StockEdge Morning Market Report | Wednesday, 8 April 2026

Nifty 50 extended its winning run to a third consecutive session, closing at 23,123.65 — up 155.40 points (+0.68%). The index opened 129 points lower at 22,838, slid to a low of 22,719, and then staged a sharp recovery to close near the day's high. Bulls absorbed the early weakness convincingly.
IT, Metals, and Realty led gains; PSU Banks and Consumer Durables were the lone laggards.
FII sold ₹8,692 Cr; The Oil crashed 23% from its high as US – Iran and Isreal agree to a ceasefire for 2 weeks. SGX nifty trades 700 points Positive indicating a huge gap up start.

Nifty
We have been constantly highlighting the positive divergence setup and the pullback regime. Yesterday the 1st time prices closed above the 13 EMA – which was a huge positive development. MACD gave a buy a day back. So markets was anticipating the ceasefire – and was giving advance signals. The index to test 23850 and 24300 eventually – where we access what next. Support shall lie at 23000.

Bank Nifty
Bank Nifty has relatively underperformed the Nifty in the recent few sessions. However given the Monetary policy announcement, and consensus hinting status Quo – we expect the index to follow Nifty’s trend and a level of 54000 can be tested. 54500 will act as a strong resistance.

Conclusion
We expect a 700+ point gap up. Do not jump into the markets. Wait for 30 mins to let the markets settle down and then commit yourself into the markets.

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