Despite opening on a subdued note amid weak global cues, the index recovered swiftly and trended higher through the session, ending near the day’s high. The Nifty gained 157 points to settle at 24,354.
For the week, the index advanced 1.26%, while broader markets outperformed. The Smallcap 100 and Microcap 250 indices surged 4.30% and 4.95%, respectively.
Among index movers, Hindustan Unilever, JSW Steel and Nestle led the gains, while Wipro, HDFC Life and Sun Pharma saw selling pressure.
Sectorally, markets remained broadly positive, with all indices ending in the green except Nifty IT. FMCG, Oil & Gas and Media stocks led the rally.
The Nifty Midcap 100 and Smallcap 100 indices extended their momentum, rising 1.27% and 1.48%, respectively.
Going ahead, HDFC Bank, ICICI Bank, Yes Bank, Jio Financial Services, among others will be in the spotlight tomorrow, as these companies reported their Q4 numbers over the weekend.
Technically, the Nifty has shown resilience, consistently finding support near 24,100 over the past three sessions. Friday’s low coincided with the 5-DEMA around 24,115.
Nandish Shah of HDFC Securities see immediate resistance at 24,570 and 24,800, while support remains in the 24,000-24,100 zone.
According to Nilesh Jain of Centrum Finverse, the index is currently testing a key hurdle near the 50-DMA at 24,410. A decisive breakout above this level could trigger a fresh upmove towards 24,700, with the overall structure continuing to favour a buy-on-dips strategy as the support base shifts higher to 24,000.
Nagaraj Shetti of HDFC Securities said that a sustained move above 24,400 could further strengthen bullish momentum and open the path towards 24,800 in the near term, while immediate support is seen at 24,100.
Meanwhile, the Bank Nifty also mirrored the broader market trend. After a brief dip at the open, the index recovered steadily to close 0.85% higher at 56,566.
Over the past three sessions, Bank Nifty has been consolidating within the 56,834-55,842 range. A breakout on either side of this band is likely to dictate the next directional move, said Sudeep Shah of SBI Securities.
On the upside, resistance is seen in the 56,900-57,000 zone. A sustained move above this range could push the index towards 57,400 and 57,800 in the short term, Shah said, adding that on the downside, immediate support is placed in the 56,100-56,000 band.
