Nifty Fails to Break Key Resistance, Remains Range-Bound

The Indian equity market has been trading in a zig-zag manner over the past week, with the Nifty index alternating between gains and losses. The index failed to sustain above the crucial resistance level of 25,250, which it had reached last week.

On Thursday, the Nifty faced selling pressure throughout the session and slipped below the 25,150 support level. The index continued to grind lower, weighed down by persistent selling and noticeable put unwinding, eventually closing below its 20-day moving average.

The IT sector was a major laggard, with the Nifty IT index falling over 2% after midcap firms Coforge and Persistent Systems reported weaker-than-expected quarterly results. The lingering uncertainty around the India-US trade deal also weighed on the sector.

In contrast, the Nifty PSU Bank index gained 1.2%, buoyed by strong Q1 earnings from Canara Bank and Indian Bank.

Shares of Indian Energy Exchange (IEX) tanked 30%, its biggest single-day fall on record, after the CERC approved implementation of market coupling norms from January 2026.

FMCG major Nestle India was the top Nifty loser, shedding over 5% on disappointing Q1 results.

Overall, analysts expect the Indian markets to remain range-bound, with stock- and sector-specific moves being driven by Q1 earnings. They also highlighted the need for the Nifty to hold above the 25,000 zone for a potential bounce back.