The BSE Sensex demonstrated strong resilience on Monday, April 6, closing at 74,106.85 points, gaining 787.30 points or 1.07% after facing early pressure from crude oil correction reports. According to ET Now, during the volatile session, the index surged as high as 74,207.46 points, representing a 1.21% intraday gain. The NSE Nifty also showed robust performance, edging higher by 255.15 points or 1.12% to end at 22,968.25 points. Market breadth remained positive with 3,207 stocks advancing, 1,147 declining, and 190 remaining unchanged on the BSE. However, Swastika Investmart reports that GIFT Nifty indicates a negative opening bias, suggesting a soft start to Tuesday's session amid mixed global cues. As per ET Now, the Nifty has formed a hammer-like candlestick pattern on the daily timeframe, indicating positive momentum and strong buying interest during the latter part of the session.
Consumer durables emerged as the top performer, with the sector surging 2.30%, supported by strong demand outlook and interest in consumption-led themes. As reported by ET Now, the BSE PSU Bank index gained 2.37%, while Private Banks index rose 2.15%. Financial Services sector advanced 2.12%, with BSE Top 10 Banks gaining 2.07% and Bankex up 2.03%. Among individual stocks, Trent jumped the most by 7.89%, followed by Axis Bank, Titan, Larsen & Toubro, UltraTech Cement, and Bajaj Finance. However, Reliance Industries and Sun Pharma were among the laggards. According to ET Now, except for Oil & Gas and Media, all sectoral indices ended positive, led by Consumer Durables, PSU Banks, and Realty. In the broader market, Nifty 100 rose by more than 1%, while Nifty Midcap 100 surged by 1.52% and Nifty Smallcap 100 gained 1.29%. Market breadth stayed robust, reflected in a BSE advance-decline ratio of 2.78.
Technical analysts have shifted to a 'cautiously bullish' stance, citing strong price action and improving momentum indicators. According to ET Now, Vinay Rajani from HDFC Securities noted that the Nifty has never risen for more than three trading sessions since the U.S-Iran War started in late February, and this streak will come to an end if Nifty extends the pullback for one more session. He observed that the daily RSI shows double positive divergence, signalling a higher chance of a sustainable uptrend, with short-term trend turning bullish, targeting resistance at 23,465, with nearer hurdles at 22,800 and 22,540. ET Now reports that Nifty formed a long bull candle on the daily chart with a lower shadow, indicating a relief rally in the market from the lows, hinting at a possibility of short-term bottom reversal at the recent swing low of 22,182 levels. Hitesh Tailor from Choice Equity Broking noted that the index has shown continuation of recovery trend with improving price structure, suggesting support in the 73,300–73,500 zone and resistance around 74,500–74,800. According to The Economic Times, analysts suggest that a follow through strength above Monday's high 23,000 will open further upside towards 23,450 levels in the coming sessions, while failure to move above last week high will signal some consolidation in the range of 22,200-23,000 levels.
The market recovery was supported by intense buying in banking and IT stocks, along with a strengthening rupee. As reported by ET Now, the rupee gained 14 paise to close at 93.04 against the US dollar on Monday. Foreign Institutional Investors (FIIs) offloaded equities worth ₹9,931.13 crore on Thursday, while Domestic Institutional Investors (DIIs) bought stocks worth ₹7,208.41 crore. According to The Economic Times, Foreign portfolio investors net sold shares worth ₹8,167 crore on Friday, while DIIs were net buyers at ₹8,089 crore. According to Swastika Investmart, FII activity shows mixed positioning with strong buildup in both call and put sides, indicating uncertainty and possible range-bound movement. The net outflow of ₹2,723 crore highlights continued pressure from global investors, with FIIs often influencing short-term market direction, especially in large-cap stocks. Gold prices continued their upward trend, trading at ₹1,50,890 per 10 grams for 24 karat, while silver prices rose to ₹2,34,531 per kg. As per ET Now, India VIX remained largely unchanged, declining marginally by 0.21% to close at 25.46, while in derivatives, notable call writing was observed at the 23,000 strike, followed by the 23,200 strike, and significant writing activity was seen at the 22,900 and 22,800 strike levels.
Bank Nifty is under pressure but shows relative strength compared to the broader market, currently testing a crucial psychological support zone. As reported by Swastika Investmart, Bank Nifty is under pressure but shows relative strength, testing crucial psychological support zone, with resistance levels at 52000, 52500, and 53000, and immediate support at 51000 and 50500. The 50000 mark is critical, with holding above this level attracting buying interest while a breakdown may accelerate selling pressure. In derivatives, there is strong buildup in both call and put sides, indicating uncertainty and possible range-bound movement. The highest open interest is seen at 24000 Call and 20200 Put, with the max pain level at 22800 suggesting a likely consolidation zone. According to ET Now, Bank Nifty opened on a flat note, gaining 198.85 points at 51,747.60, indicating a subdued start to the session. Following the opening, the index experienced profit booking, which dragged it down to an intraday low of 51,111.10. However, the trend reversed in the second half as strong buying interest emerged at lower levels, resulting in a sharp recovery of 1,593.45 points and pushing the index to an intraday high of 52,704.55. The index ultimately settled in positive territory at 52,609.10, registering a gain of 1,060.35 points or 2.06% for the day.
