Mumbai, May 16
The domestic benchmark indices opened lower on Friday amid mixed global cues as selling was seen in the IT, financial services and pharma sectors in the early trade.
At around 9.29 am, Sensex was trading 231.64 points or 0.28 per cent down at 82,299.10, while the Nifty declined 49,95 point or 0.20 per cent at 25,012.15.
Nifty Bank was down 52.40 points or 0.09 per cent at 55,303.20. The Nifty Midcap 100 index was trading at 56,700.05 after rising 169.20 points or 0.30 per cent. Nifty Smallcap 100 index was at 17,318.40 after climbing 78.45 points or 0.46 per cent.
According to analysts, on the technical front, Nifty formed a strong bullish candle on the daily chart, breaking out of an inside bar pattern and closing above the crucial 25,000 level.
"The index witnessed an intraday recovery of nearly 200 points, reflecting sustained bullish momentum. Immediate support is placed at 24,850–24,700, while resistance is seen at 25,100 and 25,235. A decisive breakout above the 25,235 level could drive the index higher toward the 25,500–25,743 zone," said Hardik Matalia from Choice Broking.
Traders are advised to adopt a "buy on dips" strategy with strict risk management and avoid taking large overnight positions due to ongoing global uncertainties, he added.
Meanwhile, in the Sensex pack, Bharti Airtel, IndusInd Bank, SBI, Infosys, HCL Tech and M&M were the top losers. Whereas, UltraTech Cement, Bajaj Finserv, NTPC, Maruti Suzuki and Axis Bank were the top gainers.