The Nifty extended its upward momentum on Friday, driven by broad-based buying across sectors. After opening on a weak note amid subdued global cues, the index rebounded swiftly and climbed steadily through the session to end near its day’s high. Gains were led by FMCG, oil & gas and media stocks, while IT remained the only laggard. Broader markets outperformed, with midcap and smallcap indices posting strong gains.
Analysts note that the formation of a bullish candle signals continued strength, with key resistance seen around 24,400-24,800 levels.
Sensex and Nifty surged nearly 1 per cent on Friday, April 17, buoyed by optimism surrounding easing geopolitical tensions and fresh foreign fund inflows. Market analysts said renewed hopes of a diplomatic resolution between the US and Iran, along with a 10-day ceasefire between Israel and Lebanon, have also materially improved global risk appetite.
Sensex rallied 504.86 points, or 0.65 per cent, to settle at 78,493.54. During the day, it surged 564.77 points, or 0.72 per cent, to 78,553.45. Meanwhile, Nifty climbed 156.80 points, or 0.65 per cent, to end at 24,353.55.
Nifty50 prediction
Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said, “After showing weakness from the highs on Thursday, Nifty bounced back sharply on Friday and closed the day higher by 156 points. After opening on a weak note the market moved up quickly after the knee jerk action of the opening. The upside momentum continued in the middle to later part of the session and the market finally closed at the highs.”
“Long bull candle was formed on the daily chart that has overlapped the bear candle of previous session. Technically, this market action indicates strong uptrend in the market with minimal downward correction in between. Nifty is currently placed at the hurdle of 24400 levels and a sustainable move above this resistance could open the next upside towards 24800 in the near term. Immediate support is placed at 24100,” he added.
Nandish Shah, Deputy Vice President, HDFC Securities, said, “after a brief pause, the Nifty resumed its upward rally, gaining 156 points to close at 24,353. Despite a soft start triggered by weak global cues, the index staged an immediate recovery, climbing steadily throughout the session to finish near day high. For the week, Nifty rose 1.26 per cent, while the Smallcap 100 and Microcap 250 indices surged 4.30 per cent and 4.95 per cent respectively, outperforming the benchmark by a wide margin.”
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