Markets edged lower on Friday, losing over half a percent, primarily due to weak earnings - Religare Broking Ltd
NIFTY
* Markets edged lower on Friday, losing over half a percent, primarily due to weak earnings.
* As a result, the Nifty index nearly tested the support zone of 24,900 before settling at 24,968.40 level.
* On the index front, a decisive break below 24,900 in Nifty could lead to further pressure, while any rebound may face resistance near the 20-day EMA zone around 25,200.
* Participants are advised to avoid aggressive directional trades and adopt a hedged approach, with a focus on stock selection based on earnings performance.
BANKNIFTY
* The banking index recorded its third consecutive weekly decline following two successive sessions of losses.
* During this downward movement, the index approached a significant support level defined by a rising trendline, which is further reinforced by the 50- DEMA.
* Barring Indusindbk and Icicibank, all other banking majors lost strength and closed in the red led by Axisbank downside.
* On the upside, resistance is observed near the 57,000 level, while immediate support is positioned around 55,500.
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