The NSE Nifty 50 has formed a strong bullish candle and decisively breached its immediate resistance of 24,930, which now turned into a key support level, according to analysts.
On the upside, the next resistance is seen near 25,200, according to Aditya Gaggar, director of Progressive Share Brokers.
On the downside, 24,900 and 24,750 would act as key support zones, while 25,210–25,300 could serve as key resistance levels for the bulls. However, below 24,750, the uptrend would become vulnerable, according to Shrikant Chouhan, head of equity research at Kotak Securities.
The Bank Nifty formed a bull candle with a higher high as the index snapped two sessions of decline, signalling resumption of the up move.
"The overall Bank Nifty structure is positive and dips should be used as a buying opportunity. We expect the index to head towards 56,400 levels in the short term," Bajaj Broking Research said. "Key support for the short-term point of view is placed at 54,500–54,000."
FII/DII Activity
Foreign portfolio investors remained net buyers of Indian equities on Thursday for a second session, whereas domestic institutional investors turned net sellers after four days of buying.
FPIs mopped up equities worth Rs 5,392.94 crore and domestic institutional investors net offloaded equities worth Rs 1,668.47 crore, according to the provisional data from the National Stock Exchange.
Global Cues
Asia-Pacific markets were trading on a mixed note Friday morning. Traders assessed latest data from the US which raised hopes that the US Federal Reserve will likely cut rates for two times this year.
The S&P ASX 200 was 0.71% up, and KOSPI were trading 0.03% down. The Nikkei 225 was 0.66% down as of 6:51a.m.
On Thursday, Dow Jones Industrial Average rose 0.65% at 42,322.75. S&P 500 rose 0.41% at 5,916.93. Nasdaq Composite fell 0.18% at 19,112.32.
The dollar index was 0.17% down at 100.65. Gold futures was 0.10% higher at $3,229.65 an ounce. Brent July future contract was 0.06% down at $64.53 a barrel as of 6:53 a.m.
The GIFT Nifty was trading 0.14% or 35 points down at 25,175.00 as of 6:53 a.m.
F&O Activity
Nifty May futures up by 1.45% to 25,075 at a premium of 13 points.
Nifty May futures open interest up by 4.8%.
Nifty Options May 22 Expiry: Maximum Call open interest at 26,000 and Maximum Put open interest at 23,000.
Put-Call ratio at 0.86, with highest change in Put open interest at 25,050.
Market Recap
The benchmark equity indices closed higher for the second straight day on Thursday as share prices of Reliance Industries Ltd., HDFC Bank Ltd. and ICICI Bank Ltd. led the gains.
The NSE Nifty 50 ended 395.2 points or 1.6% higher at 25,062.1 and the BSE Sensex closed 1,200.18 points or 1.48% up at 82,530.74. During the day, the Nifty jumped as much as 1.82% to 25,116.25, while the Sensex rose to 82,718.14.
Major Stocks In News
IndusInd Bank: The bank’s Internal Audit Department while conducting a review of the microfinance business noted that a cumulative amount of Rs 674 crore was incorrectly recorded as interest over three quarters of FY25, which was fully reversed as on Jan. 10, 2025. It also found Rs 595 crore unsubstantiated balances in “other assets” account. These balances were set off against balances in “other liabilities” in January 2025.
Infosys: The company extended its strategic partnership with DNB Bank ASA to accelerate digital transformation.
Bharti Airtel: Promoter entity Singtel is set to sell shares worth Rs 8,568 crore through open market transactions on Friday, sources said. The Singaporean telecommunications conglomerate, which owns Airtel shares via its arm Pastel Ltd., plans to float around 4.76 crore shares.
Alkem Labs: Arm Enzene Biosciences has detected a cybersecurity incident affecting its US unit where some employees' business email IDs were compromised, resulting in a fraudulent transfer of funds, the quantum of which is currently under investigation, and independent external agencies will investigate the incident.
Adani Ports: The promoters approved the acquisition of Abbot Point from Carmichael Rail and Port Singapore Holdings. The promoters have approved an issue of 14.38 crore shares to Carmichael Rail on a preferential basis for consideration other than cash.
Currency Market
The rupee snapped a three-day winning streak against the US dollar on Thursday, as investors wait for India's trade data. The domestic unit declined 27 paise to close at 85.55 against the greenback.
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