Indian equity indices opened Friday’s trading session on a higher note for the eighth consecutive session. The NSE Nifty 50 opened 63 points or 0.25% higher at 25,069. The BSE Sensex opened 208 points or 0.26% higher at 81,757.
On the same verge, Bank Nifty opened 103 points or 0.19% higher at 54,772. Similarly, the small and midcap stocks opened the day higher. The Nifty Midcap rose 244 points or 0.42% to open at 58,289.
“For day traders, the 50-day SMA (simple moving average) or 24,850 would act as a crucial support zone. As long as the market is trading above this level, the bullish trend is likely to continue. On the upside, 25,050 would be the immediate breakout zone. A successful breakout above 25,050 can push the market higher towards 25,150–25,200,” said Shrikant Chouhan, Head of Equity Research at Kotak Securities.
“The market is expected to open on a positive note, buoyed by a global rally driven by growing expectations that the US Federal Reserve may cut interest rates at its meeting next week. Adding to the optimism, reports suggest that US President Trump has invited Commerce Minister Piyush Goyal for a meeting with the US Trade Representative to discuss a potential trade deal — a development that could ease tensions between the two countries,” said Motilal Oswal ahead of opening.
The Nifty index is hovering around the trendline resistance of 25,100 spot levels. Only a decisive close above 25,100 can open the doors for the next short-term directional up move, which could be up to 24,350-24,500, said Vipin Kumar, Assistant Vice President of Technical and Derivatives Research at Globe Capital. “Options data is indicating slightly positive sentiments with immediate supports around 24,930-24,875,” he added.
Let’s take a look at the key factors to watch out for today’s trading session
Early gainers and laggards
In early trade, among the Nifty 50, top gainers at this hour were Infosys, Hindalco Industries, Maruti Suzuki, Tata Motors, and Axis Bank. On the flip side, the key laggards in the Nifty 50 pack included Hindustan Unilever, Zomato (Eternal), HDFC Bank, Titan, and Tech Mahindra.
Major movers on Friday
The stocks that contributed the most included Infosys, Axis Bank, Reliance Industries, Larsen & Toubro, and Maruti Suzuki, which were the major movers in the morning trade.