NSE Nifty 50 faces resistance at around the 25,200 levels, said stock market analysts, after the frontline index performed strongly last week on positive global and domestic cues.
The short-term technical outlook for the Nifty remains bullish, as it continues to trade above its key short-term moving averages, according to Nandish Shah, senior derivative and technical research analyst, HDFC Securities.
"The next resistance level for the Nifty is seen at 25,207, derived from the 76.4% Fibonacci retracement of the previous major decline. On the downside, the 24,800 level could offer immediate support," Shah added.
Going ahead, Nifty is expected to maintain positive bias and head towards 25,200-25,300 levels, according to Bajaj Broking Research. "Some consolidation is likely around the 25,200-25,300 levels. While a breakout above 25,300 will open further upside towards 25,750 in the coming weeks," it said.
The brokerage added that the last week's lows, placed near 24,400–24,500 levels, is expected to serve as a crucial support for the Nifty 50.
For Bank Nifty, a keenly tracked index, the next resistance zone is placed near 56,100-56,500 levels, as per SAMCO Securities.
"The immediate support is placed around 54,800, followed by 54,500, which aligns with the median of the channel," it added.
Global Cues
Markets in Japan, South Korea, and Australia were trading lower. The Nikkei 225 and KOSPI were trading 0.39% and 0.93% down, respectively as of 6:45 a.m.
On Friday, the Dow Jones Industrial Average rose 0.78% at 42,654.74, the S&P 500 rose 0.70% at 5,958.38, and the Nasdaq Composite rose 0.52% at 19,211.10.
The dollar index was at 100.71, and the 10-year bond yield was at 4.48%. The brent crude fell 0.15% at $65.33 per barrel, and the Nymex crude fell 0.13 at $61.90 per barrel as of 6:48 a.m. The Bloomberg spot gold was 0.91% higher at $3,232.80 an ounce.
The GIFT Nifty was trading 0.25% or 62 points lower at 25,069.50 as of 6:59 a.m.
FII/DII Activity
Foreign portfolio investors remained net buyers of Indian equities on Friday for a third session, while domestic institutional investors turned net buyers after a day of selling.
FPIs mopped up equities worth Rs 8,831.05 crore and domestic institutional investors bought equities worth Rs 5,187.09 crore, according to the provisional data from the National Stock Exchange.
F&O Cues
Nifty May futures up 0.01% at a premium of 58.9 points
Nifty May futures open interest down 1.78%
Nifty May 22 Expire: Max call open interest at 26,000, Max put open interest at 25,000
Securities in ban period: Hindustan Copper, Manappuram Finance, Titagarh Rail Systems
Stocks In News
JSW Steel: The company's board will meet on May 23 to consider raising funds via qualified institutional placements and other means.
NBCC: The company has successfully sold 446 residential units at Aspire Silicon City in Noida through an e-auction, generating Rs 1,468 crore in sales. Additionally, it will receive a marketing fee of 1% of the total sale value.
Lumax Auto Technologies: The company plans to acquire the remaining 25% stake in IAC India for Rs 221 crore, making IAC India a wholly owned material subsidiary following the acquisition.
Market Recap
The benchmark equity indices closed lower on Friday after rallying for two consecutive sessions. The NSE Nifty 50 closed 42.30 points or 0.17% lower at 25,019.8 and the BSE Sensex ended 200.15 points 0.24% lower at 82,330.59.
During the day, the Nifty fell 0.44% to 24,953.05, while the Sensex declined 0.47% to trade at 82,146.95. In terms of weekly performance, the Nifty gained 4.21% and the Sensex advanced 3.62%.
Currency Market
The rupee ended three paise stronger at 85.52 against the US dollar on Friday. The local unit had opened 28 paise stronger, but pared much of the gains as the session progressed.
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