Stock market recap: Indian benchmark indices surged about 6% last week—their strongest performance in over five years—driven by sharply improving global cues, and a risk-on rally across global equities.
The Sensex surged 918.60 points, or 1.20%, to end at 77,550.25 on Friday, while the Nifty also finished higher, reclaiming the important 24,000 level.
SONACOMS: Buy above 556 stop 520 target 610 (Multiday)
NAM-INDIA: Buy above ₹960, stop ₹897 target ₹1075 (Multiday)
OLECTRA: Buy above ₹1187, stop ₹1170 target ₹1275 (Multiday)
Indian equity markets staged a strong rebound on 10 April 2026, recovering smartly after the previous session’s weak close. Supported by firm global cues and easing geopolitical worries, both benchmark indices opened with a gap-up and extended gains throughout the day on broad-based buying across most sectors, with IT as the only major laggard.
The Nifty 50 climbed to an intraday high of 24,074.05 and managed to hold near the day’s peak by the close, reflecting sustained bullish sentiment. The Sensex surged 918.60 points, or 1.20%, to end at 77,550.25, while the Nifty also finished higher, reclaiming the important 24,000 level. The strong recovery highlighted renewed investor confidence and selective sector rotation, with market participants reacting positively to improving risk appetite across global markets.
Resistances were overcome with a resounding gap on Wednesday as the bullish enthusiasm took over with the hope that the war is heading towards an end. However, the continued violations have resulted in the trends facing a lot of hesitation. The overall trends have failed to steer clear of the trend and have not been able to forge ahead. However, the sustained bullish action despite some periodic shakeups has instilled greater confidence in the market.
Bullish enthusiasm reared its head once again as we are stepping into an event-driven week, despite the sharp drawdown, the market witnessed a rebound after the violation rumour.
After spending the week largely consolidating, the Nifty saw a strong breakout above the resistance zone around 23500. The strong close above the 24000 resistance was overcome by the end of the week, as the bullish enthusiasm after much hesitation has managed to steer clear of the trend and forge ahead. The sustained bullish action despite some periodic shakeups has instilled greater confidence in the market.
The daily chart shown above continues to show that the trends are still holding the trends despite some hint of profit booking seen on Thursday, to retain the positive vibes we should continue to maintain a buy on dip approach. The trends continue to favor those who are able to participate on the long side at every possible pullback.
In our issues through the last two months we have been actually heading lower there is a clear sign of a turnaround that is visible. The divergence that triggered the move is seen pushing the Nifty towards a key resistance zone around 24300 and then further to 24500 which could be the levels to watch out for in the coming week. Though a curtailed week ahead, we note that on the higher time frame charts are clearly suggesting that the momentum could trigger some further upside. With the immediate resistances being surpassed we should now look at some fresh momentum coming into play.
SONACOMS (Cmp ₹554.25)
Raja Venkatraman is co-founder, NeoTrader. His Sebi-registered research analyst registration no. is INH000016223.
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Raja Venkatraman is the co-founder of NeoTrader, where he heads the training division. He conducts both offline and live market workshops, seminars, and webinars. He has been working under the guidance of Dr C K Narayan, his mentor and founder of Growth Avenues, for more than 20 years. He is an active trader in multiple asset classes, and actively shares his views on YouTube, blogs at NeoTrader, and on reputed news channels and websites. His Sebi-registered research analyst registration no. is INH000016223.