Indian indices maintained growth in mid-trading on Friday: Sensex was trading at 74,557.70 (+242.09 pts, +0.33%), Nifty 50 at 23,097.35 (+100 pts, +0.43%) as of 1 PM. The market surpassed the 23,100 mark, which analysts called the morning breakout trigger, but has not yet managed to consolidate above it. Frontline indices are forming higher intraday lows for the third consecutive session.
The IT sector led the way. Tech Mahindra was the best performer in Nifty 50: +8.04% to 1,782.60 rupees after an intraday high of 1,797.00. TCS gained 4.15% to 2,447.50, Infosys – 3.68% to 1,150.90. Nifty IT is rising for the fourth consecutive session and became the best sectoral index of the day. Telecom and automotive also supported the growth: Bharti Airtel +2.53% to 1,900.90, Mahindra & Mahindra +2.09% to 2,921.60.
In the negative – aviation: IndiGo fell by 2.87% to 4,641.00, touching a session low of 4,633.90. BSE Ltd lost 1.83% to 3,365.30, Max Healthcare – 1.59% to 844.40, Jio Financial – 1.33% to 216.10, Tata Consumer Products – 1.29% to 978.65. Nifty FMCG became the worst sectoral index.
Breadth on BSE is positive but not decisive: out of 4,388 stocks, 2,324 rose, 1,810 fell, 254 remained unchanged. 103 stocks hit 52-week highs against 107 lows, 175 were in upper circuits against 170 in lower circuits. The advance-to-decline ratio in Nifty is 26:24, indicating caution. Weakness in mid-cap and small-cap is restraining breadth.
On derivatives, SBI Securities noted significant call-writing at strikes 23,200 and 23,300. On puts, substantial open interest is concentrated at 23,100 and 23,000. Support is at 22,960–22,980, the next level is 22,790–22,810. A sustained breakout above 23,290 will open the way to 23,440. For Sensex, support is at 74,200, resistance at 75,100.
This material is prepared solely for informational purposes and does not constitute financial advice or a recommendation.
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