Indian equity markets are expected to open under pressure on Friday, the final trading session of the week, amid weak global cues, higher crude oil prices, and cautious investor sentiment.
According to pre-open indications, GIFT Nifty was trading lower, signalling a subdued start for domestic markets. Most major Asian indices were also trading in negative territory, while U.S. futures remained under pressure. Market participants are expected to closely monitor quarterly earnings from key companies and international developments during the session.
Brent crude oil prices have risen to around $83 per barrel. Higher oil prices are considered a concern for import-dependent economies such as India, as they can increase inflationary pressures and the import bill. Meanwhile, the U.S. Dollar Index has eased slightly, which may provide some support to emerging markets.
Investors are also tracking the ongoing nuclear and economic negotiations between the United States and Iran. The U.S. administration has indicated that progress is being made in the talks. If the two countries move towards an agreement, concerns over global oil supply could ease, contributing to greater stability in energy markets.
According to technical analysis, the Nifty 50 has traded within a narrow range over the past few sessions, while its overall structure remains intact. The index continues to trade above its key moving averages. Resistance levels for the Nifty 50 are placed at 24,667, 24,684 and 24,712, while support levels are seen at 24,611, 24,594 and 24,566.
For Bank Nifty, resistance levels are identified at 58,090, 58,176 and 58,314. On the downside, support levels are placed at 57,813, 57,728 and 57,590.
Several stocks are expected to remain in focus due to corporate updates and quarterly earnings. Life Insurance Corporation (LIC) may see increased activity after reporting recent financial performance. Britannia Industries, Siemens Energy India, Shipping Corporation of India, Apollo Tyres, Alkem Laboratories, Dabur India, Newland Laboratories, Orient Electric and Shadowfax Technologies are also expected to remain on investors' radar.
Friday's trading session is also significant from the perspective of quarterly earnings. State Bank of India (SBI), India's largest public sector bank, is scheduled to announce its first-quarter (Q1) results. Investors will also monitor the financial performance of Titan Company, Hindalco Industries, Ola Electric Mobility, BEML, Cera Sanitaryware, Godrej Consumer Products, Inox Wind, JK Tyre & Industries, Kaynes Technology India, Lemon Tree Hotels, Oil India, Power Finance Corporation and Hitachi Energy India.
Analysts said the direction of the Indian equity market during the session is expected to be driven primarily by global economic cues, crude oil prices and quarterly corporate earnings. They said ber-than-expected earnings from major companies could support buying interest, while weakness in global markets and higher energy prices may keep investors cautious.
