The Indian stock markets are likely to open on a subdued note, tracking mixed global cues. Market sentiment remains cautious amid elevated oil prices and renewed tensions between US-Iran. GIFT Nifty suggests a slightly higher start, trading at 24,211.5 with a premium of 54 points from its previous Nifty futures close.
On Thursday, the market witnessed a strong sell-off. The Sensex declined 852.49 points or 1.09% to close at 77,664, while the Nifty 50 fell 205.05 points or 0.84% to close at 24,173.05.
Meanwhile, Foreign Institutional Investors (FIIs) were net sellers on April 23, they offloaded equities worth Rs. 3,254.71 crore. Domestic Institutional Investors (DIIs), however, were net buyers, purchasing shares worth Rs 941.35 crore.
Broader markets also fell. The Nifty Midcap index shed 0.4% and the Smallcap index declined 0.6%.
Technically, the Sensex formed a bearish candle with a long upper shadow on the daily chart, and the decline extended Wednesday’s losses.
For the index, the 50-day Simple Moving Average (SMA) at 78,200 would act as an initial resistance zone, a failure to reclaim this level would invite a short-term correction below 77,500.
On the upside, a sustained move above the 78,200 level could lead to a rebound toward 78,600-78,800.
The Nifty 50 formed a small-bodied bearish candle with a long upper shadow on the daily chart, which suggests consolidation with corrective bias.
The derivatives market shows a current Put-Call Ratio (PCR) of 0.83. The 24,000 strike price shows high open interest for puts, which indicates this level might serve as immediate support. The 24,200 and 24,500 strike prices saw major growth in open interest on the Call side, indicating these levels as major resistances.
Rupak De, Senior Technical Analyst at LKP Securities, said the index has found resistance around the 100-EMA, leading to a fall towards lower levels. On the downside, it found support at the 10-EMA on Thursday, before closing slightly higher.
"On Friday, if it falls below 24,150 decisively, it might decline towards 23,900. However, if it moves above 24,200, it could rise towards 24,500-24,600. A decisive breakout from the 24,150-24,200 range is required to witness a directional move in the Nifty," he said.
On Thursday, the Bank Nifty fell 819.45 points or 1.43% to close at 56,305.00. On the daily chart, the index formed an evening star pattern, indicating a short-term reversal could take place after the recent rally.
“Bank Nifty index has slipped below its 100-day and 200-day EMA levels, which indicates a weakening medium-term structure and cautious sentiment among participants. Going ahead, the 55,900-55,800 zone is expected to act as crucial support, as a prior swing low is placed in this region. Any sustainable move below 55,800 may intensify weakness and result in further correction towards the 55,200 level,” said Sudeep Shah, Head - Technical and Derivatives Research at SBI Securities.
Infosys reported a strong performance for Q4 FY26. The company’s net profit rose 27.8% quarter-on-quarter to Rs. 8,501 crore, while revenue increased 2% to Rs. 46,402 crore. However, dollar revenue declined 1.2% to $5,040 million.
EBIT advanced 2.8% to Rs 9,743 crore, with margins improved to 21%. Infosys also announced a final dividend of Rs. 25 per share.
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