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Market Closing Commentary

The Nifty remained in positive territory on April 10, supported by expectations of concrete developments on the U.S.–Iran front. At close, the Sensex gained 918.60 points, or 1.20%, to settle at 77,550.25, while the Nifty advanced 275.50 points, or 1.16%, to close at 24,050.60.

Broader markets also participated in the up move, with both the Nifty Midcap and Small cap indices rising 1.5% each. Sectorally, gains were broad-based. Auto, Capital Goods, Consumer Durables, Realty, Power, FMCG, Metals, PSU Banks, and Private Banks advanced in the range of 1–2%, while the IT index was the sole laggard, declining 1.7%.

Investors focus now shifts to the upcoming diplomatic talks in Islamabad this weekend, where U.S. Vice President JD Vance is set to lead discussions with Iranian officials—an important development for assessing the durability of the ceasefire.

Nifty Outlook                            

 Index on the weekly chart formed a strong bullish candlestick pattern with a higher high and a higher low for the first time in last eight weeks. The index in the process closed firmly above the immediate previous high of 23,465 highlighting strength and pause in the corrective trend. Index has witnessed a 1800 points up move in just six trading sessions. Hence, some consolidation cannot be ruled out in the broad range of 23,400-24,100.

A follow through strength above 24,100 will open further upside towards 24,300 and 24,700 levels over the coming week being the 50% and 61.8% retracement of the recent decline 26373-22183. Nifty has immediate support at 23,450-23,100 levels being the confluence of the Wednesday gap area and 20 days EMA. Index sustaining above the same will keep the current pullback trend intact

Bank Nifty Outlook

Index on the weekly chart formed a bullish candlestick pattern with a higher high and a higher low for the first time in last six weeks. The index in the process closed firmly above the immediate previous high of 54150 highlighting strength and pause in the corrective trend. Index has witnessed 6000 points up move in just six trading sessions. Hence, some consolidation cannot be ruled out in the broad range of 56,300-54,000.

A follow through strength above 56,300 will open further upside towards 57,300 and 58,000 levels over the coming week being the 61.8% retracement of the recent decline 61,764-49,955. Bank Nifty has immediate support at 53,000-54,000 levels being the confluence of the Wednesday gap area and 20 days EMA. Index sustaining above the same will keep the current pullback trend intact.

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