Indian equity markets ended higher on Friday, August 28, snapping a two-session losing streak as a sharp rally in heavyweight IT stocks lifted the benchmark indices. The NSE Nifty50 closed at 24,175.65, gaining 84.80 points, or 0.35%, while the BSE Sensex settled at 77,264.51, up 330.92 points, or 0.43%.
Analysts said a move above Friday’s high and the 50-day exponential moving average (EMA), placed around 24,190, could pave the way for a pullback towards 24,300-24,350 in the coming sessions. On the downside, a breach of the weekly low of 24,076 could see the index test the key support zone of 24,000-23,800. The index is expected to remain in consolidation, with the broader range seen at 23,800-24,600 amid stock-specific action.
