After showing a minor bounce from the 25,000 mark in Thursday’s session, the Nifty witnessed sharp weakness on Friday and closed the day lower. On the final trading session of the week, the index remained under consistent selling pressure, slipping towards 24,900, where it found initial support.

The Nifty ended the day with a loss of 143 points, or 0.57%, closing at 24,968. It also marked its third consecutive weekly decline, falling 0.72% week-on-week.

Among the top performers on the Nifty were Wipro, Bajaj Finance, and Tata Steel, which displayed relative strength. In contrast, Axis Bank, Shriram Finance, and BEL emerged as the major laggards.
The broader markets mirrored the benchmark’s weakness amid profit booking. The Nifty Midcap 100 fell by 0.70%, while the Nifty Smallcap 100 declined by 0.82%.

Among sectoral indices, Media, Metal, and IT managed to end in the green, showing some resilience. However, Private Banks, Consumer Durables, and Financial Services saw steep declines, weighing heavily on overall market sentiment.

Meanwhile, both domestic and foreign institutional investors were net buyers in the cash market on Friday.

All eyes will now be on the ongoing earnings season, with a flurry of major results lined up. Investors are set to react to earnings from Reliance Industries, HDFC Bank, and ICICI Bank in early trade on Monday.

In the sessions that follow, several key companies including Infosys, Dr Reddy’s Laboratories, Bajaj Finance, Nestle India, and Cipla are scheduled to announce their quarterly results.

According to Nagaraj Shetti of HDFC Securities, the underlying trend of the Nifty remains weak. A negative candle on the daily chart on Friday indicates a possible downside breakout from immediate support.

“A slide below 24,900 could open the door to further weakness towards 24,500 in the coming week. Any pullback rally from here is likely to face strong resistance near 25,250,” he said.

Rupak De of LKP Securities said that while the Nifty stayed above the 50-day exponential moving average (50-EMA), it appears poised for a short-term pullback. However, the overall trend remains a ‘sell on rise’ as long as the index trades below 25,260.

“On the downside, a break below 24,900 may intensify selling pressure,” De added.

Nandish Shah of HDFC Securities pointed out that the Nifty violated its previous swing low support of 25,001 and closed below it. The index also confirmed a lower top–lower bottom formation on the daily chart and closed below its 50-day simple moving average (SMA) for the first time since April 11, 2025.

“The short-term trend has turned bearish. Further supports are seen at 24,742 and 24,500, while resistance is likely around 25,255,” Shah said.

Ajit Mishra of Religare Broking said, “A decisive break below 24,900 could lead to increased selling pressure, while any rebound may face resistance around the 20-day EMA near 25,200.”