Market Wrap

Indian equities ended the week under pressure, with the Nifty falling 1.15% to 23,897 and extending its losing streak to a fourth consecutive week. While the index showed resilience at the start of the week, selling intensified toward the close. Friday’s gap-down opening triggered fresh pressure, but buying near the lows helped limit the decline. Broader markets remained weaker, with midcaps and smallcaps particularly vulnerable. Metal stocks emerged as the standout performers in Friday’s session, while selective oil & gas and private banking stocks also attracted buying interest.

Global cues remain mixed. Asian markets initially benefited from a positive Wall Street lead, while European equities struggled to sustain the momentum. With expectations around the Federal Reserve’s September policy decision increasingly tied to incoming economic data, the US jobs report will be the key global trigger. Strong employment data could reduce rate-cut expectations and keep the dollar and bond yields elevated, while softer data could revive hopes of monetary easing and provide support to emerging markets.

What's Ahead

The 24,000–24,200 zone remains the immediate hurdle for the Nifty. A decisive move above this range could improve sentiment, while failure to reclaim it may keep the sell-on-rise strategy intact. On the downside, 23,800–23,750 will be the key near-term support zone.

Beyond technical levels, investors will closely track US jobs data, FII flows, the rupee, crude oil prices and global bond yields. The recovery from Friday’s lows and renewed interest in metals, oil & gas and select financials suggest that stock-specific opportunities remain available. Traders may prefer to stay cautious until the index confirms a stronger directional move, while long-term investors can continue to prioritize fundamentally strong companies over short-term market volatility.

Market Snapshots

Institutional Activity

Sectoral Performance

Technical Outlook

Nifty 50

The NIFTY 50 closed marginally higher at 23,897.70, gaining 0.10% and snapping its four-session losing streak. However, the modest recovery came amid weak breadth, with 27 stocks declining against 23 advancing, indicating that underlying sentiment remains cautious. The index’s RSI near 40 continues to signal weak momentum, limiting the scope for a sustained upside in the near term. Technically, 23,758 and 23,672 remain the immediate support levels, while 24,037 and 24,124 are the key resistance zones. A decisive move above 24,124 could improve the short-term setup, whereas failure to hold 23,758 may expose the index to further downside.

BankNifty

The NIFTY Bank ended almost flat at 57,369.65, slipping 0.02% after giving up its early gains. The index continued to show mixed participation, with only 5 constituents advancing against 9 declining, keeping the near-term setup cautious. The RSI around 50 indicates largely neutral momentum, suggesting that the index currently lacks a clear directional bias. On the downside, 57,086 and 56,911 are the key support levels, while 57,653 and 57,829 remain the immediate resistance zones. A sustained break above 57,829 could strengthen the recovery, while a fall below 56,911 would weaken the technical structure.

NIFTY FINANCIAL SERVICES

The NIFTY Financial Services index gained 0.49% to 26,051, supported by broad-based buying across several financial stocks. Positive breadth, with 12 stocks advancing against 8 declining, indicates relatively better participation compared with the broader market. The index is currently positioned below its immediate resistance levels, with 25,857 and 25,736 serving as key supports and 26,245 and 26,366 acting as resistance. A decisive move above 26,366 could reinforce the positive momentum and open room for further gains, while a break below 25,736 would signal renewed weakness.

Sensex

The BSE SENSEX advanced 362.57 points, or 0.48%, to 76,515.43, outperforming the NIFTY 50 as gains in metals, financials and heavyweight stocks supported the index. Market breadth was positive, with 19 stocks advancing, 10 declining and one unchanged, pointing to relatively healthier participation. The index remains below the immediate resistance zone of 76,952–77,223, while 76,079 and 75,808 provide key downside support. A sustained move above 77,223 would strengthen the bullish setup, whereas a break below 75,808 could increase selling pressure.