Today, on the backdrop of positive global sentiment, the Indian market bounced back sharply after a stellar rally.
Shrikant Chouhan,
Head Equity Research,
Kotak Securities
Mumbai, April 8, 2026: Today, on the backdrop of positive global sentiment, our market bounced back sharply after a stellar rally. The Nifty ended 874 points higher, while the Sensex was up by 2946 points. Among sectors, all the major sectoral indices traded in the positive territory, but Realty and Auto outperformed, both indices rallying over 6.5 percent. Technically, the market opened with a gap over 700/2600 points and maintained positive momentum throughout the day. We are of the view that the short-term market trend is positive, but due to temporary overbought conditions, we could see some profit-taking at higher levels.
For day traders, now, 23,800-23,700/77000-76700 would act as key support zones, while 24,200/78000 and 24,400/78500 could serve as key resistance levels for the bulls. However, below 23,700/76700, the uptrend would become vulnerable. If the market falls below this level, traders may prefer to exit their long positions.
