Hot Stocks | Here's why ICICI Bank, Maruti Suzuki can return up to 7% in short term

Nifty consolidated with slight negative bias on April 13 and the theme continued in subsequent sessions as well. On April 16, the index opened lower and then had a decent recovery to close tad below the 9,000 levels.

However, the real action was seen on April 17 as we had a massive gap up opening followed by indecisive swings throughout the first half. During the latter half, strong buying emerged across the board to end the week well above 9,200, adding a couple of percent gains to the bulls’ kitty.

Indian market was clearly struggling at higher levels for the major part of the week but the reluctance of the market to fall was apparent as well.

Every time Nifty approached 8,800-8,850, buying emerged and finally we saw it surpassing 9,200 on a weekly closing basis.

Technically, this development was crucial for the market as we can now see the immediate base getting shifted higher from 8,000 to 8,650-8,800.

On the flip side, this opens up the floodgates to extend this relief rally towards 9,500-9,800 in the coming days.

More importantly, the banking index which has been the weakest link, of late, finally made a strong comeback. This certainly provides credence to the move.