Weak global cues stemming from West Asia unrest led to a subdued opening for Indian bourses on Friday. The 30-share Sensex commenced at 79,658.99, marking a 0.45% or 356.91-point retreat from Thursday’s 80,015.90 close. Nifty opened at 24,656.40, down 0.44% or 109.50 points from 24,765.90.
By 9:30 AM, Sensex stood at 79,699.81 (-0.40% or 316.09 points), Nifty at 24,679.30 (-0.35% or 86.60 points). Mid and smallcaps shone brighter, up 0.48% and 0.64% respectively on Nifty indices.
Nifty IT index outperformed with 1.23% gains, while Nifty Auto (-0.60%), FMCG (-0.02%), and Bank (-0.85%) lagged. Thursday saw a welcome rebound: Sensex up 1.14% (899.71 points) to 80,015.90, Nifty up 1.17% (285.40 points) to 24,765.90, halting a four-day slide.
Per Choice Broking’s Akash Shah, Nifty’s pivotal support is 24,500-24,550; resistance at 24,850. RSI of 37.55 hints at easing oversold pressures.
FIIs offloaded Rs 3,752 crore in the fifth straight session, balanced by DIIs absorbing over Rs 5,000 crore for seven days.
Navigating volatility and global risks, stay vigilant. Target robust fundamentals amid dips. Delay aggressive buying until Nifty surpasses 25,000 convincingly, signaling a robust bull run ahead.