7 hours Ago
On Friday, Nifty 50 ended lower due to profit booking after a strong recent rally. Selling pressure was seen in banking, financials, and FMCG stocks, which weighed on the index. The index closed 0.
86% lower at 24,039. Despite opening on a flat note, the index failed to sustain higher levels amid weak global cues and cautious investor sentiment ahead of key macroeconomic data. Broader markets also showed mixed action, indicating a pause in momentum.
The overall structure, however, remained positive above key support levels. Two stock recommendations by MarketSmith India: (current price: 4,448.7) : Strategic positioning in specialty chemicals, strong financial performance, and consistent growth : P/E: 81.
50 | 52-week high: 4,562.10 | Volume: 11.79 lakh : Trading above all key moving averages : Exposure to raw material price volatility, competitive pressures : 4,448.
7 | Target price: 5,050 in three months | Stop loss: 4,180 (current price: 3,4448 ) : Consistent financial performance, strong market position, and global presence : P/E: 25.22 | 52-week high: 4,592.25 | Volume: 27.
43 lakh : Emergence of buying interest from the lower level and reclaimed its 21 DMA : Geopolitical and trade policy risks, cybersecurity and data privacy concerns : 3,448 | Target price: 3,850 in three months | Stop loss: 3,290 Also Read: How Nifty 50 performed on 28 April On Friday, the Nifty 50 extended its pullback for the second straight session. The index briefly breached the 100-week moving average during intraday trade but managed to close above the 24,000 psychological mark, thereby holding key support. It formed a bearish candle, reflecting persistent profit booking and a cautious tone at higher levels.
Barring the Nifty IT index, all major sectoral and broader market indices ended in the red. The advance-decline ratio weakened significantly to 1:5, indicating broad-based selling pressure across the market. On the weekly chart, the Nifty 50 formed a bullish candle with a long upper wick, indicating profit booking at higher levels.
Despite this, the index held above 24,000, suggesting underlying strength with key support near the 100-week moving average. From a technical perspective, the Nifty 50 breached the 200-day moving average and closed slightly below it, signaling a potential shift in trend. The RSI on the daily chart has turned downward, indicating weakening momentum, while the MACD is still trending above the central line on a flat note.
According to O'Neil’s methodology of market direction, the Nifty50 transitioned from a "Rally Attempt" to a “Confirmed Uptrend". Also Read: The Nifty 50 ended the week above the 24,000 mark, sustaining its broader bullish structure. A decisive break above 24,200 will be critical to resume an upward momentum and potentially push the index toward the 24,700–24,900 resistance zone.
Conversely, the 23,900–23,800 range remains a crucial support base. A breakdown below this could lead to weakness and signal the start of a consolidation phase. How Nifty Bank performed On Friday, the Bank Nifty continued its decline for the third consecutive session, closing at 54,664, down 0.
97%. The index opened at 55,233, marked an intraday high of 55,350.55, and slipped to a low of 54,176.
45. The decline was primarily driven by weakness in key heavyweights like Axis Bank, HDFC Bank, and SBIN, which weighed down the overall banking sector. Similarly, FINNIFTY index also declined, closing at 26,036, down 1.
02%. Despite today’s mild pullback, the index continues to trade above all its key moving averages, indicating that the broader uptrend remains intact. However, momentum indicators such as the RSI and MACD are beginning to show signs of slight exhaustion on the daily chart, hinting at a potential short-term consolidation.
According to O'Neil’s methodology of market direction, the Nifty Bank transitioned from an "Uptrend Under Pressure" to a “Confirmed Uptrend". Also Read: The outlook for the Nifty Bank remains positive as long as it is above the critical support zone of 54,500. For the bullish momentum to gain strength, the index needs to clear 56,000 in the near term.
On the downside, key support lies in the 54,500–54,000 range, and a break below this zone could signal a shift in market sentiment..
