Technical Overview – Nifty 50
The Nifty50 on 10th April witnessed a gap opening taking the clues from the global market and continued to trade in green throughout the session. The prices continuously traded above 22,700 levels for the majority of the time.
The Nifty50 on the daily chart is trading within the rising channel pattern and the prices have reached near the upper band of the pattern. The index is trading above its 9 & 21 EMA and the slope is tilted on the higher side.
The Index is trading in a higher high higher low formation on the daily chart. The momentum oscillator RSI (14) supported a horizontal trend line near 40 levels and moved above 60 with a bullish crossover. The outlook for the Nifty Remains bullish with an immediate resistance placed at 22,800 – 22,900 levels and support placed at 22,500 levels.
Technical Overview – Bank Nifty
The Banking index continued its outperformance against the benchmark index and closed higher with more than 150 points gains. The Bank nifty on the daily chart has given a horizontal trend line breakout above 48,500 levels and confirmed a bullish signal.
The higher high higher low formation on the daily chart is witnessing an ongoing bullish trend in the Banking sector. The index is trading above its 9 & 21 EMA and the slope is tilted on the higher side.
The momentum oscillator RSI (14) has taken support of an upward rising trend line near 50 levels and moved higher above 70 levels with a bullish crossover. The outlook for the Bank Nifty Remains bullish with an immediate resistance placed at 49,500 levels and support placed at 48,500 levels.
Indian markets:
- Indian equity indices ended higher on April 10 with Nifty hitting fresh record high ahead of FOMC minutes and US inflation data later today.
- India’s positive economic growth outlook, fueled by expectations of rate cuts, strong corporate earnings, and anticipation of political stability post the Lok Sabha elections, has bolstered overall market sentiment. Additionally, the increasing influence of retail investors has contributed to the resilience of the domestic market amidst global challenges.
- With the exception of the pharmaceutical sector, all other sectoral indices closed in positive territory, with media, PSU banks, FMCG, metal, and oil & gas stocks witnessing gains of 1-2 percent.
- Both the BSE Midcap and Smallcap indices registered a 0.5 percent increase.
Global Markets:
- Across Asia-Pacific markets, the trend was predominantly negative, spurred by Japan’s uptick in corporate inflation for March, alongside awaited rate decisions from the central banks of New Zealand and Thailand.
- South Korea’s markets remained shuttered on Wednesday as the nation engaged in parliamentary elections.
- Hong Kong’s Hang Seng index surged by 1.75%, in contrast to mainland China’s CSI 300, which extended its decline for the fifth consecutive day, slipping by 0.81% to close at 3,504.7.
- Japan’s Nikkei 225 experienced a slight downturn of 0.48%, closing at 39,581.81, while the broader Topix index also dipped by 0.43%, ending the session at 2,742.79.
- In Australia, the S&P/ASX 200 continued its upward trajectory for the third consecutive day, gaining 0.31% to finish at 7,848.5.
- European equities saw an uptick on Wednesday, with investors globally anticipating the release of U.S. inflation figures for March.
- In the U.S. overnight, the three main indexes exhibited a mixed performance ahead of the CPI report, with the Dow Jones Industrial Average finishing just below the flatline. Conversely, the S&P 500 recorded a modest gain of 0.14%, while the Nasdaq Composite saw an increase of 0.32%.
Stocks in Spotlight
- Shares of Interglobe Aviation, which operates IndiGo, surged 4 percent, extending gains for the fourth session, and hit an all-time high. The surge made the company the world’s third-largest airline in terms of market capitalization. Brokerages are bullish on the company due to the growth prospects of the Indian aviation industry, gains in international travel, and favorable demand-supply dynamics.
- The Ramco Systems stock rallied 19.99 percent and got locked in the upper circuit after the aviation software specialist signed a multi-million-dollar deal with Korea’s largest airline Korean Air for tech support at its new engine maintenance complex.
- Reliance Infrastructure stock plunged 20 percent and got locked in the lower circuit after the Supreme Court reversed its order upholding arbitral award payments from the Delhi Metro Rail Corporation (DMRC).
News from the IPO world🌐
- Blackstone-backed Aadhar Housing Finance gets Sebi nod to launch Rs 5,000 crore IPO
- Raghuvir Exim files IPO papers with Sebi
- Vishal Mega Mart said to pick Kotak, ICICI for mega IPO
Daily Leader board:
Sectoral Performance
| Top Sectors | Day change (%) |
| NIFTY MEDIA | 1.8 |
| NIFTY PSU BANK | 1.5 |
| NIFTY OIL & GAS | 1.5 |
| NIFTY FMCG | 1.2 |
| NIFTY METAL | 1.2 |
Advance Decline Ratio
| Advance/Declines | Day change (%) |
| Advances | 1961 |
| Decline | 1869 |
| Unchanged | 103 |
Numbers to track
| Indices Name | Latest | % 1D | % YTD |
| Dow Jones (US) | 38,884 | (0.0) % | 3.1 % |
| 10 Year Gsec India | 7.2 | (0.5) % | 0.9 % |
| WTI Crude (USD/bbl) | 85 | (1.9) % | 21.1 % |
| Gold (INR/10g) | 71,240 | 0.2 % | 6.8 % |
| USD/INR | 83.28 | (0.0) % | 0.3 % |
