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The Nifty 50 and Sensex rose over 1% last week, extending gains a week before—their strongest in over five years—but the pace has now moderated. On Friday, both indices closed about 0.65% higher, with the Nifty at 24,353.55 and the Sensex at 78,493.56. With signs of stability emerging, we should look at stock-specific action.
Why it’s recommended: Triveni Turbine (TRITURBINE) is a leading India-based manufacturer of industrial steam turbines up to 100 MW, specialising in design, manufacture, and custom-engineered back-pressure and condensing steam turbines. Post the constant decline seen since Jan 2026 the rounding bottom recovery assisted by strong buying that has emerged at lower levels. With a strong move above the Cloud region area around 510 one can look for more demand to emerge. A surge in Relative Strength Index indicates that we can look to initiate a long opportunity here for a push to higher levels. Go long now.
On 17 April, the NSE closed on a strong note, with the Nifty 50 settling at 24,353.55, up 156.80 points (0.65%), while the Sensex gained over 300 points. The rally was driven by strength in FMCG and select metal stocks, supported by easing geopolitical tensions and positive global cues. Hindustan Unilever surged 4.52% and Nestle India rose 2.13%, leading the FMCG pack, while JSW Steel added 1.99% in metals.
Trading activity was vibrant, with Ola Electric, Suzlon Energy, JP Power, Vodafone Idea, and Wipro among the most active counters. Advances significantly outpaced declines, with 576 stocks rising against 172 falling, reflecting broad-based participation. IT and financial stocks faced mild pressure, slightly capping gains. Overall, the session highlighted investor optimism, resilience, and sectoral strength, as easing global risks and domestic momentum lifted benchmarks firmly into positive territory.
Markets have managed to hold on and the rebound seen over the last few days continued to display a sense of hope as 24300 as a key level that continues to be held. Unlike last week, this week witnessed some solidarity from all the broader indices. While a revival is seen we need to consider that we are still not out of woods and this could be an intermittent rally. The triggers that we can expect in the coming week would be a mix of domestic and global that could impact the sentiment. Last week, the movement has been largely driven by some shorts with no clarity being witnessed at the global level, with markets being closed. Volatility shall continue to be part of the overall environment and will need some time to stabilize.
Globally, the Federal Reserve Policy measures are now coming into play. Even though broader U.S. price pressures still appear modest for now, markets are fully pricing in three rate hikes this year, one more than was seen just a few months ago. Some analysts even expect four. That in turn has stoked anxiety that many central banks will start to tighten policy and raise borrowing costs, hurting corporate earnings and clouding the outlook for what had been expected to be another solid year of global economic growth. The daily chart shown above clearly shows that the ranging action continues to be in play and will need more momentum to head higher. While we note that the trendline resistance is broken we still need more momentum to drive higher as the current display of bullishness seen on Friday was primarily some weekend short covering rather than some genuine buying.
Looking at the option buildup at expiry, we noted that the April series begins with an option concentration of 22000. Rolls on the short side were on the higher side and the quantum of Nifty and Bank Nifty that began with a heavy bearish outlook is now receding. As the series is heading towards a close, it appears that bears have preferred to lapse the pending positions than carry them forward. So, it appears that the bearish bias of the sentiment is fading away.
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.