Sensex threads the needle at 54,900, barely 100 points away from the 55,000 ceiling that traders have eyed all week. The front‑court move of Nifty futures to 23,050 keeps the rally on hold, reflecting a cautious stance by the market.
Oil prices sit high, with Brent hovering around $115, a factor the bulls say could dampen momentum. The cost of crude is a lingering headwind for companies exposed to commodity cycles.
Tech stocks took a hit overnight, as ServiceNow plunged 27% after disappointing earnings. This sell‑off isn’t limited to AI and semiconductors; the broader tech sector has been dragged down.
With IT lagging, the onus falls on the Nifty Bank sector, which powered the index on Thursday. Bank weights will likely dictate the day’s direction as investors weigh the sector’s resilience.
Key levels remain: 23,000 is the next upside target, while 22,650–22,700 offers a buffer on the downside. A close above 22,600 could secure a weekly gain for the index.
Support for the broader market sits at 54,500, with resistance at 55,500. The next big test will be whether the index can break the 55,000 mark and then aim for 55,500, setting the tone for the week’s climb.