Auto stocks were among the biggest laggards on the Nifty 50 index, led by declines in Mahindra & Mahindra, Bajaj Auto, and Tata Motors
Indian markets opened flat on Friday, with broad-based losses, except in the FMCG and private banks, supported by heavyweights such as HDFC Bank and ICICI Bank.
At 10:15 a.m. IST, the Nifty 50 traded 23 points higher at 24,523, while the Sensex was up 84 points at 80,164.4. Broader markets edged slightly lower, with the Nifty Midcap index down 0.2% and the Smallcap index trading 0.1% lower.
Retail sentiment for Nifty on Stocktwits remained ‘bearish’ in early trade. It was ‘neutral’ earlier this week.
Stocks in Focus
Auto stocks were among the biggest laggards on the Nifty 50 index, led by declines in Mahindra & Mahindra (-2.4%), Bajaj Auto (-0.8%), and Tata Motors (-0.7%). M&M’s subsidiary Mahindra Aerostructures signed a contract with Airbus to manufacture the main fuselage of the H125 helicopters.
Eternal (-1.5%), Dr. Reddy’s (-1.5%), and Infosys (-1.4%) were among the top losers on the Nifty, while Trent (+2.4%), Kotak Mahindra Bank (+1.5%), and Shriram Finance (+1.4%) offset some of the early losses.
Reliance Industries was largely unchanged at ₹1,384.4 ahead of its annual general meeting later in the day. Investors will closely monitor commentary on the potential listing of Reliance Jio, the conglomerate’s telecom arm.
Adani Power was down 1.35%. The company received a letter of award from the Bihar State Power Generation Company (BSPGCL) to set up a 2,400 MW greenfield ultra-supercritical plant.
Varun Beverages was down over 1% as the Group of Ministers (GoM) is reportedly likely to propose a GST hike on carbonated drinks to 40%.
Analyst Takes
The Nifty’s technical structure has weakened ahead of the new month, with the hourly chart signaling a bearish crossover that points to short-term selling pressure, noted SEBI-registered analyst Manjushree Sharma.
On the daily timeframe, the index is forming a Head & Shoulders (H&S) pattern, a well-known reversal formation that often precedes a deeper correction if confirmed, she said.
Currently, the crucial support zone lies between 24,350 and 24,300, aligning with the potential completion of the right shoulder. Holding above this zone may trigger a short-covering rebound toward 24,500 and 24,800. However, a breakdown below 24,300 on strong volumes would validate the H&S structure and likely accelerate downside momentum.
If that scenario plays out, the next major supports are placed at 24,000 and 23,800. Traders should note that 24,300 is a critical level for the Nifty, Sharma said.
The Bank Nifty is hovering near its 200-day exponential moving average (EMA), a key support zone where buyers have historically stepped in to stabilize prices, according to Mayank Chandel.
Holding above this level could restore confidence and trigger buying, while a breakdown may weigh on sentiment and invite further selling. Though tariffs directly impact exporters, the ripple effect could extend to banks and investors over time.
For now, risks appear contained, but weaker earnings may eventually pressure loan repayments, he added.
Nifty’s technical setup appears fragile, with Thursday’s close confirming a break below the 100 DEMA, signaling intensified bearish pressure, according to Bharat Sharma.
Immediate support lies at 24,500, and a breach here opens the way towards 24,460, followed by 24,360-24,350. If weakness persists, the index could slide further to test the 200-day EMA near 24,200-24,250.
On the upside, resistance is capped at 24,580, with potential bounces toward 24,630–24,730, though sustaining higher levels appears difficult amid heavy “sell on rise” sentiment.
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