The Indian stock market rebounded strongly after six consecutive weeks of decline, with both benchmark indices advancing around 6% on Friday. According to reports from Mint, the Nifty 50 closed at 24,050.60 and the BSE Sensex at 77,550.25, registering gains of 275.50 points (1.16%) and 1,091.05 points (1.99%) respectively. The recovery was supported by favourable global cues and expectations of a temporary US-Iran ceasefire, though persistent geopolitical tensions capped the pace of gains as the week progressed.
As reported by Mint, Sumeet Bagadia, Executive Director at Choice Broking, noted that the formation of a bullish candlestick pattern indicates continued buying interest and strengthening market sentiment. The index opened with a gap-up of 105.45 points at 23,880.55 and closed near its intraday high of 24,074.05. Technical indicators show immediate support in the 23,750-23,800 range and resistance between 24,200-24,250 levels. The Relative Strength Index (RSI) stands at 54.24, remaining above the 50 midpoint, while the India VIX declined by 7.72% to close at 18.85, suggesting easing market uncertainty. In the derivatives segment, notable call writing was seen at the 24,000 strike, followed by 24,200, while significant put writing was observed at 24,000 and 23,800 levels, indicating near-term support zones.
According to Mint reports, the Bank Nifty index opened with a gap-up of around 360 points at 55,182.25 and closed near its day's high at 55,912.75, gaining 1,091.05 points (1.99%). Bagadia highlighted that the formation of a bullish candle reflects sustained buying interest and positive market sentiment. The index showed immediate support in the 55,500-55,600 range and resistance in the 56,250-56,400 zone. The RSI stands at 53.91, remaining above the midpoint level of 50, indicating continued positive momentum. The recent price action suggests a continuation of the bullish momentum supported by consistent buying interest and easing volatility.
As reported by Mint, Sumeet Bagadia has recommended five stocks to buy on Monday, April 13 amid the market rebound. The latest recommendations include Jindal Stainless at ₹780.85 with a target price of ₹836 and stop loss at ₹753, where the stock has formed a rounding bottom-like structure and reclaimed all major EMAs. Ramkrishna Forgings at ₹544.05 is recommended with a target of ₹582 and stop loss at ₹525, showing signs of bullish reversal after a double bottom formation. NCC at ₹153.06 is suggested with a target of ₹164 and stop loss at ₹147.7, demonstrating a compelling recovery pattern with double bottom formation. Brigade Enterprises Limited at ₹723.2 targets ₹775 with a stop loss at ₹697, showing strong trend reversal after finding support near the 600 psychological level. Federal Bank at ₹291.7 is recommended with a target of ₹313 and stop loss at ₹281, exhibiting strong bullish momentum after bouncing from the 100-day EMA support zone.
While the undertone remains positive, the sustainability of the current move will depend on follow-through buying and strength near higher levels. As per Mint reports, Bagadia advised traders to stay aligned with the trend and look for buying opportunities on dips while monitoring price action near crucial levels. The recent price action suggests a continuation of the bullish momentum supported by consistent buying interest and easing volatility. With the price action clearing recent swing highs and technical indicators showing strengthening bullish momentum, the outlook remains optimistic for continued market recovery.
