Nifty 50 report Today10 April ; Indian Benchmark Indices Surge to Fresh Highs

Make informed decisions and trade confidently with our live intraday futures and options calls. Reach us on WhatsApp at 9039542248 and start Option Call Put Hedging trades Now!"

Overview:

Indian benchmark indices continued their upward trajectory on April 10, 2024, with the Nifty reaching a fresh record high. The markets displayed resilience and bullish sentiment, driven by positive global cues and rotational buying across sectors. Both the Sensex and Nifty witnessed gains of approximately 0.47% and 0.49% respectively, settling at 75,038.15 and 22,753.80.

Market Performance:

• The Sensex surged by 354 points to reach 75038.
• The Nifty climbed by 111 points to achieve 22753..
• Market breadth remained positive with 1761 shares advancing, 1617 declining, and 81 unchanged.

Sectoral Performance:

• Most sectors displayed strength with notable gains seen in FMCG, metal, and energy sectors.
• Except for the pharma sector, all other sectoral indices ended in the green, with media, PSU Bank, FMCG, metal, oil & gas sectors recording gains of 1-2%.

Top Gainers and Losers:

• Top gainers on the Nifty included Coal India, BPCL, Kotak Mahindra Bank, ITC, and Hindalco Industries.
• Losers on the Nifty were Cipla, Maruti Suzuki, HDFC Life, Divis Labs, and SBI Life Insurance.

Technical Analysis (Nifty):

• The Nifty opened with a gap-up and steadily advanced throughout the session, settling above the previous swing high, indicating a bullish sentiment.
• Both daily and hourly momentum indicators exhibited a positive crossover, suggesting a buy opportunity.
• Resistance levels are observed at 22,800 and further upside momentum towards 23,000 is likely. Support levels stand at 22,650 – 22,600.
• Open Interest (OI) data suggests a sideways movement scenario, with the call side exhibiting the highest OI at 23,000 and put side at 22,700, indicating robust resistance and support levels respectively.

Bank Nifty:

• The Bank Nifty index remained in consolidation mode, struggling to close above the 49,000 mark.
• Immediate support rests at 48,500, with resistance at 49,000. Any decisive move beyond these levels is expected to trigger trending moves.
• A buy-on-dip stance is maintained, with 48,500 acting as a crucial support level to cushion against downturns.

Conclusion: The Indian markets concluded on a positive note, with indices reaching fresh highs amidst positive global cues and sectoral strength. With the beginning of the earnings season, stock-specific volatility is expected, and participants are advised to plan their positions accordingly. The market appears to be range-bound, suggesting buying on dips and selling on rallies as a viable strategy with appropriate stop-loss measures.