India’s benchmark indices extended gains for the second consecutive session on Friday, buoyed by strong buying in banking, consumer, and metal stocks. Despite a largely rangebound trade, sentiment stayed positive as volatility eased.
The Nifty 50 closed at 24,894.25, up 57.95 points (0.23%), while the Sensex advanced 223.86 points (0.28%) to settle at 81,207.17. The India VIX, a key gauge of market volatility, slipped by 1.6%, reflecting improving investor confidence.
Analyst Insights
According to Nilesh Jain, Head of Technical and Derivatives Research at Centrum Broking, the Nifty’s move above its 50-day moving average (24,830) and the formation of a bullish candle indicate a short-term recovery.
He noted, “A sustained move beyond 25,200 could pave the way for an extended rally towards 25,500, while support remains strong at 24,600. The RSI has bounced back from oversold territory, suggesting renewed momentum.”
Echoing the sentiment, Hrishikesh Yedve, AVP Technical and Derivative Research at Asit C. Mehta Investment Intermediates, said that the index’s recovery from the 100-DEMA at 24,747 signals resilience. A breakout above 24,915 could trigger further upside towards 25,020–25,120, aligning with key Fibonacci retracement levels.
Active Stocks
Top stocks by turnover: Tata Investment, Netweb Technologies, Kotak Mahindra Bank, Tata Motors, Adani Power, Reliance Industries, and ICICI Bank.
Top stocks by volume: Vodafone Idea, PC Jeweller, Yes Bank, Adani Power, Suzlon, and SpiceJet saw heavy trading activity.
52-Week Highs & Lows
Over 190 stocks hit new 52-week highs, including Fortis Healthcare, Hindalco Industries, Aarey Drugs, and Aditya Birla Capital, while 83 stocks touched new lows.
Sector Outlook
Action in heavyweights such as Bharti Airtel, L&T, and Axis Bank supported Friday’s gains. Market breadth remained strong with 2,636 stocks advancing, 1,568 declining, and 135 remaining unchanged on the BSE.
Analysts maintain a buy-on-dips strategy, expecting markets to inch closer to 25,000–25,200 levels in the coming sessions if global cues stay supportive.
Originally published on 24×7-news.com.
