Domestic equity markets recorded their second consecutive week of gains, as indices ended on a higher note with both the BSE Sensex and NSE Nifty climbing about 1.2% each over the week. 

The 50-pack index closed at 24,353.55, while the 30-pack index settled at 78,493.54, respectively. In Friday's final session, both benchmarks jumped 0.65% to end in the green. 

Nifty futures on the NSE International Exchange were up 280 points, or 1.15%, trading at 24,700, hinting at a gap-up opening on Monday, April 20.

Global cues

Vinod Nair, Head of Research at Geojit Investments Limited, pointed out that macroeconomic resilience was highlighted when the International Monetary Fund raised India's FY27 GDP growth forecast to 6.5%.

While Ponmudi R, CEO of Enrich Money, observed a steady and orderly recovery supported by improving global sentiment and moderating crude oil prices. He noted that optimism around U.S.–Iran negotiations and a ceasefire window extending until April 22, 2026, helped stabilise global risk perception. D

Despite an uptick in March CPI inflation to 3.4% and wholesale inflation hitting a 38-month high of 3.88%, India’s trade deficit narrowed to $20.67 billion from $27.1 billion in February, said Ajit Mishra, SVP of Research at Religare Broking Ltd.

"Q4 earnings and FY27 management guidance will shape sectoral leadership," Nair said.

Key levels to watch

Nifty: Ponmudi identified immediate resistance near the 24,400 zone; a sustained breakout here could drive the index toward the 24,800–25,000 range. He spots immediate support at 24,000, with a base around 23,800.

Mishra observed the index approaching key moving averages and noted that sustained strength in the 24,600–24,800 zone could open room for further upside toward 25,200. He placed support slightly lower, in the 23,700–24,000 zone.

Bank Nifty: According to Ponmudi, the banking index faces a critical resistance band at 56,800–57,000, and breaking above it is necessary to target 57,500–58,000. Crucial support remains near 55,800–55,700. Mishra added that a move above 57,200 could accelerate momentum toward the 59,000 mark, while noting immediate support in the broader 53,800–55,000 zone.

Sensex: For the 30-share pack, Ponmudi noted that a sustained push past the immediate resistance of 78,700–79,000 is needed to test the 80,000 mark. He expects the 77,900–77,600 zone to act as a strong downside cushion.

Trading strategy

Mishra recommended keeping portfolio allocation tilted toward fundamentally strong large-cap stocks while selectively participating in broader market segments. He advised that "traders should remain disciplined, avoid excessive leverage, and focus on stock-specific opportunities."

Ponmudi said that "in this environment, a disciplined approach remains crucial", while Nair said "sentiment is constructive, but markets will remain selective amid lingering global uncertainties."