The index opened over 200 points lower on weak global cues and a sharp rise in crude oil prices before falling to an intraday low of 23,606 in the first hour of trade. Buying emerged around 10:15 am, helping the benchmark recover through the middle of the session before trading in a narrow range during the final hour.
The Nifty settled 102 points lower at 23,767, its lowest closing level since June 12, 2026.
For the week, the benchmark declined 2.3%, with all five trading sessions ending in the red.
Among Nifty constituents, HCLTech, Cipla and Wipro were the top gainers, while Eternal, Mahindra & Mahindra and Bajaj Finance were the biggest losers.
Sectoral performance was mixed. Nifty Media, IT and PSU Bank indices ended higher, while Auto, Metal and Realty were among the biggest losers.
Broader markets also recovered from the day’s lows after early selling pressure but ended marginally lower. The Nifty Midcap 100 fell 0.10%, while the Nifty Smallcap 100 declined 0.32%.
Indian equities are expected to remain under pressure in the near term as escalating geopolitical tensions in West Asia keep Brent crude prices elevated, weighing on both the rupee and investor sentiment. Iran’s rejection of a US-backed temporary ceasefire proposal has heightened concerns over potential disruptions to shipping through the Strait of Hormuz and the Red Sea, keeping energy markets on edge.
Elevated crude prices, a weaker rupee and persistent foreign institutional investor (FII) selling are likely to remain key headwinds. However, the ongoing Q1FY27 earnings season could continue to drive stock-specific action and help limit broader downside.
Investors will also track earnings from IDFC First Bank, Zen Technologies, Birla Corporation and AU Small Finance Bank over the weekend.
Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said the Nifty is currently hovering around the crucial support level of 23,600, raising the possibility of a near-term rebound.
He said the benchmark’s short-term trend has turned sharply negative, although the medium- to long-term uptrend remains intact. According to Shetti, the index could witness a technical bounce towards 24,200 next week before facing renewed selling pressure. Immediate support remains at 23,600.
Nilesh Jain of Centrum Finverse said that as long as the Nifty holds above the crucial 23,600 support, the possibility of a technical pullback towards 24,000 and subsequently 24,200 remains intact.
However, the confluence of the 50-day and 100-day moving averages around 23,850 is likely to act as an immediate resistance zone.
Nandish Shah of HDFC Securities said a decisive break below Friday’s low of 23,606 would confirm weakness across technical indicators and reinforce the bearish moving-average setup. In that case, the Nifty could decline towards 23,500 and 23,070. On the upside, 24,000 is expected to act as the immediate resistance.
LKP Securities’ Rupak De said the Nifty broke below its consolidation range on Thursday, with follow-through selling dragging the index to 23,600 on Friday. The benchmark has also slipped below its 50-day exponential moving average (EMA), confirming a short-term downtrend.
De added that a sustained breach of 23,600 could trigger a sharper correction as selling pressure intensifies. On the upside, 24,000 has become the key level to watch. Unless the Nifty reclaims that mark, the broader trend is likely to remain weak.
