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Nifty on the weekly chart formed a small bullish candle with minor upper and lower shadows on Friday. Technically, this weekly market action signals the formation of a Doji candle pattern. Normally a Doji pattern after a reasonable weakness could be an impending reversal signal post-confirmation.The short-term trend of the Nifty remains weak amidst range movement. A decisive upside above 23,400 could only open renewed buying enthusiasm in the market. Immediate support is placed at 23,100, said Nagaraj Shetti of HDFC Securities.According to the open interest (OI) data, the highest OI on the call side was observed at 23,300 and 23,500 strike prices, while on the put side, the highest OI was at 23,200 strike price followed by 23,000.What should traders do? Here’s what analysts said:Jatin Gedia, Mirae Asset SharekhanNifty opened gap down and witnessed a volatile day of trade on Friday. Intraday, it witnessed wild swings in both directions and ultimately closed in the red down 109 points. On the daily charts, the counter-trend rally of the last three trading sessions has fizzled out at the 40-hour moving average (23,390) and resumed its fall. On the downside, we expect the Nifty to slip towards the psychological level of 23,000 and below that it can potentially slip towards 22,670. Failure of a follow-through selling pressure on the downside can lead to a consolidation within 23,100 – 23,300.Rupak De, LKP SecuritiesThe Nifty remained under bearish pressure for yet another session. Sentiment remains weak as the index declined after encountering resistance at a crucial moving average. This bearish sentiment may persist in the short term or as long as the index remains below 23,400. On the downside, it could drift toward 23,000. A decisive break below 23,000 might trigger a broader market correction. Conversely, 23,400 is likely to remain a strong resistance level.Devarsh Vakil, HDFC SecuritiesDespite experiencing significant intraday volatility of over 200 points, the Nifty index found crucial support at 23,100, from where it staged an impressive recovery of more than 100 points. While the index shed nearly a per cent this week, it managed to close well above its weekly lows. The Nifty faces immediate support at 23,100, a breach of which could trigger further downside. On the upside, the index may encounter resistance at 23,391 and 23,500 levels.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

ICICI Lombard General Insurance Company on Friday reported a consolidated net profit growth of 68% for the quarter ended December 31, 2024. The profit after tax (PAT) stood at Rs 724.38 crore versus Rs 431.46 crore reported in the year-ago period. The total income from operations in Q3FY25 stood at Rs 5,883 crore, witnessing a 17% gain over Rs 5,004 crore posted in the year-ago period. On a sequential basis, the bottom line witnessed a growth of 4.4% versus Rs 694 crore reported in Q2FY25. The topline growth on QoQ basis was at 0.55% over Rs 5,004 crore reported in the July-September quarter.The gross direct premium income (GDPI) of the company was reported at Rs 6,214 crore in Q3FY2025 as against Rs 6,230 crore in Q3 FY2024, which was a de-growth of 0.3%, as against the industry growth of 9.5%.“Excluding the impact of 1/n, GDPI of the company grew by 4.8% for Q3 FY2025," the company filing said.The combined ratio was reported at 102.7% in Q3 FY2025 as against 103.6% in Q3 FY2024.The profit before tax (PBT) grew at 67.3% to Rs 960 crore in Q3 FY2025 as against Rs 574 crore in Q3 FY2024.Return on average equity (ROAE) was at 21.5% in Q3 FY2025 compared to 15.3% in Q3 FY2024.Capital gains were at Rs 276 crore in Q3 FY2025 as against Rs 108 billion in Q3 FY2024.The solvency ratio was 2.36x as of December 31, 2024, as against 2.65x on September 30, 2024, and higher than the minimum regulatory requirement of 1.50x. The solvency ratio was 2.62x as of March 31, 2024.The earnings were announced post the market hours and ICICI Lombard shares on Friday ended at Rs 1,955 on the NSE, up by Rs 47.10 or 2.47% over Thursday’s closing price.Also Read: Tech Mahindra Q3 Results: Cons PAT soars 93% YoY to Rs 983 crore, revenue up 1%(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)