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The benchmark indices ended a volatile session on a subdued note on Friday as profit-booking ahead of the weekend erased early gains, even as optimism around global cues, strong GST collections and hopes of an India-US trade deal offered support to equities.

After a firm start, the Nifty 50 witnessed selling pressure during the day and eventually settled flat. The Sensex also gave up most of its intra-day gains to close 259.75 points or 0.32 percent higher at 80,501.99. It had surged over 935 points in early trade to touch 81,177.93.

The NSE Nifty ended marginally higher by 12.50 points or 0.05 per cent at 24,346.70.

Market participants said foreign fund inflows and a positive trend in global markets helped cushion the downside. However, volatility persisted through the day as investors chose to book profits after the recent rally.

Analysts believe the Nifty needs to sustain above the 24,500 mark to maintain bullish momentum.

"The index is currently in a consolidation phase and is facing resistance near the 24,500 level on a closing basis," said Ajit Mishra, Senior Vice-President – Research at Religare Broking. "Rotational buying in heavyweight counters is providing support, but a clear breakout above this level is needed to confirm strength."

According to Bajaj Broking Research, the Nifty may continue to consolidate in the 23,800–24,550 range. The 23,800 level is seen as a key support zone, being both the recent breakout point and last week’s low. On the upside, 24,550 is viewed as a crucial resistance level, representing the 61.8 percent Fibonacci retracement of the fall from 26,277 to 21,744.

Rupak De, Senior Technical Analyst at LKP Securities, said the index showed signs of weakness after facing rejection near 24,550. "A long upper wick candle on the daily chart indicates selling at higher levels. Immediate support is placed at 24,250, and a breach below this could drag the index down to 24,000," he said.

De added that unless the index decisively moves past the 24,550 mark, it may continue to trade within a defined band of 24,000–24,550.

As for the banking index, Bank Nifty remained largely flat on Friday, closing at 55,115. The index saw initial buying but later gave in to profit booking.

"On the daily chart, a doji candle has formed, and on the weekly chart, a shooting star pattern is visible—both hinting at hesitation among participants at higher levels," said Hrishikesh Yedve, AVP – Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd. (a Pantomath Group company).

Yedve noted that Bank Nifty is likely to face resistance near 56,000, while key support lies at 54,450. A breach below 54,450 could invite fresh selling pressure, whereas a range-bound move between 54,450 and 56,000 may continue in the absence of any major trigger.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

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