Stock market recap: Indian equities rebounded on Friday, 10 April, with benchmark indices recovering recent losses amid improved global sentiment. The BSE Sensex jumped over 900 points to close near 77,500, while the Nifty 50 reclaimed the 24,000 mark, ending around 24,050.
Sentiment was lifted by optimism around a temporary US–Iran ceasefire. Gains were led by banking heavyweights including ICICI Bank, HDFC Bank, and Axis Bank, while broader participation was visible across sectors, with Auto, Realty and Oil & Gas each rising over 1%.
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Nifty 50 performance on 10 April
The Nifty 50 staged a strong recovery on Friday, opening at 23,880.55 and briefly dipping to an intraday low of 23,856.35 before buying interest at lower levels triggered a steady rebound. The index climbed to a high of 24,074.05 and closed near the day’s peak at 24,050.60, up 275.50 points.
The formation of a bullish candle with a higher close suggests demand absorption at lower levels and a shift in near-term sentiment. Closing near the highs indicates improving confidence, with buyers gradually regaining control after recent weakness.
Momentum indicators are turning supportive. The RSI (14) is trending higher in the mid-50s, indicating strengthening momentum without entering overbought territory, leaving room for further upside. The MACD has delivered a positive crossover, with the histogram turning green, signalling a shift to positive momentum. Together, these indicators point to strengthening bullish bias and raise the possibility of a near-term trend reversal, aided by improving participation.
According to O’Neil’s market direction framework, the market has shifted from a “Rally Attempt” to a “Confirmed Uptrend.”
Technically, immediate support is seen at 23,500–23,450, aligned with recent swing lows and short-term moving averages, with stronger support around 23,200. On the upside, resistance lies at 24,200–24,400, followed by a key hurdle near 24,700, around the 50- and 100-EMA cluster.
If the index holds above 24,000, it could extend gains gradually, supported by improving global cues and easing geopolitical tensions. A failure to sustain above this level, however, may lead to consolidation.
Nifty Bank's performance
The Nifty Bank index posted a strong bullish session, opening at 55,182.25 and maintaining upward momentum through the day. After a brief dip to an intraday low of 55,145.25, sustained buying lifted the index to a high of 55,978.50, before it closed near the day’s peak at 55,912.75, up 1,091.05 points (+1.99%).
The formation of a strong bullish candle with a higher-high, higher-low structure points to aggressive accumulation at lower levels. Continued buying in banking heavyweights also signals improving institutional participation, reinforcing the sector’s leadership in the ongoing market recovery.
Momentum indicators are turning supportive. The RSI (14) has moved up to around 53, indicating strengthening momentum while remaining below overbought levels, leaving room for further gains. The MACD has delivered a bullish crossover, with the histogram turning positive, signalling a shift from bearish to bullish momentum. Together, these indicators suggest the current recovery could sustain, with early signs of trend stabilization following the recent correction.
Technically, immediate support is seen at 55,000–54,800, aligned with recent swing lows and short-term moving averages, with stronger support near 53,700–53,500 (around the 21-DMA). On the upside, resistance lies at 56,200–56,500, followed by a key hurdle near 57,300–57,500, where multiple moving averages converge. Sustaining above 56,000 could trigger momentum-driven buying, while a failure to hold above 55,000 may lead to consolidation.
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