After 2 Weeks of Middle East War and followed by ceasefire, market is up with record 850 Points(nifty 23950) and 2850 points in sensex ( > 3.7 % up) as on mid of the trade of 08-Apr-26.
Still Situation is not fully restored. Iran and Israel continue their war. It is only US Iran ceasefire of 2 weeks. But there is a hope for normalcy as diplomatic negotiation can happen in this ceasefire period.
Who will pay the compensation for damage and control of Hormuz are still a question.
Hence be cautious and buy on dip below 23000 if it falls and near to last week low 22200 and other support levels shown below), Sell if stocks already in good profits.
Nifty bank is the biggest profitable in index as the valuation is strong as highlighted in my previous reports. Nifty Bank dropped from 53752 (15-Mar-2026) to 50000 and rebounded to 55500 (08-Apr-26). A Clear 10% profit. Hence 50000-52000 level support can be seen and can be bought if falls again.
Nifty IT from 29000 fell down to 28280 touched the bottom and bounced back sharply to 31501 (Clear near to 12% up from bottom mainly from 5th to 7th Apr 2026). on 8-Mar-26 it is up only by 0.24%. As of now this 28000 level is good support level.
Nifty Pharma from 22839 fell down 21200 and currently index is near to 22000 ( only 0.6% up on 08-Mar-26, though nifty is up by 3.7%)
The support and Resistances posted on 15-Mar-26 is still intact.
It was a buying opportunity at 22200 for Long Term as mentioned in the report.
Nifty Supported effective at 22340/22000 Mid Term Support
Currently near at 23925 (short term resistance 24000)
Above 24000 decisively, the Mid resistance at 25000-25500 ( Multiple Resistance)
Crude price (brent) skyrocketed from 70 usd & touched 120 usd and reduced to 97 usd.
gold reduced to 4100 Usd / Ounce ( from 5100 usd /ounce two weeks before) and reversed to 4800 usd / ounce currently as on 08-Apr-26
Bitcoin is muted to 68000 level from Feb First Week.
15-Mar-2026 Report:
Assuming all time high of 26380 is target from current 23151 (14%)
If it drops to 22500, from there it will be (17% up)
which can be achieved in 12-15 months, once war issue is resolved.
Hence accumulate slowly on dips. Once market formed a reversal watchout for crossing 24000 level decisively.
Nifty Short Term Supports :
23000 -22840- ( Fib support)-22500
Short Term Resistance (multiple resistance from 24900 to 25600)
24000
Med Term support
22340 ( Fib Support)
22000
Med Term Resistance
(Trend Line as shown)
25000
25200 ( 25154 Aug 2025 high)
25360-25420 ( Sep high and trendline support as shown in chart)
25300-25350 (Two Fibonacci resistance shown ) - Major Support
Hence 25300- 25420 acts as major short term support.
25450 ( 25442 is the Aug 2025 high)
25500 ( 25441 Sep 18th 2025 High )
26000
26372 All time High)
Long Term Resistance( Many from 25000-26320)
27000
28000
Long Term Support
21750 (Fib Support)
21450
21000
Worst Case 20000
Still Situation is not fully restored. Iran and Israel continue their war. It is only US Iran ceasefire of 2 weeks. But there is a hope for normalcy as diplomatic negotiation can happen in this ceasefire period.
Who will pay the compensation for damage and control of Hormuz are still a question.
Hence be cautious and buy on dip below 23000 if it falls and near to last week low 22200 and other support levels shown below), Sell if stocks already in good profits.
Nifty bank is the biggest profitable in index as the valuation is strong as highlighted in my previous reports. Nifty Bank dropped from 53752 (15-Mar-2026) to 50000 and rebounded to 55500 (08-Apr-26). A Clear 10% profit. Hence 50000-52000 level support can be seen and can be bought if falls again.
Nifty IT from 29000 fell down to 28280 touched the bottom and bounced back sharply to 31501 (Clear near to 12% up from bottom mainly from 5th to 7th Apr 2026). on 8-Mar-26 it is up only by 0.24%. As of now this 28000 level is good support level.
Nifty Pharma from 22839 fell down 21200 and currently index is near to 22000 ( only 0.6% up on 08-Mar-26, though nifty is up by 3.7%)
The support and Resistances posted on 15-Mar-26 is still intact.
It was a buying opportunity at 22200 for Long Term as mentioned in the report.
Nifty Supported effective at 22340/22000 Mid Term Support
Currently near at 23925 (short term resistance 24000)
Above 24000 decisively, the Mid resistance at 25000-25500 ( Multiple Resistance)
Crude price (brent) skyrocketed from 70 usd & touched 120 usd and reduced to 97 usd.
gold reduced to 4100 Usd / Ounce ( from 5100 usd /ounce two weeks before) and reversed to 4800 usd / ounce currently as on 08-Apr-26
Bitcoin is muted to 68000 level from Feb First Week.
15-Mar-2026 Report:
Assuming all time high of 26380 is target from current 23151 (14%)
If it drops to 22500, from there it will be (17% up)
which can be achieved in 12-15 months, once war issue is resolved.
Hence accumulate slowly on dips. Once market formed a reversal watchout for crossing 24000 level decisively.
Nifty Short Term Supports :
23000 -22840- ( Fib support)-22500
Short Term Resistance (multiple resistance from 24900 to 25600)
24000
Med Term support
22340 ( Fib Support)
22000
Med Term Resistance
(Trend Line as shown)
25000
25200 ( 25154 Aug 2025 high)
25360-25420 ( Sep high and trendline support as shown in chart)
25300-25350 (Two Fibonacci resistance shown ) - Major Support
Hence 25300- 25420 acts as major short term support.
25450 ( 25442 is the Aug 2025 high)
25500 ( 25441 Sep 18th 2025 High )
26000
26372 All time High)
Long Term Resistance( Many from 25000-26320)
27000
28000
Long Term Support
21750 (Fib Support)
21450
21000
Worst Case 20000
Trade active
Some stocks to watchout for given on 8-mar-26 still continues and many stocks have raised even before today ( 8-Mar-26 when market is up by 3.7%)sbi HDFC Bank icici bank TCS Infosys tata steel Bajaj fin(for large cap and stability) Muthoot finance south Indian bank Karnataka bank union bank coforge Persistent system, Waaree Energies , CPCL , BPCL, NMDC, Apar, Sharda Crop, apl apollo tubes, nalco, bank of mah & lupin
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.