Mumbai, April 11: Indian equity benchmarks closed in green for the second consecutive week, driven by heavy short covering following the US-Iran ceasefire.
Nifty gained 5.89% during the week and added 1.16% on the last trading day, closing at 24,050. The Sensex closed at 77,550, up 918 points or 1.20%, after gaining 5.77% during the week.
Both indices showed strong momentum and improved investor confidence.
Bank Nifty outperformed the broader market, closing at 55,912, up 1.99% on Friday. It posted a significant weekly gain of 8.47%.
On the weekly timeframe, the Bank Nifty index formed a strong bullish candle, suggesting continued strength and potential for further gains if the momentum continues.
The index is likely to find support in the 53,700-53,000 range, while resistance is expected around the 56,700-57,700 zone, market participants said.
Analysts noted that Nifty's movement indicated strong buying participation and reflects a bullish sentiment in the market.
From a technical standpoint, the 23,500-23,150 range is likely to act as a key support zone. On the upside, resistance is expected in the 24,500-25,000 band, they said.
Meanwhile, India VIX fell by 7.72% to close at 18.85, indicating reduced volatility and a decline in market fear. However, volatility remains high, as doubts persist over the sustainability of the US-Iran truce.
Sectorally, Nifty Realty, Capital Markets, and Financial Services emerged as the top gainers on a weekly basis, up 12.97%, 11.7%, and 10.8% respectively.
Broader indices performed in line with the benchmark indices during the week, with Nifty Midcap100 adding 7.76%, while Nifty Smallcap100 gained 7.60%.
Investors remain closely monitoring developments in the US-Iran negotiations, crude oil price movements, and foreign fund flows.
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