Market Wrap

Indian equities displayed strong intraday resilience on Thursday despite persistent pressure from elevated crude prices and geopolitical tensions. The Nifty opened flat near 23,447, slipped to an intraday low of 23,380, and remained volatile before a sharp late-session recovery helped it close at 23,477.80, near the day’s high.

The recovery indicates that buyers continue to defend lower levels, but the broader short-term trend remains cautious after several sessions of selling. With Brent crude around $102 a barrel, concerns over higher input costs, inflation, rupee weakness and margin pressure remain the key overhang, particularly for oil-importing sectors.

What's Ahead

Friday’s trade is likely to remain volatile and headline-driven, with investors closely watching crude oil prices, Middle East developments, the rupee and global risk appetite. Upcoming U.S. inflation data, particularly CPI, will also be important for expectations around the Federal Reserve’s next policy move.

A sustained move above the recent recovery zone could provide some relief to the market, while renewed selling below recent lows would reinforce the weak short-term structure. For now, oil and geopolitics remain the dominant market triggers.

Market Snapshots

Institutional Activity

Sectoral Performance

Technical Outlook

Nifty 50

The NIFTY 50 recovered after three consecutive sessions of declines and closed 46.30 points higher at 23,477.80, near the day’s high, indicating some buying interest at lower levels. However, the marginally negative breadth, with 24 stocks advancing against 26 declining, suggests that the recovery lacked broad-based participation. The RSI remains close to the 30 level, keeping the index near the oversold zone and signalling that momentum is still weak. For the next session, 23,242 and 23,096 will remain crucial support levels, while 23,713 and 23,859 are immediate resistance zones. A sustained move above 23,713 could strengthen the recovery, whereas a break below 23,242 could revive selling pressure.

BankNifty

The NIFTY BANK gained 176.40 points to close at 56,471.95, ending close to its intraday high after recovering steadily from the opening levels. The positive breadth, with 9 of 14 constituents advancing, indicates relatively stronger participation from banking stocks. The RSI has moved towards 40, suggesting a modest improvement in momentum, although the broader technical setup remains under bearish pressure. The index faces immediate resistance at 56,895 and 57,157, while 56,049 and 55,787 remain important support levels. Holding above 56,049 could allow the index to extend its recovery towards the resistance zone, while a break below 55,787 would weaken the near-term setup.

NIFTY FINANCIAL SERVICES

The NIFTY Financial Services index outperformed the broader market, rising 143.50 points (+0.57%) to 25,520.30, supported by broad-based buying as 14 of 20 constituents closed higher. The stronger breadth suggests relatively healthy participation across the financial space and provides a constructive near-term signal. The index is currently positioned between support at 25,256 and 25,092 and resistance at 25,785 and 25,948. Sustaining above 25,520 could support further recovery towards the 25,785–25,948 resistance band, while a move below 25,256 would weaken the positive momentum and bring the lower support zone into focus.

Sensex

The BSE SENSEX gained 138.36 points (+0.19%) to close at 74,902.59, recovering despite weakness in technology and metal stocks. Market breadth was evenly balanced at 15 advances and 15 declines, indicating that the rebound was selective rather than broad-based. The index remains below its immediate resistance levels of 75,702 and 76,197, while 74,103 and 73,608 serve as key support levels for the near term. A sustained move above 75,702 would improve the technical outlook and signal stronger buying momentum, whereas a break below 74,103 could increase downside pressure and expose the index to the lower support zone.