- The benchmark equity indices gained strongly on Friday due to US-Iran negotiation progress
- Nifty formed a bullish candle with support at 23,450-23,470 and resistance at 23,770-23,800
- Market direction depends on upcoming CPI, WPI inflation data, and US Federal Reserve policy
The benchmark equity indices began and ended the day with major gains on Friday, as progressing US-Iran negotiations boosted investor sentiment. Analysts expect the positive momentum to continue going ahead.
"On the daily chart, the index formed a sizable bullish candle with a noticeable lower wick, indicating strong buying interest at lower levels," said Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities.
Accordingly, the immediate resistance for Nifty is placed in the 23,770-23,800 zone, while on the downside, the immediate support for Nifty is placed in the 23,470-23,450 zone.
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Going forward, the benchmark will most likely react to domestic macroeconomic data such as CPI Inflation, and later Wholesale Price Index inflation; while global cues will also remain pertinent.
"Global cues will also remain important, with the US Federal Reserve's policy meeting and US industrial production data likely to provide direction to financial markets. Additionally, developments in the US-Iran negotiations, crude oil price movements and Foreign Institutional Investor flows will remain key factors influencing market sentiment," said Siddhartha Khemka, the Head of Research, Wealth Management, at Motilal Oswal Financial Services.
Nifty Bank
Nifty Bank index ended with sharp gains and the positive bias is likely to continue so long as trades above key support zones of 56,500 and 56,000, according to Amol Athawale, VP, Technical Research, at Kotak Securities.
"On the higher side, it could move up to 57,500–58,000. However, below 56,000, the uptrend would become vulnerable. Below this level, traders may prefer to exit their long positions," he added.
Market Recap
Benchmark indices ended sharply higher, reversing earlier losses for the week on the back of strong Friday gains. The NSE Nifty 50 rose 1.99% to close at 23,622.90, up 461.30 points. The BSE Sensex climbed 2.30% to 75,527.95, gaining 1,695.40 points. Both indices turned positive for the week, with Nifty and Sensex ending higher after earlier declines between Monday and Thursday.
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