Indian equity benchmarks ended in the red on Friday. Reports of clashes between Iran and the United States near the Strait of Hormuz increased geopolitical tensions. The developments weighed on investor sentiment.
The BSE Sensex declined 0.67 per cent to settle at 77,321, while the NIFTY 50 fell 0.55 per cent to close at 24,193.
Despite Friday’s losses, both indices ended the week with gains of more than 0.70 per cent.
In the broader market, the Nifty Smallcap 100 rose 0.22 per cent, whereas the Nifty Midcap 100 slipped 0.15 per cent.
Market experts said the Sensex continues to show strength from a technical perspective despite the correction.
“In the near term, immediate downside support is placed in the 54,600–54,200 zone in case selling pressure re-emerges,” an analyst stated. “On the upside, 56,400 acts as immediate resistance, while 56,800 stands as the next key supply zone.”
Experts advised traders to remain cautious in the current market environment. They also urged investors to follow disciplined risk management strategies.
According to analysts, traders should closely monitor crucial support and resistance levels for the market’s next directional move.
Analysts noted that the Nifty ended the week at 24,176.15. The index registered a gain of 178.60 points, or 0.74 per cent, during the week.
“On the upside, resistance levels are placed at 24,500 and 24,600. On the downside, support is seen at 24,000 and 23,800. A breakdown below 23,800 could result in increased selling pressure,” an analyst said.
“Given the current market structure, traders are advised to remain disciplined and adhere to strict stop-loss strategies amid ongoing volatility,” the analyst added.
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