Indian Markets Extend Winning Streak, Nifty Targets 24,800 as HDFC, ICICI Bank Post Q4 Earnings

Indian Equity Market Continues to Rally

The Indian equity market continued its upward trend, with the benchmark indices Sensex and Nifty settling higher in a range-bound session on Friday. This marked their second consecutive week of gains, a significant milestone in the market's recovery phase.

Key Statistics:

| Index | Friday's Gain | Weekly Gain | Last Week's Gain | | --- | --- | --- | --- | | Nifty | 0.65% | 1.3% | 6.0% | | Sensex | 0.65% | 1.3% | 6.0% |

The Nifty rose 156.80 points or 0.65 percent to settle near the day's high at 24,353.55 after trading in a narrow range with a mild upward bias. The Sensex climbed 504.86 points or 0.65 percent to close at 78,493.54. During the session, it advanced 564.77 points or 0.72 percent to 78,553.45.

On a weekly basis, both indices gained about 1.3 percent each, extending last week's sharp rally of around 6 percent, their strongest in five years. The market sentiment remained supported by easing crude oil prices, which stayed below the USD 100 mark amid optimism around US–Iran talks following the Israel–Lebanon ceasefire. Stability in the rupee and softer volatility levels also lent support to the markets.

Analysts predict that the Nifty is now eyeing the 24,800 level. According to Ajit Mishra, SVP, Research, Religare Broking, the Nifty is gradually inching higher, indicating a continuation of the recovery phase, though momentum remains measured. He maintains his view of a potential upside towards the 24,600–24,800 zone, with an immediate base placed around the 23,900–24,100 range.

Sudeep Shah, Head – Technical and Derivatives Research, SBI Securities, also noted that the immediate resistance for Nifty is placed in the 24,430–24,450 zone. He added that any sustainable move above this zone could result in Nifty extending its up move towards 24,600, followed by 24,800 in the short term. On the downside, the 24,200–24,180 zone is likely to act as immediate support.

The investors will also track quarterly earnings of banking majors HDFC Bank and ICICI Bank, which are scheduled to announce their March quarter results on April 18. Early trade on Monday is likely to react to these results.