Indian stock market: Both Indian indices – Sensex and Nifty 50 – wrapped up the shortened week on a strong note, marking their second straight week of gains, driven by easing geopolitical concerns and improving investor risk appetite. Hopes of a possible US–Iran peace deal boosted sentiment, while steady domestic fundamentals added to the positive momentum.
Although bouts of volatility persisted, the overall trend remained upward, with broader markets outperforming the benchmark indices. As a result, both the Nifty and Sensex rose by over 1%, ending the week at 24,353.55 and 78,493.54, respectively.
Stock market next week
Nifty 50
The Nifty index began the session on a slightly weak note, opening about 32 points lower at 24,165.9. It initially declined further to register an intraday low of 24,096.05. However, the index later witnessed strong buying momentum, leading to a steady upward rally that pushed it close to the day’s high of 24,371.9, indicating renewed bullish sentiment. Ultimately, Nifty settled at 24,353.55, gaining 156.80 points (0.65%).
According to Sumeet Bagadia, Executive Director at Choice Broking, the formation of a strong bullish candle above the 50-day DEMA reflects underlying strength and positive market sentiment. The 24,500–24,550 zone is acting as an immediate resistance level, while firm support is seen in the 24,150–24,200 range.
“In the derivatives segment, significant put writing at the 24,200 strike and aggressive call writing at the 24,500 strike indicate that the index is likely to consolidate within a narrow range in the near term. Traders are therefore advised to remain cautious,” Bagadia said.
Bank Nifty
The banking benchmark index, Nifty Bank, started the session on a flat note with a minor decline of around 13 points at 56,072.40. It extended its losses in early trade to touch an intraday low of 55,841.65. However, the index later staged a strong recovery, rebounding nearly 785 points from the day’s low to hit a high of 56,628.7. It eventually settled at 56,565.7, registering a gain of 479.30 points (0.85%), showcasing strong buying interest and resilience at lower levels.
On the Bank Nifty outlook, Bagadia added, “From a technical perspective, the 56,900–57,050 zone is acting as an immediate resistance level, while the 56,000–56,100 range serves as a key support area. The daily Relative Strength Index (RSI) stands at 56.05, reflecting improving momentum with a mildly bullish undertone. Traders are advised to maintain a positive bias and adopt a buy-on-dips strategy near key support levels, while ensuring disciplined risk management through appropriate stop-loss placement.”
Stocks to buy
Sumeet Bagadia has recommended three stocks to buy on Monday, April 6. The three stock picks by Bagadia are – Trident, NMDC, and NBCC (India).
1] Trident: Buy at ₹26.12 | Target Price: ₹27.94 | Stop Loss: ₹25.2
2] NMDC: Buy at ₹89.78 | Target Price: ₹96.06 | Stop Loss: ₹40.5
3] NBCC (India): Buy at ₹94.32 | Target Price: ₹101 | Stop Loss: ₹91.01
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.
