Indian equity benchmarks concluded a volatile trading session on Friday with modest gains, marking their fourth consecutive day of upward movement. The market's resilience was supported by a combination of encouraging corporate earnings, controlled inflation figures, and a favorable political outcome in a key state election.
Market Performance and Key Drivers
The BSE Sensex advanced by 84.11 points, or 0.10%, to close at 84,562.78. Meanwhile, the NSE Nifty 50 climbed 30.90 points, or 0.12%, settling at 25,910.05. The broader market presented a mixed picture; the BSE Midcap index experienced a slight dip of 0.03%, whereas the Smallcap index managed to edge higher by 0.06%.
This sustained positive momentum is largely attributed to a turnaround in second-quarter results for FY26, benign inflation data that has eased investor concerns, and a victory for the NDA alliance in the Bihar state elections, which has bolstered market sentiment.
Expert Technical Outlook and Levels to Watch
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, maintained a strong bullish bias on the Nifty 50 index. She noted that despite high volatility, the index successfully held the crucial support level near 25,750.
'The bias for Nifty remains strong, and we anticipate the index reaching for targets of 26,300 and 26,700 in the near term,' Parekh stated. She identified the immediate support for Nifty at the 25,800 level, with resistance positioned at 26,100.
Regarding the banking index, Parekh commented that Bank Nifty maintained its support near the 58,100 zone before surging to end near 58,500. 'The index continues to remain rangebound and needs a decisive breach above the 58,500 barrier to trigger a significant breakout,' she added. The daily range for Bank Nifty is seen between 58,000 and 59,000.
Stocks to Buy Today: Intraday Recommendations
For traders looking at opportunities on Monday, Vaishali Parekh of Prabhudas Lilladher has recommended three intraday buy calls:
- Manappuram Finance: Buy at ₹281, Target ₹295, Stop Loss ₹275
- Equitas Small Finance Bank: Buy at ₹60, Target ₹64, Stop Loss ₹58
- Allied Blenders and Distillers: Buy at ₹649.90, Target ₹675, Stop Loss ₹637
Disclaimer: This market analysis is intended for educational purposes. The views and stock recommendations are those of the individual analyst and not of Mint. Investors are strongly advised to consult with certified financial experts before making any investment decisions, as market conditions are dynamic and individual circumstances may vary.
