Indian stock market: The Indian stock market closed higher on Friday, driven by strong gains in banking majors such as ICICI Bank, HDFC Bank, and Axis Bank.
Benchmark indices stayed in the green throughout the session, although the upside was limited due to elevated crude oil prices and growing inflation concerns, which may prompt tighter monetary policy measures.
The settled at 75,415.35, gaining 232 points or 0.31%, while the Nifty 50 closed at 23,719.30, up 65 points or 0.27%.
Stock market next week
Nifty 50
On Friday, the opened with a marginal gap-up at 23,671.20, reflecting a steady start to the session. The index registered its intraday low of 23,671.00 within the first few minutes itself, as the opening and low levels remained almost identical for the day. Thereafter, the index showed strength during the first half and climbed to an intraday high of 23,835.65. However, some profit booking emerged in the second half, trimming part of the gains. The index eventually settled at 23,719.30, registering a gain of 64.60 points or 0.27% over the previous close.
According to Sumeet Bagadia, Executive Director at Choice Broking, on the daily timeframe, the formation of an inverted hammer-like candlestick pattern indicates selling pressure near higher levels despite buying interest from lower zones, reflecting cautious optimism in the near term.
“From a technical perspective, immediate support is placed in the 23,400–23,450 range, while resistance is observed between 23,850 and 23,900 levels. The Relative Strength Index (RSI) stands at 47.19, indicating gradual improvement in momentum though the index still trades below the stronger bullish zone. In the derivatives segment, notable call writing was seen at the 23,800 strike, followed by 24,000, while significant put writing was observed at 23,700 and 23,500 levels, indicating immediate support near lower levels with resistance continuing near higher strikes,” Bagadia said.
Bank Nifty
The index opened with a marginal gap-up at 53,483.85, reflecting positive sentiment in the banking space. The index registered its intraday low of 53,483.55 within the first few minutes itself, as the opening and low levels remained almost identical for the day. Thereafter, the index witnessed strong buying momentum during the first half and rallied sharply towards an intraday high of 54,213.05. Although some profit booking was seen during the early part of the second half, renewed buying interest helped the index recover and close firmly in positive territory at 54,055.35, gaining 615.95 points or 1.15% for the session.
He noted that on the daily timeframe, the formation of a bullish candlestick pattern reflects sustained buying interest and improving sentiment in the banking segment.
“From a technical standpoint, immediate support is placed in the 53,400–53,500 range, while resistance is seen in the 54,000–54,500 zone. The Relative Strength Index (RSI) stands at 45.87, indicating improving momentum though the index still trades below the stronger bullish threshold. Sustaining above immediate support zones will remain important for continuation of the recovery momentum,” Bagadia added.
He further advised traders to closely monitor key resistance zones, as sustained movement above these levels will be crucial to confirm stronger recovery momentum in the near term, as recent price action suggests a positive trading session with both benchmark indices witnessing buying interest from lower levels and maintaining gains despite intermittent profit booking.
Stocks to buy
Sumeet Bagadia has recommended three on Monday, April 18. The three stock picks by Bagadia are – Aditya Birla Fashion and Retail, Bank of Maharashtra, and Ola Electric Mobility.
1] Aditya Birla Fashion and Retail: Buy at ₹67.35 | Target Price: ₹74 | Stop Loss: ₹64
2] Bank of Maharashtra: Buy at ₹80.04 | Target Price: ₹87 | Stop Loss: ₹76.50
3] Ola Electric Mobility: Buy at ₹36.01 | Target Price: ₹39.30 | Stop Loss: ₹34.30
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.