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Below the Quote on Post market comment for Wed Apr 08 by Hitesh Tailor, Research Analyst, Choice Broking

Indian equity benchmarks witnessed a strong bullish session on 8 April 2026, supported by easing global concerns and stable domestic cues. The Nifty 50 opened with a sharp gap-up of 731.50 points at 23,855.15, driven by positive sentiment following the announcement of a temporary ceasefire in geopolitical tensions. The index remained resilient throughout the session, registering its intraday low at 23,828.50 in early trade. Sustained buying interest across sectors propelled the index higher to an intraday high of 24,025.15. The Nifty eventually settled near its day’s high at 23,997.35, posting a strong gain of 873.70 points or 3.78% for the session. On the daily timeframe, the index formed a bullish Marubozu-like candlestick pattern, characterized by the opening near the day’s low and closing near the high. This structure indicates strong buying conviction throughout the session, with minimal selling pressure. The formation reflects a decisive shift in momentum in favour of the bulls, suggesting the potential for further upside, provided follow-through buying continues in the upcoming sessions.

From a technical perspective, immediate support is placed within 23,700-23,850. On the higher side, resistance is observed in the 24,080–24,200 zone. The Relative Strength Index (RSI) stands at 53.89, indicating a decisive move above the midpoint level of 50, which strengthens the bullish outlook and confirms improving momentum.

The volatility index, India VIX, declined sharply by 20.24% to close at 19.69, reflecting a significant drop in market uncertainty and supporting the ongoing rally. In the derivatives segment, notable call writing was observed at the 24,000 and 24,200 strikes, indicating immediate resistance zones. On the put side, strong writing activity at the 24,000 and 23,800 strikes highlights a firm base for the index in the near term.

The Bank Nifty index outperformed the broader market, opening with a substantial gap-up of 2,188.20 points at 54,904.45. After marking an intraday low of 54,797.50, the index witnessed relentless buying interest, driving it sharply higher to an intraday high of 55,778.25. The index closed near its peak at 55,703.90, registering a robust gain of 2,987.65 points or 5.67% for the day. On the daily timeframe, the index formed a strong bullish candle, reflecting aggressive buying across banking stocks. This price action indicates strengthening sentiment and suggests the possibility of continued upward momentum, subject to sustained buying interest.

From a technical standpoint, immediate support is placed in the 55,350–55,400 range, while resistance is seen at 56,000–56,200. The RSI stands at 53.41, indicating a breakout above the midpoint level and reinforcing the positive momentum in the index.

Overall, the market witnessed a decisive bullish breakout supported by strong global cues, easing volatility, and broad-based sectoral participation. While momentum remains firmly positive, traders should monitor key resistance levels closely and watch for sustained follow-through buying to confirm continuation of the uptrend.

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