Markets traded on a subdued note on Friday, with benchmark indices consolidating after the rebound witnessed in the previous session. The Nifty opened marginally higher amid mixed global cues but remained range-bound throughout the session before eventually settling at the 24,252 level.

Sectoral participation remained mixed, with metal and realty stocks edging higher, while FMCG, auto and IT counters traded under pressure. Broader markets remained mixed, with the midcap index ending flat while the smallcap index gained over half a percent, indicating continued stock-specific participation.

Investor sentiment remained subdued as Brent crude hovered around the $93 per barrel mark amid continued geopolitical uncertainty. Rising bond yields in developed markets are further weighing on risk appetite and reducing the attractiveness of emerging-market equities. However, selective buying in heavyweight stocks helped cushion the overall decline.

Technically, the Nifty appears to have lost some momentum, and a phase of consolidation seems likely. The index is expected to find support in the 24,100–24,000 zone, while the 24,300–24,400 region is likely to act as the immediate resistance band. Given the prevailing market setup, we recommend maintaining a cautious stance on the index and focusing on selective stock-specific opportunities. Participants should prefer relatively stronger stocks and sectors while maintaining disciplined risk and position management.

Ajit Mishra – SVP, Research, Religare Broking Ltd.