Indian benchmark indices were trading with gains on Friday, tracking upbeat cues from overseas. The BSE Sensex was up around 300 points at 54,530, and the NSE Nifty was 100 points higher at 16,250. The broader markets were outperforming the benchmarks.
One97 Communications (Paytm) and Zomato were among the stocks that hit 52-week low on the Bombay Stock Exchange. Meanwhile, 90 scrips touched 52-week high levels intraday.
If Nifty sustains below 17,200, it may slip further towards 17,100-17,000 in the near term, while on the higher side, 17,400-17,500 levels are likely to act as an immediate resistance zone, says Rajesh Palviya of Axis Securities.
Mazhar Mohammad of Chartviewindia.in said unless Nifty50 bridges Friday's bearish gap zone of 16,509-16,535 level, the trajectory of the market shall remain on the downside.