A rebound from the day’s low of 24,621 in the mid-session helped Nifty trim losses, and it eventually closed near the 24,700 mark. The index ended almost flat with a marginal gain of 7 points at 24,741. On a weekly basis, however, Nifty rose 1.28%.
Despite the weekly gains, uncertainty persists. The index has struggled to build on positive domestic triggers such as upbeat GDP data and the GST 2.0 announcement, failing to generate strong follow-through buying.
Leading the charge within the Nifty pack on Friday were Eicher Motors, M&M, and Shriram Finance. Conversely, it was a tough session for names such as ITC, Cipla, and HCL Tech, which ended as the top losers.
Amongst the sectoral indices, it was a mixed picture. Nifty Auto, Metal, and Media emerged as the major gainers for the day, while sectors like Nifty IT, FMCG, and Realty suffered the most.
The broader market also remained almost flat with NSE Midcap100 and Smallcap100 indices registering minor rise of 0.20% each.
Meanwhile, foreign investors were net sellers in the cash market on Friday, while domestic investors were net buyers.
Overall, while external headwinds from global trade uncertainties and tariff hikes remain a key risk, the combination of a simplified GST framework and strong domestic macros is likely to support market momentum in the near term, said Siddhartha Khemka of Motilal Oswal.
Additionally, amid the strained India-US ties over tariffs, Prime Minister Narendra Modi has responded to US President Donald Trump’s “always be friends” remark, saying he “fully reciprocates his sentiments”. According to PM Modi, India and the US have a “very positive” global strategic partnership.
What do the Nifty 50 charts indicate?
Nagaraj Shetti of HDFC Securities said that the short-term trend of Nifty remains positive, though with volatility. Having bounced back from the support zone near 24,600, the index is expected to head towards the crucial resistance level of 25,000 this week. Immediate support is placed at 24,600.
Rajesh Bhosale of Angel One said that although Nifty closed just above the 20-DEMA, it continues to face hurdles around the 50-DEMA.
“A clear breakout from the broader range of 24,400-25,000 would likely determine the next directional move. For now, 24,600 followed by 24,500 remain near-term supports, while 24,800-24,900, aligned with the 50-DEMA, serve as resistance,” Bhosale said.
According to Vinay Rajani of HDFC Securities, sustaining above 25,000 would confirm a bullish trend reversal and could trigger further short covering in the index. On the downside, 24,500 continues to act as strong support.
Rupak De of LKP Securities said that on the daily chart, Nifty has closed just above the 21-EMA, keeping the short-term outlook sideways to slightly positive. Momentum is expected to strengthen if the index crosses 24,750 decisively, which could pave the way for an upmove towards 25,150-25,250. On the lower side, support is placed at 24,500.
