The BSE Sensex was up by 205.05 points or 0.29 per cent at 69,726.74 in early trade on Friday, while the Nifty was up by 66.10 points or 32 per cent at 20,967.25. 

Commenting on the Nifty outlook, Anand James, Chief Market Strategist at Geojit Financial Services, said that the dips being contained at 20850, the pivot lined up for yesterday, “we are going in today without enough signs of vulnerability. The flat close in the last few days may have helped in cooling down overheated up-moves, encouraging us to persist with the upside objectives of 20970-21130-21220, while continuing to keep the downside marker above 20850/800. Slippage past the same should set an immediate objective of 20590/560, but a collapse is still not favoured.”

Meanwhile,  Dr. V K Vijayakumar, Chief Investment Strategist at Geojit, pointed out that leading indicators like powerand housing demand, credit growth and revival of rural demand present a resilient economy, which can keep the market buoyant, restrained only by valuations. “Fairly valued segments such as banking may be accumulated on dips. Falling crude is positive for paints, tyres and aviation, where demand continues to be robust,” Vijayakumar added.

Analysts of Prabhudas Lilladher said, “the near-term support would be around 20,550 zone of the rising trendline level, where one can expect the index to consolidate. The support for the day is seen at 20,800, while the resistance is seen at 21,050.

Stocks that opened as gainers were JSW Steel, Hindalco, UPL, Apollo Hospitals, and HCL Tech, while major losers were Maruti, Bajaj Finance, Dr Reddy Laboratories, Bharti Airtel, and SBI.

Stock markets snap seven-day winning run; Sensex falls 132 points

Bharti Airtel has informed the exchange about the receipt of notice from the Department of Telecommunications, Nagpur, Maharashtra LSA, imposing a penalty of ₹1,09,000 for alleged violation of subscriber verification norms. 

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