As per Bajaj Broking, equity benchmark indices experienced high volatility and traded within a range due to concerns over US tariffs. Nifty opened on a weak note but recovered as buying interest emerged in select blue-chip stocks, ultimately closing flat at 22,552.50, up by just 8 points. Sector-wise, metal and media stocks saw buying activity, while banking, realty and IT stocks remained subdued. The broader market showed mixed performance, with the BSE Small Cap index rising by 0.75%, while the BSE Midcap index fell by 0.3%
Nifty Outlook
Index has formed a high wave candle maintaining a higher high and higher low, indicating the continuation of the pullback for the 4th session in a row. Index sustaining above Friday’s low (22,464) will keep the current pullback intact and will lead to extension of pullback towards 22,800-23,000 levels in the coming sessions.
Bank Nifty Outlook
Bank Nifty has formed a doji candle which remained enclosed inside previous session price range signaling consolidation after last three sessions pullback. We expect the index to trade in the range of 47,800-49,000 in the coming sessions. A breakout or breakdown from the range will signal the next directional move.
Ashika Institutional Equity
“Despite mixed global cues, Nifty opened above the 22,500 mark at 22,508. It recorded an intraday low of 22,464 and touched a high of 22,633, largely trading within a narrow range throughout the session. Sector-wise, Oil & Gas, Metals, and Automobiles showed strength, while weakness was observed in Realty and IT. Among the key pullers of Nifty were Reliance, Kotak Mahindra Bank, and Tata Motors, while Infosys, NTPC, and HCL Tech acted as major draggers. Meanwhile, U.S. President Donald Trump's decision to suspend the 25% tariffs on most goods from Mexico and Canada continued to lift sentiment, amid hopes of decelerating global trade tensions,” highlights Sundar Shivratan Kewat, Technical and Derivatives Analyst at Ashika Institutional Equity.
Overall, Nifty remained range-bound on Friday, reflecting cautious investor sentiment.
Asit C Mehta Investment Interrmediates
“The domestic benchmark index, Nifty, opened with a gap up, maintained buying interest, and settled the day on a bullish note at 22,545. Technically, Nifty has crossed and sustained above the first bearish gap (22,450-22,514), forming a green candle, which indicates strength. The next major resistance is around 22,668-22,720, where the next bearish gap is placed, followed by the previous breakdown point at 22,800. Thus, 22,720 and 22,800 will act as stiff resistance for the index. On the downside, 22,240 will act as immediate support. Though the overall market suggests strength, traders should wait for a move above 22,800. Until then, buy near support and take profits around resistance,” shares Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates.
Bank Nifty opened a gap up, faced profit booking in the first half, but recovered in the second half, and concluded the day on a positive note at 48,628. Technically, Bank Nifty has formed a red candle on the daily chart, indicating strong resistance near 48,660 levels. A sustainable breakout above this level could trigger a fresh move towards 49,000. On the downside, 47,840 remains firm support. Traders should closely watch these levels for potential trading opportunities.
Source : Press Release
