Nifty Climbs to 23,053 as FIIs Pump In Over ₹6,300 Crore, Bagadia Flags Key Support‑Resistance Zones

Nifty 50 closed the week at 23,053.10, up 2%, while Sensex rose 1.8% to 74,459.53 and Bank Nifty eked out a 0.6% gain. The rally was led by buying in IT, healthcare and select financial stocks, even as Bank Nifty lagged behind the broader market. Foreign institutional investors recorded net purchases of ₹6,304.67 crore in the cash market and domestic institutions added ₹3,109.79 crore, signalling renewed foreign interest but not enough to erase October’s broader sell‑off. Choice Broking’s executive director Sumeet Bagadia said the Nifty’s immediate support sits between 22,800 and 22,900, with a crucial resistance band at 23,150‑23,200. He added that the index has yet to reclaim its 50‑day EMA near 23,160, capping short‑term upside. RSI improved to 53.50, PCR stands at 1.24 and the India VIX ticked up to 15.30, suggesting modest momentum but lingering caution. On the weekly chart, the market holds above the 200‑week EMA, with 22,200‑22,500 acting as medium‑term support. Bagadia noted that Bank Nifty remains weak, trading below its 20‑day EMA around 54,968 and 50‑day EMA near 55,646. Immediate support is 54,500‑54,600; a sustained move above 55,000 would be needed to lift sentiment. RSI is 44.97, just above its average of 44.23. For investors seeking shares under ₹100, Bagadia recommended SJVN (buy @ ₹53.39, target ₹58.59, SL ₹50.40), NHPC (buy @ ₹77.74, target ₹85, SL ₹73.80) and Bank of Maharashtra (buy @ ₹81.36, target ₹89, SL ₹77).

Context

The foreign inflow boost reflects a tentative shift in global risk appetite, yet high oil prices and geopolitical tensions keep corporate cost and inflation outlooks uncertain, which can quickly sway Indian market sentiment.