Stock market today: The Gift Nifty Live Chart is showing a positive start for the Indian stock market today. By 8:28 AM, the Gift Nifty was trading around 23,800 level, a premium of 659 points from the Nifty futures’ previous close of 23,151.10.
The domestic benchmark indices, Nifty 50 and Sensex, climbed on Tuesday, April 7, fueled by an upswing in technology shares in anticipation of quarterly earnings reports, while concerns about the escalating conflict in the Middle East ahead of US President Donald Trump’s deadline for Iran to engage in talks kept investors uneasy.
Market participants are looking forward to the Reserve Bank of India’s policy announcement set for Wednesday, April 8, marking its first update since the start of the conflict.
The Nifty 50 rose by 0.68% to 23,123.65, while the Sensex increased by 0.69% to 74,616.58, resulting in two consecutive days of gains.
Market Outlook by Jay Thakkar, Vice President & Head of Derivatives and Quant Research, ICICI Securities
Nifty 50
Nifty 50 has closed well in the positive territory for the 3rd consecutive day and with that the weekly expiry closed well above 23,000 levels which had the maximum call base. Now, a close above 23,000 indicates further uptrend at least until 23,500 which has the next call base whereas the support on the lower side is at 22,500 and until it is not broken the short-term bias is positive.
Above 23,500, the next target will be 24,000 levels. This April series is likely to be positive as based on the past 10 years of data it has been observed that the 8 years April series has been positive. Secondly, whenever there is a negative close in the March series, then the April series has been positive. Lastly, there has not been more than 3 consecutive negative close in any calendar year, so far in this calendar year the initial 3 months has been negative, hence a positive close is expected in April.
Bank Nifty
The BankNifty, like that of Nifty 50 has provided a breakout from the falling wedge pattern along with short covering in the futures segment. There has been significant put base at the lower levels right from 52,000 to 50,000 strikes, with 52,000 strike having the highest put base now, hence that is the immediate support and below that 51,500 is the next support, so until this range of 51,500-52,000 levels is held on a closing basis, the short-term trend is positive for the targets of 54,000 and 55,000. The India VIX has taken a pause and further confirmation of it peaking out will be once it moves below the 23 levels.
Stocks To Buy in the near-term – Jay Thakkar
Jay Thakkar of ICICI Securities recommends Futures, Futures, and Futures.
Buy ITC Futures in the range of 298-300 stop loss 285 Targets 315-325
Overall, there has been a significant fall in ITC and with that there have been solid short positions built up as well due to which the stock has underperformed the Index as well as its peers. Now, the prices have taken some pause in the fall and started to make some higher tops and bottoms on the hourly charts some short covering as well in the futures segment indicating a sharp bounce. As per the options data, the stock has a huge call base at 300 levels which once taken off will lead to further short covering. The max pain is also at 300, so above 300 there will be a sharp up move in the stock.
Buy Eternal futures in the range of 230-234 stop loss 222 Targets 250-265
Eternal has been consolidating within a range of 228-240 levels since past few days thus forming a triangular pattern which is a bullish continuation pattern. There was a bounce prior to this consolidation and in that there was decrease in open interest in the futures segment indicating short covering. Once, this range is broken on the upside, there is further short covering expected which can take this stock to 250-265 levels. As per the options data, there has been significant put additions at the lower levels, however, 240 has a strong call base, so once that is taken off there will be further short covering rally.
Buy Indian Hotels Company in the range of 600-605 stop loss below 585 Targets 640-660
The stock has formed a falling wedge pattern which is a bullish reversal pattern and with that it is observed that there has been short covering in this stock since its previous bottom, so there is a clear divergence as the stock had formed a fresh low whereas the open interest kept on falling indicating selling exhaustion now which can lead to some bounce back. As per the options data, there is a strong put base and in the last session the stock has marginally closed above 600 levels which is the highest call base, so a follow up buying would lead to further short covering move in this stock.
Disclaimer: The Research Analyst or his relatives or I-Sec do not have actual/beneficial ownership of 1% or more securities of the subject company, at the end of 07/04/2026 or have no other financial interest and do not have any material conflict of interest.
The views and recommendations provided in this analysis are those of individual analysts or broking companies, not Mint. We strongly advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.