The Nifty index ended marginally lower on the weekly expiry day, continuing its choppy and range-bound trend with a 32-point decline to close at 23,618. According to reports from Business Standard, the index opened with a modest gain of around 25 points and held firm through the first half of the session, but momentum faded in the latter half with Nifty slipping nearly 200 points from the day's high. The index has been consolidating within a tight range over the past five trading sessions, reflecting a lack of clear direction in the broader market. Despite intraday swings, Nifty managed to hold its crucial support base near 23,300-23,250, indicating that buyers are still actively defending lower levels. On the technical front, Nifty continues to face strong resistance around the 23,800 level, while on the downside, the zone of 23,262–23,317 is likely to act as immediate support in the short term.
The Nifty IT Index emerged as the standout performer, surging over 3% during the session, with Infosys, HCL Tech, and Tech Mahindra leading the gains among index heavyweights. As reported by Business Standard, this strong performance in the IT sector helped offset some of the broader market weakness and provided support to the overall index performance. The sector's outperformance came despite mixed sectoral performance, with IT, Realty, and Media indices closing in the green, while Nifty Private Bank, Financial Services, and Metal indices ended in the red. The strong IT performance contributed to the overall market resilience and helped limit the extent of the decline in the benchmark index.
Vinay Rajani of HDFC Securities has recommended buying shares of Angel One at ₹329 with a stop loss at ₹315 and target of ₹350. As reported by Business Standard, the stock has broken out from a bullish "Flag" pattern on the daily chart and is placed above all key moving averages. The capital market index has been outperforming for the last couple of months, though indicators and oscillators have turned bearish on the weekly charts.
Care Ratings stock has been recommended for purchase at ₹1,765 with a stop loss at ₹1,710 and target of ₹1,870. According to the trading guide from Business Standard, the stock price has surpassed the previous swing high resistance of ₹1,788 and has broken out from a downward sloping trend line on the weekly chart. Indicators and oscillators have turned bullish on the weekly charts, with the primary trend remaining bullish as the stock is placed above medium to long-term moving averages.
Market breadth improved after two sessions of weakness, as reflected in the BSE advance-decline ratio climbing to 1.62, indicating renewed buying interest following the recent correction in mid- and small-cap stocks. As reported by Business Standard, broader market indices outperformed the benchmark, with the Nifty Midcap 100 gaining 0.91% and the Nifty Smallcap 100 rising 1.20%. On the currency front, the Indian rupee weakened to a fresh record low of 96.61 before recovering slightly to close at 96.54. The currency remained under pressure due to weakness in regional peers, persistent dollar demand from importers, and concerns over rising inflation driven by elevated import costs.
