Stock market today: The domestic benchmark indices began the day on a positive note on Friday, April 10 with a widespread rally primarily driven by the financial sector, although a decline in TCS following its quarterly results and concerns regarding a delicate ceasefire in the Middle East limited further increases.
As of 9:21 IST, the Nifty 50 increased by 0.72% to reach 23,944.95, while the Sensex gained 0.70%, rising to 77,189.05.
The broader small-cap and mid-cap indices saw an increase of approximately 1% each. Out of 16 key sectors, thirteen posted gains.
The heavily weighted financial sector climbed 1.6% on the day and 8.2% over the week, on track to end a six-week decline fueled by unprecedented foreign outflows from the sector in March.
The IT index dropped by 1.5%, largely influenced by TCS, which experienced a 2% drop following a reported 9.7% increase in revenue and a net profit rise of 12.2% for the March quarter. So far this week, the Nifty 50 and Sensex have both climbed approximately 5.5%, positioning them to break a six-week streak of losses after a temporary two-week ceasefire was agreed upon by the United States and Iran.
Share Market Tips and Nifty 50 Outlook by Rajesh Palviya, SVP – Technical and Derivatives Research, Axis Securities
Nifty 50
The index has witnessed a sharp rebound after holding the medium-term upward-sloping trendline in place since June 2024, reinforcing underlying support. It has also broken above the falling channel formed since 26th Feb, indicating a potential shift in the short-term trend. However, the index is currently facing resistance near the 24,000 mark, which coincides with the 40-day EMA, making it a critical hurdle.
For the uptrend to resume, a decisive breakout above 24,000 is essential, which could open the path toward 24,415 (upper band of the 9th March bearish gap) and further to 24,800 levels. On the downside, 23,350 (50% Fibonacci retracement of the April rally) and 23,000 will act as key support levels, keeping the broader structure intact.
Stocks to buy
Hindalco Industries Ltd Cmp: ₹986
has decisively broken above the 8–9 week horizontal resistance zone at 976 on a closing basis, signalling a strong continuation of the uptrend. As per the principle of polarity, the earlier resistance is now expected to act as a solid support, strengthening the overall structure. Momentum indicators further validate the breakout, with the daily RSI trending upward and holding above its reference line. Additionally, the RSI has broken above its downward-sloping trendline, reinforcing the bullish bias and confirming the strength in price action.
Investors should consider buying, holding, and accumulating this stock. Its expected upside is ₹1,010-1,030, and its downside support zone is the ₹950-930 levels.
Cummins India Ltd Cmp: ₹4,907
With the current close, has broken above the upper band of the falling channel at ₹4,770, signalling a continuation of the medium-term uptrend. The price is firmly positioned above its 20, 50, 100, and 200-day SMAs, with all key averages trending higher in sync with price action, reaffirming a strong bullish structure. Further strength is evident as the stock has closed above the upper Bollinger Band, generating a buy signal and indicating expanding momentum. Momentum indicators remain supportive, with the daily and weekly RSI holding in favourable territory, reflecting sustained strength across time frames and reinforcing the positive outlook.
Investors should consider buying, holding, and accumulating this stock. Its expected upside is ₹5,000-5,350, and its downside support zone is the ₹4,750-4,650 levels.
Adani Power Ltd Cmp: ₹172
On the daily and weekly charts , continues to trend higher, forming a series of higher highs and higher lows, reflecting a strong bullish bias. It is firmly positioned above its 20, 50, 100, and 200-day SMAs, with all key averages trending upward in line with price action, reaffirming a robust bullish structure. The stock has also broken above the horizontal resistance at ₹172.5, signalling a continuation of the uptrend and strengthening the overall setup. Momentum indicators remain supportive, with the daily, weekly, and monthly RSI in favourable territory, indicating sustained strength across all time frames.
Investors should consider buying, holding, and accumulating this stock. Its expected upside is ₹183-190, and its downside support zone is the ₹166-160 levels.
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.