Nifty marked its fifth consecutive weekly decline of 1.27%, with NSE cash market volumes surging 25% from the prior session due to semi-annual index rebalancing, Vinay Rajani, Senior Technical Research Analyst at HDFC Securities said.
“On the weekly chart, Nifty has formed a long-legged “Doji” candlestick with nearly identical open and close levels, hinting at potential trend reversal. However, confirmation requires a breakout above this candle’s high. The recent swing high of 23,465 now acts as a key resistance; a move above it could trigger short covering. On the downside, the swing low at 22,471 offers near-term support,” Rajani added.
Here’s breaking down of the pre-market actions:
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Tech View: Commenting on the current trends, Dr. Ravi Singh, Chief Research Officer from Master Capital Services said the index has decisively breached the 23,000 psychological mark and remains firmly entrenched below its 200-day EMA, signaling a deepening bearish trend.
India VIX
Meanwhile, the volatility gauge India VIX ended at 26.80, up by 8.77% from the last closing.FII/DII action
Foreign institutional investors (FIIs) were net sellers of Indian equities as they sold shares worth Rs 4,367.30 crore on Friday while the domestic institutional investors (DIIs) shares purchased shares worth Rs 3,566.15 crore.
Stocks in Ban
Steel Authority of India (SAIL) is under F&O trade ban today.
Rupee
The Indian rupee touched a record low of 94.84 on Friday, down nearly 1%, as global markets contended with considerable volatility due to worries about a sustained disruption of global energy supplies due to the Middle East conflict.
(Inputs from agencies)
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