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Indian equity benchmarks ended the week on a strong note, with Bank Nifty and Nifty 50 posting sharp gains amid renewed buying interest and improving market sentiment. While the broader trend a sideways-to-bullish bias, key technical levels and momentum indicators suggest cautious optimism as investors track the next directional move.
Indian equity markets closed higher on Friday, April 10, with the benchmarks – Sensex and Nifty – surging over 1 per cent, driven by a broad-based rally led by financial stocks and a positive trend in global equities. Investor sentiment also improved amid hopes of further easing in the West Asia crisis ahead of US-Iran negotiations and lower crude prices.
The 50-share NSE Nifty climbed 275.50 points or 1.16 per cent to end at 24,050.60. The positive trend was also by buying in banking, auto and financial stocks, while IT counters saw some profit booking after the quarterly results of IT giant TCS.
“From a technical standpoint, the 23,500–23,150 range is likely to act as a key support zone. On the upside, resistance is expected in the 24,500–25,000 band. The Relative Strength Index (RSI) on the weekly chart stands at 44.23, indicating that the market is recovering from lower levels but is yet to reach overbought conditions.”
“At the same time, India VIX fell by 7.72% to close at 18.85, pointing to reduced volatility and a decline in market fear. In the derivatives segment, significant call writing was seen at the 24,300 strike, with additional positions at 24,500. On the put side, strong writing at the 24,000 strike suggests this level may act as immediate support. Despite the easing volatility, traders should remain cautious and maintain disciplined risk management while monitoring key levels for further direction,” Tailor added.
- Support Levels: 23,500-23,150
- Resistance Levels: 24,500-25,000
- Overall Bias: Sideways to Bullish
Meanwhile, Nandish Shah – Deputy Vice President, HDFC Securities, said, “after a brief pause, Nifty resumed its uptrend and rose 275 points to reclaim the 24,000 level. The index opened 105 points higher on the back of strong global cues, and extended gains throughout the session to close near the day’s high. On a weekly basis, Nifty snapped a six-week losing streak, posting a sharp gain of 5.89%, its strongest weekly rise in percentage terms since 5 February 2021.”
“The Indian rupee depreciated for the second consecutive session but managed to secure its second straight weekly gain. This resilience follows the unwinding of speculative positions as lenders rushed to meet the RBI’s deadline for squaring up positions to comply with new limits. Today’s rupee weakness was primarily driven by a rebound in crude oil prices ahead of this weekend’s high-stakes US-Iran negotiations,” said Shah, adding, “with a breakout above the swing high resistance of 24,025, Nifty now appears to be targeting the 50-DEMA near 24,200, followed by the swing low resistance at 24,571. On the downside, 23,700 has emerged as the new short-term support level.”
Bank Nifty prediction
Hitesh Tailor said, “the Bank Nifty index began the week session on a flat note, opening with a gap-up of 195 points at 51,747.6. It registered an intraday high of 55,978.5, indicating strong buying interest and aggressive upward momentum. As the session progressed, the index maintained a sideways-to-bullish bias and eventually closed at 55,912.75, posting a gain of 4,364 points (8.47%) on a weekly basis, which reflects a strong recovery and renewed bullish sentiment in the banking space. On the weekly timeframe, the index has formed a strong bullish candle, suggesting continued strength and potential for further upside if momentum sustains.”
“From a technical perspective, the index is likely to find support in the 53,700-53,000 range, while resistance is placed around the 56,700-57,700 zone. The Relative Strength Index (RSI) stands at 47.16, reflecting improving momentum from lower levels, though it still remains below the bullish threshold,” said Tailor, adding, “however, failure to sustain above higher levels may keep the index under short-term corrective pressure. Traders are advised to remain cautious, follow disciplined risk management, and closely monitor key levels for the next directional move.”
- Support: 53,700-53,000
- Resistance: 56,700-57,700
- Overall Bias: Sideways to Bullish
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money related decisions.)
