Meanwhile, the volatility gauge India VIX ended at 18.85, down by 7.72% from the last closing.
Here’s how analysts read the market pulse:
Rupak De, Senior Technical Analyst at LKP Securities said Nifty positive trad on Friday was supported by controlled crude oil prices amid rising expectations of a concrete truce deal. The index has been steadily moving higher from the 200 SMA on the hourly chart, confirming an improving environment for a bullish trend.
“On the daily timeframe, the RSI is in a bullish crossover and continues to rise, indicating strengthening momentum. In the short term, the trend may remain positive. On the other hand, if no concreate truce deal is reached by the weekend, market might react negatively. Immediate support is placed at 23,800, below which the index may decline towards lower levels. On the upside, the 24,300–24,350 zone is likely to act as a resistance area,” De said.
US markets
Wall Street stocks rose sharply over the week and oil prices fell as a fragile truce was struck between the United States and Iran, ahead of ceasefire talks in Pakistan.
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For the week, all three major US indices advanced by more than three percent. Oil prices retreated once again on Friday. For the week, they tumbled by approximately 13 percent.
The U.S. government reported a sharp spike in inflation in March because of the biggest monthly jump in gas prices in six decades, but the increase wasn’t quite as bad as economists were expecting. Treasury yields rose in the bond market.The talks between US and Iran failed to reach an agreement on conditions to end end the war and open the Strait of Hormuz.
European Markets
uropean equities edged higher on Friday, notching up a third straight week of gains as cautious optimism ahead of U.S.-Iran weekend talks outweighed frictions in a fragile ceasefire.
The pan-European index STOXX 600 ended 0.4% higher at 614.84 points. The index is up 3% for the week.
Most bourses also gained, with France’s CAC 40 and Spain’s IBEX 35 adding 0.2% and 0.6%, respectively.
Tech View
Nilesh Jain, Head – Technical and Derivatives Research Analyst (Equity Research) at Centrum Broking said the bulls have regained control after a brief pause in the previous session, with the Nifty closing above the psychological 24,000 mark. The broader market structure remains positive, and a further short-covering rally could push the index towards the 24,300–24,500 zone in the near term, he said.
“The base continues to shift higher, with immediate support now placed around 23,800 levels. Momentum indicators and oscillators are also signaling strength, as the RSI has moved above the 50 mark. Meanwhile, the India VIX has declined sharply by 25% during the week, easing towards the 19 mark. Any further softening in volatility is likely to provide additional comfort to the bulls,” Jain added.
Most active stocks in terms of turnover
Ola Electric (Rs 238 crore), India Tourism Development Corporation (ITDC, Rs 403 crore), Info Edge (Rs 219 crore), Max Healthcare Institute (Rs 183 crore), Cohance Lifesciences (Rs 129 crore), Tata Consultancy Services (TCS, Rs 125 crore) and Avanti Feeds (Rs 125 crore) were among the most active stocks on BSE in value terms. Higher activity in a counter in value terms can help identify the counters with highest trading turnovers in the day.
Most active stocks in volume terms
Ola Electric (Traded shares: 6.09 crore), Vodafone Idea (Traded shares: 4 crore), SpiceJet (Traded shares: 2.08 crore), JP Power (Traded shares: 97.53 lakh), Suzlon Energy (Traded shares: 73.07 crore), Amir Chand Jagdish Kumar (Traded shares: 65.67 lakh) and The New India Assurance Company (NIACL, Traded shares: 56.68 crore) were among the most actively traded stocks in volume terms on BSE.
Stocks showing buying interest
Tata Chemicals, Billionbrains Garage Ventures (Groww), ITDC, Ola Electric, Eicher Motors, Art Nirman and Glottis were among the stocks that witnessed strong buying interest from market participants.
52 Week high
Today, 110 stocks hit their 52 week highs while 20 stocks slipped to their 52-week lows. Among the ones which hit their 52 week highs included Accord Transformer & Switchgear, ABB India, Bajaj Consumer Care, Belrise Industries, Dee Development Engineers, GRE Renew Enertech and ICICI Prudential Asset Management Company.
Stocks seeing selling pressure
Among the large cap names were Coal India, Sun Pharmaceuticals and Infosys. Other stocks which witnessed significant selling pressure were Inventure Growth & Securities, Aartech Solonics, Likhitha Infrastructure, Jindal Poly Films, Antelopus Selan Energy, Seshaasai Technologies and Race Eco Chain.
Sentiment meter favours bulls
Heavyweights like ICICI Bank, HDFC Bank and Reliance Industries (RIL) aided the markets the most, as the breadth stayed positive in the overall markets. Out of the 4,449 stocks that traded on the BSE on April 10, Friday, 3,325 stocks witnessed advances, 986 saw declines while 138 stocks remained unchanged.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)