Despite weakness in frontline indices, mid and small caps outperformed. An analyst flags resistance at 25,020 and support at 24,680.

Indian equity benchmarks opened subdued on Friday, tracking weak global cues after a U.S. appeals court temporarily reinstated President Donald Trump’s tariff orders. 

At 9:45 a.m. IST, the Nifty 50 had fallen 26 points to 24,806, while the Sensex was down 101 points to 81,531. 

Broader markets outperform with the Nifty Midcap index gaining 0.5% and the Nifty Smallcap index rising 0.3%

The retail sentiment on Stocktwits remained ‘extremely bullish’. Analysts note that a decisive move above 24,920 could unlock the next rally.

Nifty sentiment and message volume on May 30 as of 9:30 am IST. | source: Stocktwits

Sectorally, technology stocks are the biggest laggards in trade. Banks, real estate, and oil and gas stocks see some buying interest. 

Bajaj Auto is the biggest Nifty loser, down over 2% despite posting stable March quarter (Q4 FY25) earnings. Concerns over its market share loss in the domestic motorcycle segment could weigh on sentiment. 

Mazagon Dock shares fell 5%, snapping a seven-day winning streak, after its March quarter profit slumped 51% to â‚č325 crore.

Ola Electric shares plummeted 10% after Q4 losses doubled to â‚č870 crore. Kotak Institutional Equities downgraded it to ‘Sell’ with a price target of â‚č30, indicating a 43% downside.

Suzlon Energy shares rose 13% to a seven-month high after its fourth-quarter profit surged 365% year-on-year.

Sobha shares rose 5% after profit surged nearly 6 times in Q4.

Marksans Pharma gained over 1% after its UK subsidiary received the regulatory nod to market type-2 diabetes drugs in the UK.

Looking ahead, investors will monitor Apollo Hospitals, FSN E-Commerce Ventures Nykaa, AstraZeneca Pharma, and IVRCL, among others, as they report quarterly numbers later in the day. 

From a technical standpoint, a SEBI-registered analyst on Stocktwits shared the trade setup. 

Prabhat Mittal pegged immediate support for the Nifty at 24,680 and resistance at 25,020, while he placed Bank Nifty support at 55,100 and resistance at 56,200.

Analyst Varunkumar Patel highlighted that foreign institutional investors have bought over â‚č800 crore in cash market stocks, while maintaining their net index short position in futures and options (F&O) unchanged. 

He notes that their F&O positions indicate a range-bound market, with limited upside potential above 25,200.

Asian markets traded lower as the whiplash over the US trade tariffs weighed on investor sentiment.

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