Benchmark stock market indices closed higher on Friday, ending the week on a strong note as investor sentiment turned positively cautious over the recent ceasefire in the West Asia war.
The S&P BSE Sensex added 918.60 points to end at 77,550.25, while the NSE Nifty50 gained 275.50 points to close at 24,050.60.
Rupak De, Senior Technical Analyst at LKP Securities, said that the Nifty remained positive, supported by lower crude oil prices amid rising expectations of a concrete truce deal.
“On the hourly chart, the index has been steadily moving higher from the 200 SMA, confirming an improving environment for a bullish trend,” he added.
After the closing bell, Asian Paints Ltd led the Sensex gainers, rising 3.84%. It was followed by ICICI Bank Ltd, which gained 3.22%. Mahindra and Mahindra Ltd moved up 2.98%, while Indigo Ltd added 2.77%. Axis Bank Ltd also ended higher, rising 2.49%.
Sun Pharmaceutical Industries Ltd saw the sharpest fall, dropping 3.65%. Infosys Ltd declined 2.94%, Tata Consultancy Services Ltd slipped 2.45%, Tech Mahindra Ltd was down 1.44%, and HCL Technologies Ltd fell 0.90% at the close.
“On the daily timeframe, the RSI is in a bullish crossover and continues to rise, indicating strengthening momentum. In the short term, the trend may remain positive. On the other hand, if no concreate truce deal is reached by the weekend, market might react negatively,” said De.
Immediate support is placed at 23,800, below which the index may decline towards lower levels. On the upside, the 24,300–24,350 zone is likely to act as a resistance area,” he added.
