After rallying for around 10 sessions in November, Indian stock market benchmark indices, Sensex and Nifty 50, ended lower on Friday, weighed down by selling in banking, IT and auto stocks. Despite the latest dip, technical experts expect the bullish momentum to continue.
This comes as Gift Nifty advanced 0.36% to 25,262 points, indicating a possible positive start for Indian equities on Monday, while Wall Street closed mixed on Friday sell-off in technology and semiconductor stocks, especially Nvidia pushed down the Nasdaq and S&P 500, while the Dow gained marginally.
According to Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, "Nifty continued to consolidate on Friday and closed the day lower by 155 points. The market seems to have reversed down mildly from near the key overhead resistance around 25200 (previous opening down gap of 2nd March 2026), after a stellar upmove in the previous week."
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In terms of outlook, he said, "The overall chart pattern of Nifty remains positive and present consolidation/weakness could be a buying opportunity at the lower supports.The current weakness is expected to end soon by next week and the immediate supports to be watched at 24800-24700. However, immediate resistance is placed around 25400 and a sustainable move above this hurdle could open next round of upside in the market."
On Friday, the Sensex declined 318.56 points, or 0.39%, to end at 81,592.45, while the Nifty 50 closed 155.05 points, or 0.61%, lower at 25,144.30. Broader markets also remained under pressure, with the Nifty Smallcap 100 and the Nifty Midcap 100 indices slipping 0.2% each.
According to Hitesh Tailor, Research Analyst at Choice Broking, "On the upside, immediate resistance is placed at 25,350 and 25,800. A sustained breakout above this zone could open the door for further upside towards higher levels. On the downside, immediate support is seen in the 24,800–25,000 zone, which will remain crucial for sustaining the current bullish structure. A sustained hold above this support region could attract fresh buying interest, while a decisive breakdown may lead to further consolidation. Traders may maintain a positive bias while remaining watchful of intermittent profit booking at higher levels."
Bank Nifty View
The Bank Nifty index on Friday ended at 61,034.10, down by 484.40 points, or 0.79%. Speaking on outlook, Tailor said, "Going ahead, Bank Nifty maintains a bullish bias following the decisive trendline breakout and strong weekly close. Sustaining above the 60,400–60,000 support zone would be important to maintain the positive momentum, while a sustained move above the recent high could open the way towards 61,650–62,000. Some intermittent profit booking cannot be ruled out after the sharp upward move."
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