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The Indian equity markets had a mixed week, with the Nifty 50 and Sensex 30 indices posting marginal gains, while the BSE Midcap and Smallcap indices underperformed and ended in negative territory. Despite weak global cues and concerns over upcoming US tariffs, the market continued to witness positive sentiment from foreign investors. After persistent selling in recent months, FIIs have turned net buyers over the past few sessions.

On March 28, the first day of the new (April) series, the market remained volatile. The Sensex ended at 77,414.92, down 191.51 points (0.25%), while the Nifty closed at 23,519.35, down 72.60 points (0.31%). The market opened flat and remained subdued in the first half, but selling pressure in auto and IT stocks dragged the indices lower in the second half. However, last-hour buying helped Nifty close above the 23,500 mark.

For the week, Sensex and Nifty gained over 0.5% each, adding 6% for the month and surging 5% in the Financial Year 2024-25. Auto stocks remained weak, with the BSE Auto index declining over 2% due to the US government’s proposed 25% tariff on car imports and certain auto parts.

On the technical front, Nifty formed a doji candle on the weekly chart and closed below the 23,600 level. Immediate support is seen near 23,000 and 22,800, while resistance levels are at 24,100 and 24,800. Additionally, Stochastic RSI has shown a positive crossover, and the price is trading above the 20, 50, 100, and 200 EMAs, reinforcing a bullish outlook.

Meanwhile, India VIX declined 5.31% to 12.5750, indicating lower market volatility. Open Interest (OI) data suggests resistance at 23,600 and 24,000, while 23,300 acts as strong support. A breakout above 23,800 could accelerate further gains, and traders should closely watch these levels to confirm the next trend direction.

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