India’s benchmark indices, the Nifty and Sensex, closed higher on Friday, marking their second straight day of gains as investors bought into banks, consumer, and metal stocks. Nifty index extended its strength in Friday’s session after a confident closing above its short-term resistance.
Commenting on the day’s action, Vatsal Bhuva, Technical Analyst at LKP Securities said the index took crucial support near its 100-day EMA at 24,750 and ended with a strong close around the 50-day EMA. “On the derivatives front, heavy put writing at 24,800 signals a support base, while the highest OI concentration at 25,000 highlights a strong resistance zone, also validated on technical charts. Overall, Nifty is expected to trade in a mildly bullish range of 24,750–25,100, with support at 24,750 and resistance at 25,000–25,100,” Bhuva said.
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