India’s benchmark indices Nifty and Sensex ended with strong gains on Friday, hitting their 52-week highs led by FMCG, auto, and bank stocks. The sentiment around Nifty remains upbeat as the index moved above its four-month consolidation range.
Commenting on the day’s action, Rupak De, Senior Technical Analyst at LKP Securities, said that large-cap stocks clearly outperformed on Friday, leaving behind midcap and smallcap stocks — a classic bull market scenario. In the early phase of a classic bull run, largecaps usually lead the rally, followed by midcap and smallcap companies, he said. “Technically, Nifty looks strong for a decent upside from here, and a ‘buy on dips’ strategy might prove effective. On the lower end, meaningful support is placed at 25,500, while resistance is seen at 25,850–26,000,” De added.
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