Benchmark indices closed sharply lower, with the Nifty 50 falling 275 points (1.14%) to 23,898, and the Sensex tumbling 1,000 points (1.29%) to 76,664.
Meanwhile, the volatility gauge India VIX rose 6% to close at 19.71.
Here’s how analysts read the market pulse:
Rupak De, Senior Technical Analyst at LKP Securities, said the past three sessions have been highly volatile, with the index witnessing a sharp decline amid renewed US-Iran tensions.
Decoding the charts, De noted that the index faced resistance near its 100-day EMA on the daily chart, which capped the rally and triggered fresh selling, dragging it below the 24,000 mark.
The broader setup now appears bearish, with the Nifty likely to drift towards 23,500. However, he added that 24,200 remains an immediate resistance level, and a move above it could help improve market sentiment.US markets
Wall Street’s benchmark indices ended mixed on Friday as investors remained cautious ahead of the US Federal Reserve’s policy meeting, which begins on Tuesday, April 28. The outcome will be announced on Wednesday, with the central bank widely expected to keep rates unchanged at 3.50%-3.75%.
The Dow Jones Industrial Average fell 127.88 points, or 0.16%, to close at 49,230.71. In contrast, the S&P 500 gained 56.68 points, or 0.80%, to 7,165.08, while the tech-heavy Nasdaq Composite surged 398.09 points, or 1.63%, to end at 24,836.60.
European markets
Most major European indices ended in the red on Friday. The UK’s FTSE 100, Stoxx 600, Spain’s IBEX 35, Germany’s DAX, and France’s CAC 40 declined between 0.11% and 1.09%.
Tech view
From a technical perspective, the benchmark index showed signs of hesitation through the week after retracing nearly 50% of its recent decline and failing to sustain gains beyond that level, said Osho Krishan, Chief Manager-Technical & Derivative Research at Angel One.
Despite this pause, the broader chart structure remains constructive, as the index continues to form higher lows, indicating underlying strength, he added.
“On the levels front, the 23,775 zone, aligned with the 38.2% Fibonacci retracement and the recent swing low on a closing basis, emerges as a key support. A decisive breakdown below this level could disrupt the prevailing structure and may lead to a retest of the bullish gap in the 23,550-23,150 range in the coming week,” Krishan said.
However, any favourable development over the weekend could revive buying interest.
On the upside, 24,260 (50% retracement) and the 24,580-24,600 zone are likely to act as immediate resistance levels. A sustained move above these thresholds could trigger the next leg of the rally. However, Krishan cautioned that the 14-day RSI has registered a negative crossover, signalling a cautious near-term outlook.
Most active stocks (value)
Infosys (Rs 391 crore), Himadri Speciality Chemical (Rs 352 crore), Pfizer (Rs 267 crore), Cochin Shipyard (Rs 214 crore), Adani Green Energy (Rs 162 crore), Gujarat Fluorochemicals (Rs 162 crore), and CIAN Agro Industries & Infrastructure (Rs 99 crore) were among the most active stocks on the BSE in value terms. Higher turnover typically indicates strong trading interest.
Most active stocks (volume)
Vodafone Idea (1.86 crore shares), SpiceJet (1.72 crore shares and 1.16 crore shares), JP Power (1.13 crore shares), Ola Electric (80.01 lakh shares), Reliance Power (78.40 lakh shares), and YES Bank (73.07 lakh shares) were among the most actively traded stocks in volume terms on the BSE.
Stocks showing buying interest
Himadri Speciality, Websol Energy System, Adani Energy Solutions, Emami Realty, Khaitan (India), Shivalik Bimetal Controls, and Mask Investments saw strong buying interest.
52-week highs/lows
A total of 142 stocks hit their 52-week highs, while 29 touched their 52-week lows. Those hitting fresh highs included Accord Transformer & Switchgear, Adani Energy Solutions, Adani Green Energy, Bharat Heavy Electricals (BHEL), CG Power and Industrial Solutions, Data Patterns (India), and Fractal Analytics.
Stocks under selling pressure
Among largecap stocks, Infosys, TCS, and Tech Mahindra saw notable selling. Other stocks facing pressure included Indian Energy Exchange (IEX), Waaree Energies, Lux Industries, A B Cotspin India, Shri Krishna Devcon, Digjam, and Anant Raj.
Sentiment meter favours bears
Of the 4,389 stocks traded on the BSE on Friday, 1,241 advanced, 3,000 declined, and 148 remained unchanged.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)