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The Nifty index opened positive on Friday, witnessed profit booking and finally settled the day on a negative note at the 23,560 level. The volatility index, India VIX, dropped by 3.45% to 13.69, indicating a decrease in market volatility.Technically, Nifty formed a red candle on the daily scale, signifying weakness. However, on a weekly scale, the index formed a green candle, confirming the bullish engulfing candlestick pattern formed last week. On the downside, the index's immediate support is placed around 23,430, where the short-term breakout point is located, while the resistance of the downward-sloping trend line is situated at 23,800. Considering the strong weekly structure, buy-on-dips approach should be adopted in Nifty, said Hrishikesh Yedve of Asit C. Mehta Investment Interrmediates.According to the open interest (OI) data, the highest OI on the call side was observed at 23,800 and 23,600 strike prices, while on the put side, the highest OI was at 23,500 strike price followed by 23,300.What should traders do? Here’s what analysts said:Praveen Dwarakanath, Hedged.inNifty is reacting from the upper part of the Bollinger band, more like a healthy correction after a small rally. The index has support at the 23,400 level, from where it bounced during the day's fall. The index formed a red doji candle, with a big lower shadow, indicating a possible bounce from the present level. The momentum indicators on the daily scale point towards an upside from the current level. Options writer's data for the monthly expiry showed increased writing of puts at 23,600 and below levels, indicating mild bullishness in the index.Rupak De, LKP SecuritiesThe Nifty remained volatile as the RBI Governor announced the monetary policy. However, the volatility did not push the index below the 21 EMA on the daily timeframe, signifying a positive short-term trend. The trend is likely to remain positive as long as the index stays above 23,450. On the higher end, resistance is placed at 23,700. A decisive move above 23,700 could lead to a rally toward 24,050.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

Mazagon Dock on Friday reported 29% year-on-year (YoY) growth in its consolidated net profit to Rs 807 crore for the quarter ended December 31, 2024. The same stood at Rs 627 crore in the last year quarter.Revenue from operations grew 33% YoY to Rs 3,144 crore in the quarter under review, compared with Rs 2,362 crore in the same quarter of last year.EBITDA for the third quarter jumped 51% YoY to Rs 817 crore as against Rs 539 crore posted in the same period of last year. Margins, meanwhile, improved to 26%.On a sequential basis, net profit after tax increased 38% from Rs 585 crore posted in the preceding September quarter. Revenues improved 14% quarter-on-quarter.Total expenses rose 28% YoY to Rs 2,367 crore in the reporting third quarter from Rs 1,845 crore in the corresponding quarter of the previous fiscal.Other income during the quarter rose to Rs 286 crore, while the same was Rs 269 crore in the previous-year quarter.Mazagon Dock is one of India's leading shipyards, specializing in the construction of warships and submarines for the Indian Navy. It is renowned for its expertise in constructing sophisticated warships, including destroyers, frigates, corvettes, and submarines.The stock underwent a correction in the last six months as the share fell nearly 8% in this period, a trend that is echoed across the PSU space.On Friday, following the results announcement, the stock gained nearly 2% to Rs 2,232 on NSE.