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While the benchmark indexes ended slightly higher in a lackluster trading session, real estate, oil & gas, auto and energy stocks rallied strongly after falling over the past month. The hope is that, following the RBI's status quo, the rate cycle appears to have peaked over the past few weeks and if rates start falling in the future, rate-sensitive stocks would be investors' preferred bet. The market started the week flat Note after hovering in one area. After the initial uptrend, Nifty inched up in the first half, but profit-taking wiped out all gains throughout the day. Eventually it settled at 17624; up 0.14%. Benchmark indices ended the highly volatile April 10th session on a flat note. At the close, the Sensex was up 13 points to 59846 and the Nifty was up 24 points to 17624. About 1,965 shares were up, 1,568 shares were down and 146 shares were flat. At the sector level, buying interest in autos, energy and IT limited the damage. Also, the broader recovery kept traders on their toes. We expect the index to consolidate further, but the tone should remain positive. Now, upcoming results and global clues will largely determine the trend. In the meantime, we recommend focusing on stock-specific opportunities. Technically, the Nifty has formed a small inverted hammer candlestick that indicates indecisiveness between bulls and bears. Due to temporary overbought conditions, we might see some profit booking at higher levels. For Nifty, 17530-17580 would act as the immediate resistance area, while 17500-17450 or the 50-day SMA (simple moving average) would act as key support zones.

Resistance: 17530, 17580, 17630

Support: 17480, 17430, 17380