Indian benchmark indices witnessed significant volatility on Friday, with markets falling sharply in the final hour due to heavy institutional selling. According to The Economic Times, benchmark indices erased most of their intraday gains amid heavy institutional selling, with the Nifty once again inching toward its recent swing low near the 23,250 level. The sharp fall has weakened the near-term technical structure, with lingering geopolitical tensions continuing to cap the upside on every recovery attempt. As reported by Live Mint, the Sensex had declined 142 points, or 0.19%, to close at 75,867.80, while the Nifty 50 had slipped 7 points, or 0.03%, to settle at 23,907.15 in the previous session. However, the latest session saw Sensex closing at 74,267, down 508 points, taking its four-day losses to 2,220 points, while Nifty 50 declined by 165 points, or 0.70%, to settle at 23,383, losing almost 650 points in the last four trading sessions.
From a technical perspective, according to Live Mint citing Nandish Shah - Deputy Vice President, HDFC Securities, Nifty is hovering around its 50-DEMA near 24,000, with the recent swing high at 24,100 acting as immediate resistance. On the downside, support is seen at 23,800, where the prior breakout aligns with the 20-DEMA, while a stronger base is placed near 23,600. These levels are likely to guide near-term positioning until a decisive breakout provides directional clarity. The market remained in a narrow range ahead of Thursday's market holiday, with the recent volatility adding to the technical uncertainty. As per Raja Venkatraman from NeoTrader, the Nifty remains in a consolidation phase with resistance levels continuing to cap upward momentum, trading below the cloud region. The Relative Strength Index (RSI) has drifted lower from neutral territory, indicating fading momentum and a build-up of short positions in the system.
Multiple brokerages have issued fresh recommendations on key stocks, with Asian Paints receiving mixed ratings from major firms. Goldman Sachs maintains a Sell rating with a target price of ₹2,575, while Elara Capital recommends Accumulate at ₹2,900 and Nuvama suggests Buy at ₹3,470. InterGlobe Aviation (IndiGo) sees uniform Buy recommendations across Goldman Sachs (₹5,200), MOFSL (₹5,600), and Emkay (₹5,200), with Goldman Sachs maintaining its Buy rating despite cutting the target from ₹5,500. Reliance Industries receives an Overweight rating from Morgan Stanley with a target of ₹1,803, while Cummins India gets Buy ratings from Citi (₹6,700) and Nuvama (₹5,800). Inox Wind sees Buy recommendations from Nuvama (₹123) and MOFSL (₹110).
Several companies reported their quarterly results with mixed performance. According to The Economic Times, IndiGo reported a net loss of ₹2,536 crore in the fourth quarter, compared with the net profit of ₹3,067 crore in the previous year quarter. Revenue from operations rose by a marginal 1% to ₹22,438 crore. Patanjali Foods reported a 46% year-on-year rise in net profit for the March quarter, with profit after tax rising to ₹524 crore from about ₹359 crore a year earlier, aided by strong growth across its edible oils and FMCG businesses. Bharat Dynamics posted a standalone net profit of ₹113.18 crore for the January–March quarter of FY26, reflecting a 58.5% year-on-year decline compared to ₹272.77 crore reported in the same quarter last financial year.
Market expert Raja Venkatraman from NeoTrader has recommended two stocks for June 2 trading. SAREGAMA is recommended at ₹459.75 with a buy above ₹463, stop loss at ₹438, and target price of ₹505 (2 months). The stock has declined by more than 70% from its highs and shows double bottom recovery with steady support at Tenkan Sen and Kijun Sen. TECHM (Tech Mahindra) is recommended at ₹1,543.20 with a buy above ₹1,550, stop loss at ₹1,480, and target price of ₹1,700 (2 months). The IT services company shows strong revival potential with long body candle formation above recent range. Key metrics for SAREGAMA include P/E of 41.22, 52-week high of ₹603, and volume of 18.13M, while TECHM shows P/E of 39.19, 52-week high of ₹1,854, and volume of 5.24M.
