Over the past seven trading sessions, the Nifty has gained more than 2,000 points, propelling the index above its previous swing high of 23,869.
The index reclaimed 23,800 led by financials. Nifty Bank approached record highs as banking heavyweights continued to see buying.
Both equity benchmark indices, Sensex and Nifty, ended at over three-month highs, while the Nifty Bank closed at a seven-month high.
In a holiday-truncated week, the Nifty rose 4.48%, posting its best weekly gain since the week ended February 5, 2021.
All major sectors participated in the uptrend, with realty, banking, and financials emerging as the top gainers. Other sectors also posted healthy gains.
The Nifty Bank recorded its second-highest closing level, with HDFC Bank emerging as the biggest contributor.
As many as 44 of the 50 Nifty stocks ended in the green. Eicher Motors, ICICI Bank, and Sun Pharma were among the top gainers.
Wipro was the Top Nifty Loser, Down 4% On A Miss In Q4 & Weak Q1 Guidance. Wipro reported constant currency revenue decline of 0.8% during the March quarter on a sequential basis, whereas it had guided for growth to be between a decline of 1% and growth of 1%. For Q1FY26, Wipro expects revenue to be between $2,505 million and $2,557 million, implying a revenue decline between -1.5% to -3.5%.
In the upcoming week, all eyes will be on the earnings reports of heavyweights such as Infosys, HDFC Bank, and ICICI Bank. Additionally, companies like HCL Technologies, Axis Bank, Hindustan Unilever, and Maruti are scheduled to announce their quarterly results.
Meanwhile, foreign investors continued to remain net buyers in the cash market on Thursday, while domestic investors were net sellers.
What do the Nifty 50 charts indicate?
The Nifty witnessed a spectacular rally, with the index moving above the previous swing high on a closing basis. This recent sharp rally has pushed the index above the 100 EMA on the daily chart, suggesting a midterm positive trend.
In the short term, LKP Securities’ Rupak De expects the rally to extend further, potentially taking the Nifty towards 24,100. A move above 24,100 could open the path for a rise towards 24,500. On the downside, support is placed at 23,650 and 23,300.
According to Nagaraj Shetti of HDFC Securities, the next upside levels to be watched around 24,550. Immediate support is placed at 23600 levels.
“By surpassing the previous resistance of 23,870, the Nifty has demonstrated renewed strength and resilience, suggesting that the current bullish undertone may continue in the near term. The index is comfortably trading above all short-term moving averages and is now approaching the 200-day simple moving average, placed around 24,050, which stands as the next key resistance,” said Om Mehra at SAMCO Securities.
What do the Nifty Bank charts indicate?
The Nifty Bank extended its upward momentum, rallying 2.21% to settle at 54,290.20. The index moved remarkably close to its all-time high of 54,467.35, recording an intraday high of 54,407.20, falling short by just a few points.
Posting an impressive weekly gain of 6.45%, the Nifty Bank continues to exhibit strong bullish undertones. The index is now trading comfortably above all key moving averages and has decisively surpassed its previous resistance of 53,670, which is expected to act as immediate support in the near term, Mehra said.
“The daily RSI remains elevated above the 70 mark, reflecting strong momentum. The positive outlook is further reinforced by the parallel upward movement in the Nifty Private Bank and Nifty PSU Bank indices, suggesting the trend may persist going ahead,” Mehra added.
Here are the stocks to watch ahead of Monday’s trading session:
– ITC to acquire organic FMCG staples brand 24 Mantra Organic for ₹472.5 crore.
– HDFC Bank: Net profit rose 6.7% at ₹17,616 crore. NII rose 10.3% at ₹32,066 crore. Gross NPA at ₹35,222.6 crore, while net NPA at ₹11,320.4 crore. Gross NPA at 1.33%, while net NPA at 0.43%.
– ICICI Bank: Net profit rose 18% at ₹12,630 crore, and NII rose 11% to ₹21,193 crore. Gross NPA at ₹24,166.2 crore and net NPA at ₹5,589.4 crore. Gross NPA rose 1.67%, while net NPA at 0.39%. The Board also recommended a dividend of ₹11 per share.
– YES Bank reports strong numbers in its fourth quarter, beating estimates. Net profit sees a 63% increase on a YoY basis, while loan growth sees the slowest growth in seven quarters.
– Divis Labs signs confidential long-term agreement with Global Pharma company for advanced intermediates supply. Divi’s Labs to invest ₹650-700 crore in capacity expansion, eyes significant revenue boost. The company says manufacturing expected to be operational from January 2027.
– Eternal will cap foreign share holding to 49.5%. The company’s strategic move is to unlock quick commerce growth. Eternal eyes inventory ownership with IOCC status along with Blinkit expansion.
– Oberoi Realty: Units booked at 928 units as against 705 units YoY. Carpet area sold at 12.8 lakh sq ft as against 10.8 lakh sq ft YoY. Bookings value at ₹5,266 crore as against ₹4,007 crore YoY.
– ABB India: ABB to decide on a 100% spin off its robotics division as a separately listed company at its Annual General Meeting 2026.
– Jubilant FoodWorks says Chairman Shyam S Bhartia cleared of all allegations; closure report accepted by court.
– IndusInd Bank appoints Santosh Kumar as Deputy CFO of the bank w.e.f. April 18, 2025. Relieves Arun Khurana of Additional CFO role of the bank w.e.f. April 17, 2025.
– Karur Vysya Bank files an appeal before Commissioner Of Income Tax (Appeals) against demand raised by Assessment Unit of Income Tax Department for the AY24 pertaining FY23.
– Craftsman Automation commences commercial operations of its new plant located at Kothavadi, Coimbatore.
