The Indian Rupee (INR) displayed remarkable resilience, staging a notable recovery from recent lows.
Shrikant Chouhan,
Head Equity Research,
Kotak Securities: Weekly market round-off
Mumbai, April 10, 2026: The week was defined by a massive relief rally following news of a temporary US–Iran ceasefire, though sentiment remained fragile due to subsequent reports of ceasefire violations and fluctuating oil prices. Indian indices performed strongly on a weekly basis, with mid-caps and small-caps leading the charge and outperforming large-cap peers. Recovery was spearheaded by the Nifty Realty and Nifty Auto indices, both of which posted impressive double-digit weekly gains. The Nifty Bank and Financial Services sectors also saw buying interest as geopolitical tensions eased.
The Indian Rupee (INR) displayed remarkable resilience, staging a notable recovery from recent lows. This was further supported by crude oil prices cooling off from their historic highs, providing much-needed relief to domestic macros.
On the macro front, the RBI held the repo rate unchanged while keeping an optimistic outlook towards growth. Foreign Institutional Investors (FIIs) remained aggressive net sellers with significant weekly outflows. However, strong domestic support helped the markets absorb this pressure.
Moving forward, geopolitical developments will continue to be the primary driver for oil, the Rupee, and equity markets. Investors should also prepare for stock-specific volatility as the focus shifts to Q4FY26 earnings and management commentary.
Amol Athawale, VP Technical Research, Kotak Securities, adds:
In the last week, the benchmark indices witnessed a stellar rally. After a promising rally, the Nifty ended 5.85 percent higher, while the Sensex was up over 4200 points. Among sectors, all the major sectoral indices traded in positive territory, but Reality and Capital Market indices outperformed. The Reality index gained 12.85 percent, and the Capital Market rallied 11.75 percent. Technically, on weekly charts, the market has formed a promising reversal pattern and also formed a long bullish candle , which is largely positive.
We are of the view that the short-term market outlook has changed to positive from negative, but buying on corrections and selling on rallies would be the ideal strategy for traders. On the downside, 23,700/76550 and 23,500/76000 would act as key support zones, while 24,200/78000 and 24,500/78800 could serve as key resistance levels for the bulls. However, below 23,500/76000, the uptrend would become vulnerable. Below this level, traders may prefer to exit their long positions.
For Bank Nifty, the short-term outlook is positive, and now 54,500 and 54,000 could serve as key support levels for traders. On the higher side, the uptrend wave is likely to continue till 57,000. Further upside may also lift the index up to 57,750.
