Indian equity benchmarks closed Friday’s trade on a flat note after recovering from the day’s low in later hours. The Nifty 50 ended the day 17 points or 0.07% lower at 25,492, and the Sensex declined 95 points or 0.11% to end at 83,216.
The banking stocks outperformed the benchmarks. The Nifty Bank settled 323 points or 0.56% higher at 57,877. The midcap stocks also surged in today’s trade. The BSE Midcap rose 118 points, or 0.25%, at 46,768. The BSE Smallcap finished 5 points or 0.01% lower at 53,052.
“The Nifty index earlier formed a double top near the 26,100 level and has since been making lower highs and lower lows on the daily chart. Currently, it is undergoing a retracement of the entire rally seen during the October series, with the 50% retracement level at 25,350 already tested. The next key support lies near 25,160, corresponding to the 61.8% golden retracement level,” said Nilesh Jain, Head of Technical and Derivatives Research Analyst at Equity Research.
Big highlights from today’s market action-
Indices in intraday trade
The indices closed the trade on a muted note. During the session, out of 3,211 trading stocks, 1,589 advanced, while 1,526 declined, and 96 remained unchanged. Today, 54 stocks hit a fresh 52-week high. Meanwhile, 172 stocks touched a new 52-week low.
