The Indian stock market closed higher on Friday, with gains driven by banking heavyweights like ICICI Bank, HDFC Bank, and Axis Bank. Despite elevated crude oil prices and inflation concerns, the Sensex rose by 232 points to 75,415.35, and the Nifty 50 increased by 65 points to 23,719.30.
The Indian equity markets experienced a range-bound yet positive week, reflecting cautious optimism among investors. The NIFTY 50 gained 0.32% on a weekly basis, closing at 23,719, while the NIFTY Bank rose by 0.64% to end at 54,055. Global investor sentiment was influenced by geopolitical developments, particularly the US-Iran ceasefire discussions, which supported global risk appetite.
Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi, noted that market sentiment has turned cautiously optimistic, with investors adopting a buy-on-dips strategy amid improving technical structures. He emphasized the importance of monitoring global geopolitical developments, especially the US-Iran discussions, as they could significantly impact market direction.
“The Indian equity markets witnessed a range-bound yet positive week, reflecting cautious optimism among investors. The NIFTY 50 closed at 23,719, gaining 0.32% on a weekly basis, while the NIFTY Bank ended at 54,055, up 0.64%.”
Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi
On the technical front, Dongre highlighted that the Nifty traded within a broad range of 23,300–24,000, with profit booking at higher levels limiting upside momentum. The index managed to sustain above the crucial 24,000 resistance zone during the week, with immediate support seen in the 23,000–23,300 range.
The Bank Nifty ended the week near the 54,000 mark with modest gains, approaching a crucial resistance zone between 56,500 and 57,000. Immediate support for the banking index is around the 54,500 region, with a breakout above resistance potentially reinforcing bullish momentum.
“The near-term outlook remains highly sensitive to global geopolitical developments, particularly updates related to the ongoing US-Iran discussions.”
Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi
Dongre recommends buying Hindustan Zinc at ₹630 with a target price of ₹655 and a stop loss of ₹615. Max Healthcare Institute is advised for purchase at ₹1020-1030, targeting ₹1070 with a stop loss of ₹990. HDFC Bank is suggested for buying at ₹765-770, with a target of ₹800 and a stop loss of ₹750.
Background
The Indian stock market has been navigating through a period of cautious optimism amid global geopolitical tensions and inflation concerns. The ongoing US-Iran discussions have been a focal point for investors, influencing global risk appetite and market stability.
As the market remains sensitive to geopolitical developments, particularly the US-Iran discussions, investors should stay alert to news-driven volatility. The coming week will be crucial for traders and investors as they closely monitor global cues and macroeconomic developments.
