Indian equity benchmarks ended slightly lower on Friday as Sensex declined 71 points to 78,009 and Nifty 50 fell 30 points to 24,366. Oil prices held near 87 dollars per barrel while broader indices dropped about 0.7 percent. Analyst Sudeep Shah of SBI Securities discussed the outlook for Nifty, Bank Nifty, options data and upcoming trading plans. Nifty has traded in a tight 500-point band since early August with daily ranges shrinking to the lowest level since January. Momentum has been limited to the opening hour followed by sideways action, making short-term trades difficult. The index hovers near its 20-day and 200-day averages while RSI near 52 and ADX at 11.88 both signal fading strength. Support lies at the 50-day average zone of 24,200-24,150 and resistance at 24,550-24,600. Sensex shows a similar contraction in volatility with its ATR at the lowest since January. The index remains above key moving averages yet momentum indicators point to reduced upside power. Support is seen at 77,300-77,400 and resistance near the 200-day average of 78,600-78,700. Bank Nifty has also consolidated within a narrowing range over nine weeks, producing small-bodied candles and muted indicators that reflect indecision among participants.
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