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Nifty Ends Week Down, Navigating Choppy Markets
17 May
Summary
- Nifty closed Friday near 23,644, gaining 0.19% for the day.
- Despite a late recovery, Nifty ended the week with over 2% losses.
- Analysts predict Nifty to trade between 23,800 and 23,200 next week.
The Indian stock market navigated a volatile week, concluding Friday with the Nifty index settling at 23,644, a 0.19% increase for the day. This marginal gain followed a broader recovery after an initially cautious start to the week. Despite the intraday rebound, Nifty finished the week with a cumulative loss of over 2%, closing just below the 23,650 mark.
Sectoral performance was mixed, with Nifty Media and Nifty IT emerging as top gainers, while Nifty Metal and Nifty Oil & Gas faced declines. Individual stock performance also varied, with Tata Motors Passenger Vehicles and Dr Reddy's Laboratories showing gains, contrasted by Hindalco Industries and Eternal experiencing losses.
Market analysts anticipate continued volatility. Nagaraj Shetti of HDFC Securities expects Nifty to oscillate between 23,800 and 23,200. Rajesh Bhosale of Angel One identifies 23,400-23,100 as a key support zone, with resistance expected around 23,900-24,200. A decisive move beyond these levels is anticipated to dictate the next significant market direction.
The Bank Nifty index also experienced fluctuations, initially weakening before recovering. It faced resistance around the 54,320-54,325 zone before settling lower. Immediate support for Bank Nifty is seen at 53,300-53,200, with resistance at 54,100-54,200.
