Indian stock market: Markets closed lower for a sixth straight week, slipping nearly half a percent amid heightened volatility caused by a combination of global and domestic uncertainties. The holiday-shortened week started on a weak footing as rising US-Iran tensions and a sharp surge in crude oil prices dampened sentiment, leading to widespread selling.
However, markets recovered in the midweek as geopolitical concerns eased and oil prices softened. Despite the rebound, volatility stayed high due to shifting global cues, persistent foreign institutional investor outflows, a weakening rupee, and inflation worries. As a result, the benchmark indices — and Sensex — ended the week lower at 22,713.10 and 73,319.55, respectively.
Stock market next week
Nifty 50
On Thursday, the opened on a weak note with a sharp gap-down at 22,383.40 and declined further to an intraday low of 22,182.55 during the first half of the session. In the latter half, strong buying interest emerged, driving the index higher to an intraday high of 22,782.30.
Despite the negative start, the index managed to recover and closed in positive territory at 22,713.10, registering a marginal gain of 33.70 points or 0.15% over the previous close. On the daily timeframe, the complete filling of the initial gap-down indicates sustained demand at lower levels.
According to Sumeet Bagadia, Executive Director at Choice Broking, immediate support for the index is placed in the 22,450–22,500 range, while resistance is observed between 22,840 and 22,900 levels.
“The Relative Strength Index (RSI) is currently at 37.56, remaining below the midpoint of 50, which suggests that the momentum lacks strong conviction. The volatility index, India VIX, rose by 2.04% to close at 25.52, indicating a mild increase in market volatility. In the derivatives segment, notable call writing was observed at the 22,800 strike, followed by the 23,000 strike. On the put side, significant writing activity was seen at the 22,500 and 22,600 strike levels, highlighting key support zones,” said Bagadia.
Bank Nifty
The Bank Nifty index remained volatile throughout the trading session. It opened with a sharp gap-down at 50,625.65 and extended its decline in early trade, touching an intraday low of 49,954.85 due to continued selling pressure.
Subsequently, strong buying interest at lower levels led to a sharp recovery, pushing the index to an intraday high of 51,731.95. The index eventually closed at 51,548.75, registering a gain of 100.10 points or 0.19% for the day. On the daily timeframe, the formation of a bullish candlestick reflects improving sentiment and buying interest in the index.
On the Bank Nifty outlook, Bagadia added, “From a technical standpoint, immediate support is placed in the 51,000–51,150 range, while resistance is seen in the 51,860–52,000 zone. The Relative Strength Index (RSI) stands at 35.13 and continues to remain below the midpoint level of 50, indicating that the momentum is yet to strengthen meaningfully. Sustaining above this level would be important to signal improvement in strength.”
He further recommended investors to maintain a cautious stance considering the prevailing geopolitical uncertainties. Market participants should keep a close watch on important support and resistance levels and prefer to act only after clearer signs of stability emerge, he said.
Stocks to buy
Sumeet Bagadia has recommended three to buy on Monday, April 6. The three stock picks by Bagadia are – GMR Airports, IDFC First Bank, and NHPC.
1] GMR Airports: Buy at ₹88.87 | Target Price: ₹96 | Stop Loss: ₹85
2] IDFC First Bank: Buy at ₹60.22 | Target Price: ₹66 | Stop Loss: ₹57.50
3] NHPC: Buy at ₹75.33 | Target Price: ₹81 | Stop Loss: ₹72
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.