Recovering from the day’s low, Indian benchmark indices ended strongly on Friday in what was a very volatile session. This recovery was engineered by bank, auto and FMCG stocks. Nifty settled at 24,768.30, rising by 219.60 points or 0.89%. Meanwhile, the 30-stock S&P BSE Sensex finished flat at 82,133.12, gaining by 843.16 points or 1.04%.
Commenting on the day’s action, Rupak De, Senior Technical Analyst at LKP Securities likened the equity market’s movement to a roller-coaster session on the day of the weekly expiry. “On the lower end, the Nifty found support around the neckline of the inverse head-and-shoulders pattern, completing a retest before rallying towards higher levels. Today’s low also coincides with the 38.2% retracement level of the previous rally. Going forward, the trend is likely to remain strong, with the potential to reach 25,000 and higher in the short term. On the lower end, support is placed at 24,550,” De said.
