The Nifty ended sharply lower on Friday amid multiple negative triggers including fresh escalation between the US and Iran, rupee depreciation, and significant selling in financial stocks. According to The Economic Times, the index has slipped back below the 50-day EMA after briefly staying above it, indicating renewed weakness in sentiment. Rupak De, Senior Technical Analyst at LKP Securities, noted that the mood has further deteriorated as the index also moved below the 50-day EMA on the intraday timeframe. The RSI has re-entered a bearish crossover on the daily chart, reflecting weakening momentum.
Analysts expect further downside if the index remains below 24,200, with heavy call writing visible around the 24,200 strike. As reported by The Economic Times, if the Nifty sustains below 24,200 on Monday, the index could witness further correction towards the 24,050–24,000 zone. Conversely, a move back above 24,200 may trigger a near-term recovery rally towards 24,350–24,400. The technical analysis suggests that the current weakness is driven by multiple factors including geopolitical tensions and currency concerns.
PNC Infratech Ltd has emerged as the L1 (First Lowest) bidder for a significant infrastructure project worth ₹194.40 crore. The company secured the contract for construction of a 4 Lane Flyover with 2 loops and 2 ramps at Shaheed Path Intersection, RHS bank of Gomti River, Lucknow (UP) on EPC Basis. As per latest reports, shares of PNC Infratech Limited were trading at ₹224.45 on BSE, compared to the previous close of ₹223.85. The stock showed strong trading activity with 64,141 shares traded in over 1,027 trades, hitting an intraday high of ₹228.05 and low of ₹221.90.
Despite the broader market weakness, analysts have identified Coforge and NBCC (India) as attractive short-term trading opportunities offering potential gains of up to 7%. According to The Economic Times, Virat Jagad, Sr. Technical Research Analyst at Bonanza Portfolio, recommends buying Coforge at ₹1,368 with an upside target of ₹1,420-1,460 and stop loss at ₹1,320. For NBCC (India), the recommendation is to buy at ₹101 with an upside target of ₹104-108 and stop loss at ₹97-98. These recommendations come as analysts view these stocks as potentially outperforming the broader market weakness.
