Despite strong market momentum, Healthcare and Pharma indices shed nearly 1 percent.
Shrikant Chouhan,
Head Equity Research,
Kotak Securities
Mumbai, April 1, 2026: Today, the benchmark indices witnessed a relief rally. The Nifty ends 348 points higher, while the Sensex was up by 1187 points. Among sectors, Defence and Capital Market indices outperformed; Defence indices gained 5.52 percent, and the Capital Market rallied 4.75 percent. Conversely, despite strong market momentum, Healthcare and Pharma indices shed nearly 1 percent.
Technically, on the backdrop of positive global sentiment, our market opened with a gap up. However, after a strong opening, it witnessed some profit booking at higher levels. We are of the view that the short-term trend of the market is still on the weaker side. However, due to temporary oversold conditions, we could see a pullback rally from the current levels.
For traders, 22,500/72500 and 22,300/72000 would act as key support zones. As long as the market is trading above these levels, the pullback move could continue on the higher side, with 22,900–23,000/73800-74200 acting as immediate resistance zones for the bulls. The current market is volatile and non-directional; hence, level-based trading would be the ideal strategy for traders.
