IGI Logo

Below the Quote on Post market comment for Tue Apr 07 by Hitesh Tailor, Research Analyst, Choice Broking

Indian equity markets witnessed a positive close on April 7, 2026, driven by broad-based buying and recovery from early losses. By the end of the session, the BSE Sensex advanced 509.73 points (0.69%) to settle at 74,616.58, while the Nifty 50 gained 155.40 points (0.68%) to close at 23,123.65. The NIFTY Bank index rose by 107.15 points (0.20%) to finish at 52,716.25.

The Nifty 50 displayed resilience on the daily chart, extending its gains for the 4th consecutive session despite a weak start. The index opened lower at 22,838.70 and slipped to an intraday low of 22,719.30 before staging a strong recovery. It eventually crossed the 23,000 mark and closed at 23,123.65, up 0.68%. Immediate resistance is placed in the 23,250–23,300 range, while support is seen around 22,900–22,940. The RSI stands at 43.46, indicating improving momentum, though it remains below the neutral level.

Similarly, Nifty Bank began the session with a gap-down of approximately 350 points and declined to 51,868.45 before entering a consolidation phase. The index later moved above 52,300, climbed to a high of 52,778.20, and closed at 52,716.25, registering a gain of 0.20% and marking its fourth straight session of gains. The trend suggests a gradual recovery supported by buying on dips. Resistance is observed in the 53,000–53,200 zone, while support lies between 52,300–52,380. The RSI at 40.99 reflects mild recovery but still indicates cautious momentum.

Meanwhile, India VIX declined by 3.03% to 24.69, signaling a slight reduction in market volatility and an improvement in investor sentiment. In the derivatives segment, notable put writing at the 23,000 level and significant call writing at 23,200 suggest a likely range-bound movement in the near term. Given the current market setup, traders are advised to maintain a cautious approach.

Above views are of the author and not of the website kindly read disclaimer