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Physical gold dealers in India were forced to offer the steepest discounts in more than a year to lure buyers put off by a record surge in local prices last week, while the banking crisis fueled steady demand in top buyer China.

On the longer timeframe, there was a breakout of double-bottom formation, which suggests much more potential upside in this counter while on the shorter time frame, it is travelling on a channel formation pattern.

The stock has given returns of 28% over the one-year period and outperformed Nifty50 which has returned 1.5% in the same time. It also beat the Nifty Realty index which dropped 13.72% during the same period.

"The Nifty witnessed an extremely volatile day of trade on Friday. It was consolidating in a narrow range during the first half of the session. However, as the day progressed and especially during the last couple hours of the trading session the Nifty witnessed intense selling pressure which dragged the Nifty lower to close with a cut of 132 points," Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas said.

Indian markets are becoming attractive after a dip in performance compared to other emerging markets, says Jonathan Schiessl, Deputy CIO of Westminster Asset Management. IT stocks have held up and the broader market is now undervalued, particularly in regard to Indian banks which benefit from good regulation and high quality franchises. The financial sector globally is under a lot of pressure, but Indian banks are domestically focused and have little overseas operations, shielding them from most of the issues affecting global banks. Old business models in IT sectors must adapt to the current financial crisis for their earnings to improve.

“Options data suggests a broader trading range in between 16600 to 17300 zones while an immediate trading range in between 16700 to 17150 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.

The dollar index, which measures the currency against six rivals, was up 0.078% at 103.060, having gained 0.5% on Friday amid banking jitters, with shares of Deutsche Bank sliding nearly 9%.

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Lenders of bankrupt Reliance Capital fear their loan recovery could fall below the liquidation value of `12,500-13,000 crore for the financial services company since both bidders, Hinduja Group and Torrent Investments, are reluctant to improve their offers, bankers dealing with the matter said.

Nagpur-based Sarda Energy & Minerals, Delhi-based Jindal Power, public-sector utility NTPC, Gujarat-based Torrent Power, and Singapore-based Vantage Point Asset Management have submitted revised bids to take over SKS under the corporate insolvency resolution process.