Stock market news: The domestic benchmark indices, Nifty 50 and Sensex, witnessed an increase on Friday, April 17, marking their second consecutive weekly gain as declining oil prices and optimism surrounding US-Iran discussions enhanced market sentiment.
On Friday, the climbed by 0.65% to reach 24,353.55, while the increased by 0.65% to hit 78,493.54.
Both indices recorded approximately a 1.3% rise this week, following a remarkable 6% jump last week, which was their best performance in five years.
Fresh optimism for a diplomatic settlement between the US and Iran, coupled with a 10-day truce between Israel and Lebanon, has significantly boosted global risk tolerance, according to a market analyst.
The wealth of investors increased by ₹4.84 lakh crore, reaching ₹4,65,64,461.51 crore (USD 5.02 trillion) on the BSE.
Market Outlook by Dharmesh Shah, Vice President, ICICI Securities
Technical Outlook
After 18 months of consolidation and a 16% correction, the index has reached price and time wise maturity while successfully weathering a series of headwinds ranging from geopolitical tensions to shifting tariff policies. This historical template signals a durable bottom, paving the way for the next major leg of the bull market.
The current market trajectory closely mirrors the volatility observed during the Russia-Ukraine conflict, exhibiting a near-identical magnitude of correction. While we remain focused on long-term trend, the immediate volatility from global trade and geopolitical tensions necessitates moderation of FY-27 target to 28,800. However, such a move would not be in a linear manner as bouts of volatility would prevail wherein strong support is placed at 21,200 levels.
Consequently, investors should view any interim market corrections as opportunities to accumulate quality stocks to strengthen their medium-term portfolios.
The Dharmesh Shah’s constructive bias is based on the following observations:
- Historically, bull market major corrections have typically bottomed out near 17% while finding strong support in the vicinity of the 200-week EMA and served as a foundation for a median 30% rally over the following nine to twelve months.
- Since 1996, four-to-five consecutive months losing streaks have occurred only five times, garnering 30% rally over the next 6-12 months.
- Historically, exhaustion in India VIX paves the path to recovery, garnering 25% returns in subsequent six months.
- Past 4 Decades data suggests, six major Geopolitical escalations have marked market bottoms once the anxiety settles down; history shows that investing during such panic yields significant long-term rewards.
- Historically, spikes in crude oil driven by geopolitical conflict have proven to be temporary.
- As oil prices retreat from these levels, the resulting market exhaustion often marks a durable bottom in equities.
- Bank Nifty: Post-COVID, intermediate corrections have consistently stabilized near 20-22%, serving as a launchpad for subsequent 30% average gains.
- A significant rebound in market breadth marks a definitive turning point, setting the stage for the next major upward move.
- Breakdown in US Dollar index has been boon for emerging markets on expectation of FII’s inflow.
Stocks To Buy This Week – Dharmesh Shah
Dharmesh Shah of ICICI Securities recommends buying Ltd (RIL), andLtd.
Buy RIL in the range of ₹1,325-1,365, He has RIL share price target of ₹1,480 with a stop loss of ₹1,237.
Buy Power Grid in the range of ₹308-318. He has Power Grid share price target of ₹352 with a stop loss of ₹289.
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 17/04/2026 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.