The Nifty 50 demonstrated strong momentum on Friday, climbing to 23,808.30, up 153.60 points or 0.65 per cent, as of 1.23 pm, approaching the critical resistance zone of 23,850–23,870. According to The Hindu BusinessLine, the index steadily pushed higher through the session toward Thursday's intraday highs, with the broader market rally led by positive breadth and significant trading volumes. The Sensex also advanced to 75,718.85, gaining 535.49 points or 0.71 per cent, building on early cues from Gift Nifty which had indicated a 153-point positive start. The recovery follows Thursday's consolidation phase where the index failed to sustain gains despite opening nearly 170 points higher, closing 4.30 points lower at 23,654.70.
Market breadth remained decisively positive with 2,338 stocks advancing against 1,665 declines on the BSE, as reported by The Hindu BusinessLine. The Nifty 50's Advance-Decline Ratio stood at a strong 39:11, with 110 stocks hitting 52-week highs against only 28 at 52-week lows. Notably, 170 stocks were locked in upper circuits compared to 119 in lower circuits. Among top gainers, Trent led the charge with a 2.94 per cent surge to ₹4,292.90 on volumes of over 6.69 lakh shares, followed by Shriram Finance rising 2.85 per cent to ₹940.80 and Wipro climbing 2.68 per cent to ₹205.10 on exceptionally heavy volume of over 2.37 crore shares worth ₹48,106 crore. On the downside, Max Healthcare remained under pressure, falling 4.70 per cent to ₹1,039.80 on volumes of over 80.98 lakh shares worth ₹83,594 crore, making it the most actively traded loser by value.
The day's price action formed a bullish candle on the daily chart, with the index now approaching the critical resistance zone of 23,850–23,870 that SBI Securities had flagged as immediate resistance. As reported by The Hindu BusinessLine, support is placed in the 23,670–23,650 range, with a slip below 23,650 potentially exposing the index to the next support band of 23,470–23,340. A breakout above 23,870 could extend the rally toward 23,960–24,050. The index had previously failed to sustain above the 23,839 swing high after an attempted breakout from a pennant-like pattern, with momentum indicators reflecting the lack of clear direction. The daily RSI remained range-bound between 44 and 46, while a Bollinger Band squeeze is evident on the hourly chart, signalling reduced volatility which typically precedes a sharp breakout.
Options data pointed to caution near higher levels with meaningful call writing observed at the 23,800 and 24,000 strikes, suggesting that options writers are positioning for resistance at these levels, according to The Hindu BusinessLine. On the put side, the 23,700 strike carried substantial open interest, followed by 23,600, indicating near-term downside protection being built around current levels. The session's move higher was supported by easing crude oil prices with Brent futures around $104 and the rupee firming to 96.20. Domestic Institutional Investors had provided support on Thursday, buying equities worth ₹2,492 crore against Foreign Institutional Investor outflows of ₹1,891 crore, with that DII support appearing to sustain sentiment into the afternoon session.
