The Indian stock market closed higher on Friday, driven by strong gains in banking majors such as ICICI Bank, HDFC Bank, and Axis Bank. Benchmark indices stayed in the green throughout the session, although the upside was limited due to elevated crude oil prices and growing inflation concerns, which may prompt tighter monetary policy measures.
On Friday, the Nifty 50 opened with a marginal gap-up at 23,671.20, reflecting a steady start to the session. The index registered its intraday low of 23,671.00 within the first few minutes itself, as the opening and low levels remained almost identical for the day. Thereafter, the index showed strength during the first half and climbed to an intraday high of 23,835.65. However, some profit booking emerged in the second half, trimming part of the gains. The index eventually settled at 23,719.30, registering a gain of 64.60 points or 0.27% over the previous close.
According to Sumeet Bagadia, Executive Director at Choice Broking, on the daily timeframe, the formation of an inverted hammer-like candlestick pattern indicates selling pressure near higher levels despite buying interest from lower zones, reflecting cautious optimism in the near term. "From a technical perspective, immediate support is placed in the 23,400–23,450 range, while resistance is observed between 23,850 and 23,900 levels. The Relative Strength Index (RSI) stands at 47.19, indicating gradual improvement in momentum though the index still trades below the stronger bullish zone. In the derivatives segment, notable call writing was seen at the 23,800 strike, followed by 24,000, while significant put writing was observed at 23,700 and 23,500 levels, indicating immediate support near lower levels with resistance continuing near higher strikes," Bagadia said.
“From a technical perspective, immediate support is placed in the 23,400–23,450 range, while resistance is observed between 23,850 and 23,900 levels.”
Sumeet Bagadia, Executive Director at Choice Broking
The Bank Nifty index opened with a marginal gap-up at 53,483.85, reflecting positive sentiment in the banking space. The index registered its intraday low of 53,483.55 within the first few minutes itself, as the opening and low levels remained almost identical for the day. Thereafter, the index witnessed strong buying momentum during the first half and rallied sharply towards an intraday high of 54,213.05. Although some profit booking was seen during the early part of the second half, renewed buying interest helped the index recover and close firmly in positive territory at 54,055.35, gaining 615.95 points or 1.15% for the session.
He noted that on the daily timeframe, the formation of a bullish candlestick pattern reflects sustained buying interest and improving sentiment in the banking segment. "From a technical standpoint, immediate support is placed in the 53,400–53,500 range, while resistance is seen in the 54,000–54,500 zone. The Relative Strength Index (RSI) stands at 45.87, indicating improving momentum though the index still trades below the stronger bullish threshold. Sustaining above immediate support zones will remain important for continuation of the recovery momentum," Bagadia added.
“Sustaining above immediate support zones will remain important for continuation of the recovery momentum.”
Sumeet Bagadia, Executive Director at Choice Broking
Background
The recent performance of the Indian stock market highlights the resilience of the banking sector, which has been a key driver of market gains. However, concerns over inflation and crude oil prices continue to loom large, potentially influencing future monetary policy decisions. Investors should remain vigilant as these factors could impact market stability.
Looking ahead, traders are advised to monitor key resistance zones closely, as sustained movement above these levels will be crucial to confirm stronger recovery momentum in the near term. The market's ability to maintain gains despite intermittent profit booking suggests cautious optimism, with both benchmark indices witnessing buying interest from lower levels.
