Nifty holds above 24,300 at midday as metals, IT drag; bulls eye 24,450
TMPV leads losers, sliding 4.92% to ₹332.40
By midday on Friday, the Nifty 50 index held steady above the 24,300 level, trading at 24,341.65, marking a decline of 54.20 points or 0.22 percent. The broader Sensex was down by 240.41 points or 0.31 percent, settling at 77,839.55. This marks the fourth consecutive day of losses for the benchmarks, with the market failing to find a clear directional trigger.
Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities, stated that "the frontline indices continue to trade in an exceptionally narrow range, reflecting a clear lack of directional conviction." He emphasized that a decisive breakout from the current consolidation range would be crucial in determining the next move, with stock and sector-specific movements taking precedence until then.
The immediate support zone for the Nifty 50 was identified as 24,260-24,240, with a potential fall to 24,120-24,100 if the index slips below 24,240. Conversely, the resistance band is 24,430-24,450, and a surge above 24,450 could extend the rally to 24,600. The Advance-Decline Ratio on the Nifty stood weakly at 14:36, indicating a lack of breadth.
On the BSE, 2,192 stocks advanced and 2,127 declined, with 226 remaining unchanged. Among the major sectoral indices, Nifty Metal had the worst performance, followed by Nifty IT. Profit-taking was observed across Nifty Midcap 100, Nifty Smallcap 100, and other indices. Notable decliners included TMPV (4.92 percent to ₹332.40), Asian Paints (2.21 percent to ₹2,694.70), Jio Financial Services (1.82 percent to ₹250.95), ONGC (1.68 percent to ₹235.86), and NTPC (1.64 percent to ₹338.60).
Gainers included Apollo Hospitals (2.91 percent to ₹8,840.00) and Bharti Airtel (2.81 percent to ₹1,993.50). Commodity prices showed mixed trends with crude oil and precious metals experiencing downward pressure. The options market showed call writing at 24,400 and 24,500 strikes, while significant open interest existed at the 24,300 put strike, suggesting a potential pinning of the market within this range.
Written by urgent.news from Hindu BusinessLine's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
