The Benchmark Nifty gained 0.7% on Friday, extending its positive rally despite a muted opening. Analysts said the index is expected to consolidate with a gradual recovery. Foreign portfolio investors net bought shares worth Rs 1,165 crore, while the India VIX rose 0.2% to settle at 14.02 levels for the session.
Synopsis
The Benchmark Nifty saw a 0.7% rise, signaling a continuation of its positive trajectory. Market analysts foresee a period of consolidation ahead, with a gradual uptick on the horizon. The key resistance levels for the index are 22,650 and 22,800, while support is noted at 22,500. Additionally, foreign portfolio investors recorded net buys of Rs 1,165 crore, contrasting with a trend of domestic outflows.
Benchmark Nifty gained 0.7% on Friday, extending the previous session’s rally despite a muted opening. Analysts say the index is expected to consolidate with a gradual recovery, although intermittent volatility may persist in broader markets.
STATE OF THE MARKETS
Tech View: On the upside, resistance is placed at 22,650 and 22,800. On the downside, immediate support is seen at 22,500, below which selling pressure could intensify, triggering a sharp decline.
India VIX: India VIX, which is a measure of the fear in the markets, rose 0.2% to settle at 14.02 levels.
Stocks in F&O ban today
1) Ambuja Cement
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2) Kaynes
3) SAIL
Securities in the ban period under the F&O segment include companies in which the security has crossed 95% of the market-wide position limit.
FII/DII action
Foreign portfolio investors net bought shares worth Rs 1,165 crore on Friday. DIIs, meanwhile, were net sellers at Rs 3,661 crore.
Rupee
The Indian rupee rose 2% last week to post its biggest weekly gain in seven months, buoyed by policy measures aimed at boosting the currency, though analysts reckon a sustained turnaround hinges on an easing of underlying strains.
Disclosure: This article has been written by Podishetti Akash, who is not a SEBI-registered Research Analyst or an Investment Adviser. Podishetti Akash and his ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclosures here
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