Market Analysis : April 10,2026

1) FII Activity & Positioning

FIIs have sold around ₹1,700+ crore in the cash market over the last two sessions, indicating that selling pressure is still present but has slowed down compared to earlier sessions. In the derivatives segment, there is no major change in net index futures shorts, suggesting that their broader directional view remains intact. However, they have increased net index call shorts along with net index put longs, which reflects a cautious and hedged positioning. Overall, FIIs continue to maintain a slightly bearish stance with no clear sign of aggressive bullish reversal yet.

2) Global Cues

Global markets remain unstable despite some cooling in geopolitical tensions. The situation around the Strait of Hormuz continues to be a key concern, as disruptions are preventing crude oil prices from declining as expected. Elevated crude prices remain a major overhang due to their impact on inflation and global liquidity conditions. Additionally, uncertainty around the sustainability of any peace deal continues to keep market participants cautious in the near term.

3) Market Structure

On the charts, Nifty appears strong on the hourly timeframe, indicating short-term buying interest. However, on the daily timeframe, Nifty is still trading below its 50 EMA, which signals that the broader trend has not yet turned convincingly bullish. Bank Nifty is also trading below its 50 EMA on the daily chart, reinforcing the need for confirmation. A sustained move above the 50 EMA for at least one session is required before adopting a more aggressive bullish stance.

4) Key Levels to Watch

For Nifty, immediate support is placed at 23,475, while resistance is seen near 24,225.

For Bank Nifty, support lies at 54,100 and resistance at 56,200.

These levels are critical in determining whether the market can continue its recovery or face renewed selling pressure.

5) Strategy & Stance

The overall stance remains cautiously optimistic. While there are signs of stability, key triggers such as crude oil prices and geopolitical developments are still unresolved. The approach should be to focus on selective stock-specific opportunities rather than aggressive index trades. Strict stop-loss discipline is essential to manage volatility, and confirmation from price action above key resistance zones should be awaited before increasing exposure.