The Indian stock market rallied sharply on Friday, with the Sensex and Nifty each gaining 2 percent. Hopes of a US-Iran peace deal, lower crude oil prices, and better global sentiment boosted investor confidence. The Sensex rose more than 1,695 points to close at 75,527.95, while the Nifty50 gained over 461 points to finish at 23,622.90. The advance added roughly 10 lakh crore rupees to the market capitalisation of BSE-listed firms, bringing the total to around 462 lakh crore rupees.
Analyst Sudeep Shah, Vice President and Head of Technical and Derivatives Research at SBI Securities, shared his views on the Nifty, Bank Nifty, and strategy for the coming week. Last week, the Nifty showed volatility in the first four sessions within a 355-point range. It found repeated support near the 61.8 percent Fibonacci retracement of its prior advance from 22,182 to 24,602. The index tested this zone three times, building a base that supported Friday’s rebound.
Sentiment improved after positive developments in West Asia and a drop in Brent crude below 90 dollars. The Nifty ended the week up 1.10 percent and formed a bullish weekly candle. It closed above its 20-day EMA for the first time since May 2026, while the daily RSI moved above 50 and its 9-day average. The daily Stochastic also produced a bullish crossover.
The index may extend gains toward 23,800 and then 24,000. Support lies at 23,350 to 23,300. Bank Nifty broke out of a symmetrical triangle pattern and outperformed. It trades above key moving averages, with the daily RSI above 60 for the first time since February 2026. The index could test 57,500 and then 58,300, with support at 56,200 to 56,000.
The Nifty IT index trades below its short-term and long-term moving averages.
