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Nifty recorded strongest weekly gains (5.7%) in five years

ICICIdirect Research 10 Apr 2026 DISCLAIMER

A temporary ceasefire led to a significant cooling of Brent crude which fueled the momentum in the global equities. Nifty recorded strongest weekly gains (5.7%) in five years and settled at 24000. Nifty Midcap, Small cap outperformed by gaining 7.5%, each led by rebound in beaten down sectors like Realty, Auto, Defence space, gaining ~10%

Key Highlight: The index has confirmed conclusion of corrective phase by fulfilling prerequisites like close above its last week’s high, sustenance above short-term moving average. In addition to that, faster pace of retracement, highlights structural turnaround that bode well for trend reversal. 

What to expect:

Nifty has seen 1800 points rally in just 4 sessions and has entered into an overbought territory, suggesting the possibility of breather for couple of days cannot be ruled out. However, such breather would make market healthy and that would create stage for next leg of up move towards 24800 in the coming weeks. Hence, any decline from hereon should be capitalized as incremental buying opportunity as strong support is placed at 23000

Key Monitorable:

  1. Inflation print
  2. Further decline in Crude, US, Dollar Index
  3. Start of Q4 earning season

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