Indian stock market: The Indian stock market rebounded strongly after six consecutive weeks of decline, supported by favourable global cues. Investor sentiment remained upbeat on expectations of a temporary US–Iran ceasefire, although persistent geopolitical tensions capped the pace of gains as the week progressed.
Both benchmark indices — the and BSE Sensex — advanced around 6%, closing near their weekly peaks at 24,050.60 and 77,550.25, respectively.
Stock market next week
Nifty 50
On Friday, the Nifty 50 opened with a gap-up of 105.45 points at 23,880.55 and witnessed minor weakness in the initial minutes, marking its intraday low near the opening level at 23,856.35. However, sustained buying interest throughout the session supported a steady upward move, pushing the index to an intraday high of 24,074.05. The index eventually closed near the day’s high at 24,050.60, registering a gain of 275.50 points or 1.16% over the previous close.
According to Sumeet Bagadia, Executive Director at Choice Broking, on the daily timeframe, the formation of a bullish candlestick pattern indicates continued buying interest and strengthening market sentiment.
“From a technical perspective, immediate support is placed in the 23750-23800 range, while resistance is observed between 24200-24250 levels. The Relative Strength Index (RSI) stands at 54.24, remaining above the 50 midpoint, indicating sustained positive momentum. The volatility index, India VIX, declined by 7.72% to close at 18.85, suggesting easing market uncertainty and supporting the ongoing upward trend. In the derivatives segment, notable call writing was seen at the 24,000 strike, followed by 24,200, while significant put writing was observed at 24,000 and 23,800 levels, indicating near-term support zones,” Bagadia said.
Bank Nifty
The index opened with a gap-up of around 360 points at 55,182.25 and witnessed minor early weakness, marking its intraday low near the opening level at 55,145.25. Thereafter, strong buying interest emerged, driving a steady uptrend throughout the session and pushing the index to an intraday high of 55,978.50. The index closed near its day’s high at 55,912.75, gaining 1,091.05 points or 1.99% for the day.
Bagadia further noted that the formation of a bullish candle reflects sustained buying interest and positive market sentiment.
“From a technical standpoint, immediate support is placed in the 55500-55600 range, while resistance is seen in the 56250-56400 zone. The Relative Strength Index (RSI) stands at 53.91, remaining above the midpoint level of 50 and indicating continued positive momentum. Sustaining above this level would be important to confirm further strength,” he said.
He further opined that the recent price action suggests a continuation of the bullish momentum supported by consistent buying interest and easing volatility. While the undertone remains positive, the sustainability of this move will depend on follow-through buying and strength near higher levels.
“Traders are advised to stay aligned with the trend and look for buying opportunities on dips while monitoring price action near crucial levels,” Bagadia added.
Stocks to buy
Sumeet Bagadia has recommended three to buy on Monday, April 6. The three stock picks by Bagadia are – Bank of Maharashtra, NMDC Steel, and NMDC.
1] Bank of Maharashtra: Buy at ₹70.59 | Target Price: ₹75.8 | Stop Loss: ₹68
2] NMDC Steel: Buy at ₹42 | Target Price: ₹45 | Stop Loss: ₹40.5
3] NMDC: Buy at ₹85 | Target Price: ₹91 | Stop Loss: ₹82
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.