The final trading day of the week
New Delhi: The final trading day of the week has arrived and the Nifty index is on track to post its first weekly gain in nearly two months. After a strong rally of nearly 900 points in the previous session the market saw a slight pullback on Thursday. However, the index continued to find support at lower levels, showing underlying strength.
As the week comes to a close the traders are advised to stay cautious and keep positions light. Ongoing uncertainty around the ceasefire situation could lead to volatility in the market, making it important to avoid aggressive bets before the weekend.
IT stocks are expected to remain in the spotlight following the results of Tata Consultancy Services. The reaction in global markets has been muted with US-listed shares of Infosys and Wipro showing limited movement after the announcement. Adding to the attention, Wipro is also in focus due to news of its share buyback plan. However, IT stocks may face pressure as software-as-a-service (SaaS) companies in the US saw a sell-off overnight.
For traders, certain levels will be crucial on Friday. The immediate support for the Nifty stands at 23,682, which was Thursday’s low. On the upside, the 24,000 mark remains a key resistance level that the index needs to break for further gains.
The Nifty Bank index slipped below the 55,000 marks on Thursday, failing to hold that level. Despite this, it continues to remain comfortably higher for the week, indicating overall positive momentum in the banking sector.
Apart from IT stocks a few other companies are likely to attract attention in today’s session. These include HDFC Life, Poonawalla Fincorp, and Eicher Motors, which could see movement based on market trends and news flow.
Overall, the market sentiment remains cautiously positive. While the Nifty is heading towards a weekly gain, global cues and geopolitical uncertainties may keep traders on edge in the short term.
