downside, immediate support is placed at 57,300-57,200.
