Market Is Largely Positive

Mumbai: The benchmark indices continued their positive momentum, the Sensex up by 309 points. Almost all the major sectoral indices traded in positive territory, with the PSU Bank index outperforming and rallying over 2.45 per cent.

Technically, after a muted opening, the market found support near 76,550 and reversed sharply. On the daily charts, it has formed a bullish candle, and on the intraday charts, it is holding uptrend continuation formation that is largely positive.

Shrikant Chouhan, Head-Equity Research, Kotak Securities, said: “For trend-following traders now, 76,550 would be the key support zone. Above this level, the market could maintain its positive momentum until 77,300.” Further upside may also continue, potentially lifting the market to 77,500. On the flip side, if it falls below 76,550, the sentiment could change. A drop below this level could lead the market to retest the 76,500-76,200 range.

Vaibhav Vidwani, Research Analyst at said that the market saw strong performances from the banking and media sectors, with IndusInd Bank and Axis Bank leading gains, while auto and pharma sectors faced slight corrections. The downside pressure earlier this week was mainly due to global risk-off sentiment triggered by US tariff concerns and reduced growth forecasts.

However, India has become the first major market to fully recover losses caused by the US reciprocal tariff announcement on April 2, supported by strong domestic investor participation and foreign inflows. Investors remain cautious ahead of Q4 earnings from major IT and financial companies.

STOCK PICKS

HDFC Bank | TRADE-BUY | CMP: Rs1878 | SL: Rs1855 | TARGETs: Rs1920-Rs1950

HDFC Bank is trading near a key support zone and showing signs of strength on the daily chart. The RSI is stable and gradually picking up, indicating building momentum. Price action suggests a possible breakout above Rs1880, which can lead to a quick rally toward Rs1920 and Rs1950 levels. The overall trend remains positive as long as Rs1855 is protected. A strong base has formed, making this a good risk-reward setup. Buying on dips is advisable.

ACC Ltd | TRADE-BUY | CMP: Rs2059 | SL: Rs2010 | TARGET: Rs2100-Rs2150

ACC is showing a bullish structure with strong support around Rs2010–Rs2020. The stock has been consolidating and now looks ready for a breakout above Rs2060. Momentum indicators like RSI are neutral to positive, supporting a move higher. If buying interest continues, the stock can move towards Rs2100 and Rs2150 in the short term. Volume trends also indicate accumulation at lower levels. Traders can consider fresh entries with a defined stop loss.

(Source: Riyank Arora, technical analyst at Mehta Equities)