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Published on 06-04-2026 09:57 am

BANKNIFTY

* The banking index demonstrated a notable recovery in the final trading session of the week, rebounding sharply from intraday lows.

* Despite opening with a significant downside gap, the index gradually erased losses, shifting momentum into positive territory and closing higher.

* Most constituents ended in the red, except HDFC Bank and Axis Bank, with declines led by Federal Bank and Bank of Baroda.

* Immediate resistance is observed near 53,000, while strong support lies around 50,500.

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Published on 06-04-2026 09:52 am

NIFTY

* Nifty witnessed extreme volatility on Thursday, eventually ending on a flat-to-marginally positive note after a sharp intraday recovery.

* However, strong buying interest in the latter half of the session led to a sharp rebound, helping the index recoup most of its losses and close around the 22,713 level.

* Immediate resistance is placed in the 23,000–23,200 zone, with a key hurdle around 23,500, while support is seen at 22,300–22,000 levels.

* Traders should remain cautious and adopt a hedged approach until clearer signs of stability emerge.

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Published on 06-04-2026 09:51 am

Government Security Market:

* The Inter-bank call money rate traded in the range of 4.20%- 5.25% on Thursday ended at 5.00%.

* The 10 year benchmark (6.48% GS 2035) closed at 7.1329% on Thursday Vs 7.0345% on Monday .

Global Debt Market:

US Treasury yields rose on Thursday as U.S. President Donald Trump’s address indicated that the Iran war would continue for several weeks longer. The yield on the 10-year Treasury rose more than 5 basis points to 4.372%. The 2-year yield was up more than 4 basis points at 3.849%, while the 30-year Treasury yield climbed more than 5 basis points to 4.953%.In an address to the American people on Wednesday evening, Trump said he expected the war to last another two to three weeks, during which time U.S. forces will “hit” Iran “extremely hard.” U.S. stock futures tumbled as Trump’s speech drew to a close, reversing a rally seen in Wall Street’s regular session on Wednesday. On Thursday morning, futures data pointed to a notably lower open for New York-listed stocks ahead of the bell. On Wednesday, payrolls processing firm ADP reported that U.S. employment growth in the private sector was better than expected in March, coming in at 62,000. While that marked a decrease of 4,000 from February’s upwardly revised figure, it was above the Dow Jones forecast for 39,000. Thursday marks the last trading day of the shortened week, as markets are closed for Good Friday. On Thursday morning traders will be watching for initial jobless claims for the week ending March 28, while March’s jobs report is set for release on Friday morning.

10 Year Benchmark Technical View :

The 10 year Benchmark (6.48% GS 2035) yield likely to move in the range of 7.12% to 7.15% level on Monday.

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Published on 06-04-2026 09:51 am

Stocks in News

* SH KELKAR: The company reported that revenue increased 11.5% year-onyear to Rs 2,355 crore, while net debt stood at Rs 789 crore as on March 31. The company also said overall inventory levels reduced during the quarter and commodity coverage was maintained despite war-related impact.

* VEDANTA: The company reported that total aluminium production increased 2% year-on-year to 613 kilo tonnes, Zinc India mined metal production rose 2% to 315 kilo tonnes, Zinc International production fell 3% to 49 kilo tonnes, and power sales increased 43% to 5.51 million units

* Avenue Supermarts: The company reported that revenue increased 19% year-on-year to Rs 17,205 crore, while total number of stores stood at 500.

* DABUR INDIA: The company expects mid-single digit revenue growth, driven by high-single digit FMCG demand in India and mid-teen growth in home and personal care segments, while international business remains impacted by Middle East tensions; operating profit is projected to outpace revenue growth.

* HINDUSTAN COPPER: The company reported that FY26 ore production increased 6% year-on-year to 3.67 million tonnes, while metal in concentrate production rose 9% to 27,421 tonnes.

* SENCO GOLD: The company reported 46% YoY revenue growth driven by strong wedding demand, maintained planned inventory despite volatile gold prices, and expects 20–25% value growth supported by a robust store expansion pipeline in H1 FY27.

* NMDC: The company has revised the Baila lump ore price to Rs 5,300 per tonne and Baila fines ore price to Rs 4,500 per tonne.

* GR INFRAPROJECT: The company has secured an Engineering, Procurement and Construction order worth Rs 1,898 crore for a railway line project in Madhya Pradesh.

* APOLLO HOSPITAL: The company will set up a new multi-speciality hospital in Dwarka, Delhi, on a 9.33-acre land parcel leased from the Delhi Development Authority.

* NALCO: The company reported FY26 bauxite production at 77 lakh tonnes, coal production at 40 lakh tonnes, and aluminium metal sales at 4.7 lakh tonnes

Economic News

• Gold imports rise by nearly 29% to $69 bn in Apr-Feb 2025-26: India's gold imports saw a significant rise of 28.73 percent, reaching USD 69 billion in the first eleven months of fiscal 2025-26. This surge, attributed to elevated gold prices, has contributed to a wider trade deficit. Switzerland remains the primary source for these imports. The increased gold imports also impact the country's current account deficit.

Global News

• Job growth rebounds, but underlying labor market remains weak: U.S. March jobs data showed strong headline growth (178K payrolls), but underlying trends remain weak with modest Q1 hiring (~68K avg), slowing wages (3.5% YoY), declining participation (61.9%), and rising part-time work, indicating soft labor conditions; sector gains were led by healthcare, construction, and leisure, while broader indicators (falling job openings, weak manufacturing) and macro risks (Iran war, high oil prices, tariffs) signal a fragile outlook, keeping the Fed cautious with a wait-and-watch stance.

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Published on 06-04-2026 09:48 am

Nifty

The broader trend remains weak, with downside risks still dominant. Immediate resistance is placed near 23000, backed by strong OI concentration, while the 23430-zone aligned with a recent gap and the 20 DEMA continues to act as a key supply area. A meaningful reversal would require sustained acceptance above these levels on the weekly timeframe. On the downside, the 22000–21930 zone is expected to serve as an immediate support band, where a technical bounce may emerge. However, if selling pressure persists, the index could gradually drift towards the broader demand zone between 21930 (200 WEMA) and 21620 (200 MEMA), making this region critical for assessing medium-term demand strength. Macros remain a drag on sentiment, with elevated USD/INR, firm crude prices above $90, continued FII outflows, and ongoing geopolitical tensions. The broader trading range for the April series is likely to stay between 23500 and 22500 in the near term. From a tactical standpoint, traders should remain flexible. A pullback driven by the 3-point Price–RSI divergence on the daily chart could trigger a short-term recovery. A decisive move above 23000 may open the path towards 23430, where supply is expected to re-emerge. However, the broader bias remains cautious. A breakdown below 22430 would confirm continued weakness, potentially dragging the index towards sub-22000 levels and extending the prevailing downtrend towards 21630

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