The NSE Nifty 50's key positional support is placed at 24,900-25,100, according to analysts from Bajaj Broking Research.
"We anticipate the index to hold above this support zone and move higher towards the 25,500–25,600 range in the coming week," it said.
The Nifty formed a sizable bear candle with a lower high and lower low, signalling corrective bias after declining for a third session, Bajaj Broking said.
After a long time, the Nifty slipped below the 20-day simple moving average zone, which supports further weakness from the current levels, according to Amol Athawale, vice president of technical research at Kotak Securities.
"We believe that as long as the market remains below 25,300, the weak sentiment is likely to continue. Below this level, the market could slip to the 50-day SMA or around 25,000," he said. "Further downside may also continue, potentially dragging the market down to 24,800-24,650."
The Bank Nifty finds support at 56,000-55,500. The index is seen consolidating in the range 56,500-57,600, according to Bajaj Broking.
Market Recap
The Indian benchmark equity indices continued to fall for the third straight session on Friday, dragged by share prices of HDFC Bank Ltd., Reliance Industries Ltd. and Tata Consultancy Services Ltd.
The NSE Nifty 50 ended 205.4 points or 0.81% lower at 25,149.85, while the BSE Sensex closed 689.81 points, or 0.83% down at 82,500.47.
Currency Update
Rupee closed three paise stronger against US Dollar at 85.65.
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