Nifty Takes Aims at 23869 as Bulls Hold Firm in Stock Market
Hamdan bin Mohammed visits Bombay Stock Exchange and rings opening bell as part of his official visit to India. (Image credit BSE India)
Nifty Soars 500 Points as Bulls Take Charge; Bank Nifty, Financials Lead the Charge
By S Jha
New Delhi, April 15, 2025: Indian equity markets witnessed a stellar rally on Tuesday as the Nifty 50 surged over 500 points, or 2.19%, to close just shy of the 23,350 mark, signaling bullish dominance across the board.
In a broad-based rally, 48 out of 50 Nifty constituents ended in the green, and the upward momentum extended to the broader markets, with 469 of Nifty 500 stocks posting gains.
Bank Nifty and Financial Nifty outperformed and convincingly breached their March swing highs. This is seen by analysts as a sign that the benchmark index could be headed in a similar direction, said Angel Broking in a post-market commentary note to clients.
The brokerage house, however, stated that “some caution is advised, as hourly indicators now hover in the overbought territory, raising the possibility of minor intraday dips or consolidation in the near term”.
Despite the sharp upmove, market analysts remain optimistic. “The overall bias remains positive, and any dip should be seen as a buying opportunity,” said Angel Broking in its note.
The brokerage also stated that the “bullish gap formed today aligns with the 50-day exponential moving average (DEMA), making the 23,000–22,900 zone a strong support level. On the upside, immediate resistance lies at April’s high of 23,565, followed by the previous swing high of 23,869.”
Momentum Indicators Flash Bullish Signals
Market internals continue to strengthen across timeframes — 76% of NSE stocks are now trading above their 20-day EMA, and 86% above the 10-day EMA, added Angel Broking. It added that “long-term sentiment is improving as well, with 45% of stocks now above the 200 EMA, up from 38% previously”.
Further adding to positive sentiments, the brokerage said that the volatility index, the India VIX, a key fear gauge, “dropped nearly 20% in today’s session, signalling declining volatility and a more confident outlook for directional trades”.
Realty, Auto, and Metals Shine Bright
All sectoral indices ended in the green, but Realty stocks led the charge with a massive 5.64% rally. Auto and Metal indices added over 3%, while Banking stocks rose 2.70%, reflecting wide market participation.
Mazagon Dock was among the standout performers, jumping over 9% ahead of its interim dividend record date, driven by investor interest. Inox Green Energy surged nearly 20% on news that its group firm Inox Clean Energy is preparing for a ₹5,000 crore IPO.
Chartbusters: Stocks on the Move
Grasim: The Angel Broking said that cement major broke out strongly on the daily chart with increased volumes.
SAILIFE: The brokerage stated that the stock soared 12% with a 19x volume spike, closing at the highest level in 67 sessions.
Adani Ports: Posted its strongest close in 68 trading sessions.
M&M: Logged its fourth consecutive session of higher highs and higher lows.
Global Cues & Macro Data Support Rally
“Global equities extended their recovery as markets reacted positively to US President Donald Trump’s announcement of a 90-day pause on new trade tariffs. Domestically, India’s wholesale price inflation eased to a six-month low of 2.05% in March, down from 2.38% in February — largely driven by softening food and primary article prices,” added the brokerage house in its note.
However, the merchandise trade deficit widened to $21.54 billion in March from $14.05 billion in February, as imports surged 11.4% to $63.51 billion, while exports remained flat at $41.97 billion.
In its outlook for the stock market for coming days, Angel Broking said that “while momentum remains strong, analysts caution that the current pace of gains may not be sustainable in the immediate term due to technical overbought signals”.
Nonetheless, with solid sectoral breadth, improving long-term charts, and supportive global cues, the bulls continue to hold the upper hand. “Dips, analysts suggest, could be viewed as healthy pauses — and more importantly, opportunities to enter the rally,” it added.
(Disclaimer: This article makes no recommendation for any kind of trades in the stock market)
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