SGX Nifty indicated a weak start for Indian equity markets on Friday, trading 54 points lower at 23,675.5 as of 7:48 AM IST, reflecting cautious investor sentiment amid mixed global cues and sustained pressure near key resistance levels.
The index was down 0.23% in early trade after opening at 23,790.5 and touching an intraday high of 23,877.0. It slipped to a low of 23,650.5 during the session, indicating continued selling pressure in overnight trade.
Technical indicators pointed to near-term weakness, with SGX Nifty trading below its short-term moving averages on the 5-minute timeframe. The 5-minute trading signal remained on “Sell,” while broader hourly and daily indicators continued to show a “Buy” signal, suggesting that the medium-term trend remains intact despite short-term volatility.
Analysts said the market is currently witnessing a consolidation phase after recent highs, with investors closely monitoring support levels around 23,400 and resistance near 23,785.
Hourly moving averages remained supportive, indicating that the broader market structure has not yet turned decisively bearish. However, the index continued to trade below key daily averages, highlighting fragile momentum in the near term.
Over the past month, SGX Nifty has corrected sharply from highs near 24,845, signaling valuation normalization and cautious positioning by investors ahead of key domestic and global triggers.
Market participants are expected to track banking stocks, global market trends, foreign institutional investor activity, and macroeconomic developments for further direction during Friday’s session.
