Friday was another challenging session for Indian equity markets, with the benchmark Nifty 50 index plunging for the second straight day, shedding over 200 points to close below the crucial 24,900 level.
After a gap-down opening of 52 points, selling pressure intensified through the day, dragging the Nifty into a steady decline. The index eventually closed with a sharp loss of 225 points at 24,837, its lowest level in a month. This also marked the fourth consecutive weekly decline for the index, with a loss of 0.53% for the week.
The market weakness was broad-based, with most sectors and broader indices underperforming. The Nifty Midcap 100 index fell 1.61%, while the Nifty Smallcap 100 tumbled 2.10%, reflecting deeper pain beyond the largecaps.
Among sectoral indices, only Nifty Pharma and Healthcare ended in the green. In contrast, Nifty Media, PSU Banks, Oil & Gas, and Metal were among the worst performers, registering sharp losses.
Despite the broad negativity, a few stocks like Cipla, SBI Life, and Apollo Hospitals stood out as top performers in the Nifty pack.
On the institutional front, foreign investors were net sellers in the cash market on Friday, while domestic investors emerged as net buyers.
Looking ahead, investor attention will shift to key earnings lined up early next week. Kotak Mahindra Bank, IDFC First Bank, Lodha Developers, and Whirlpool of India are scheduled to announce results on Monday.
Later in the week, major companies such as IndusInd Bank, GAIL (India), Bharat Electronics, Mazagon Dock Shipbuilders, NTPC Green Energy, RailTel Corporation of India, Torrent Pharmaceuticals, and Adani Green Energy will release their quarterly numbers.
According to Siddhartha Khemka of Motilal Oswal, the market is likely to remain in a consolidation phase amid continued uncertainty around the India-US trade deal, a mixed Q1FY26 earnings season, and persistent FII outflows.
Rupak De of LKP Securities said that the Nifty has closed below its key support level of 24,900 and the 50-day Exponential Moving Average (50EMA), for the first time in several sessions, indicating a meaningful weakening of the trend. The index has also fallen back into the previous swing high zone on the daily chart, suggesting a potential trend reversal.
“If the Nifty fails to reclaim 24,900 in the next one or two sessions, bulls could face short-term challenges,” De said. Immediate support is seen at 24,700, followed by 24,500. On the upside, resistance is now placed around 25,000.
Nandish Shah of HDFC Securities echoed the bearish view, saying that the Nifty has violated the previous swing low of 24,882 on a closing basis.
“The positional trend has turned bearish with the index breaking below its 50 DEMA for the first time since April 11, 2025,” Shah said. Support is seen at 24,742 and 24,500, while resistance remains capped at 25,000.
Rajesh Bhosale of Angel One added that for the coming week, immediate support lies near the 89-day EMA at 24,650, followed by 24,500, a level that served as a base during the May, June consolidation phase. On the upside, the bearish gap zone and 50 DEMA around 24,950–25,000 act as immediate resistance. The 25,250 level, the recent swing high, remains a major hurdle.