Sensex zooms 1500 points on Tuesday; is the worst over for the markets?

Stock market outlook for the week April 15 - 17: The bullish pivot for Sensex stands at 76,100; here are the key support and resistance levels to watch out for on the BSE and NSE benchmarks this week.

The Bombay Stock Exchange (BSE) benchmark index, the Sensex and the National Stock Exchange Nifty 50 index staged a stupendous recovery from interim lows last week amid heightened volatility in global markets.  The initial sell-off was sparked by the US announcement of reciprocal tariffs, which worsened after China retaliated with tit-for-tat measures. The global markets eventually staged a recovery after the US President announced a 90-day pause on reciprocal tariffs on most countries.  The Sensex and the Nifty rallied over 5 per cent from the weekly lows of 71,425 and 21,744 to end the week at 75,175 and 22,829 - thus gaining 5.2 per cent (3,732 points) and 5 per cent (1,085 points), respectively from the lows. Despite the sharp recovery, both, the Sensex and the Nifty ended last week with losses of around 0.3 per cent each.    The week ahead is a holiday-shortened trading week, with yesterday (Monday) being a market holiday on account of Dr. Baba Saheb Ambedkar Jayanti; and coming Friday equity markets will be shut for trading on account of Good Friday. Thus, this week will be having only 3 trading sessions.    Trading sentiment this week is likely to be guided by the US-China tariff news flow, and corporate earnings. Infosys, Wipro, ICICI Bank, HDFC Bank, HDFC AMC, ICICI Lombard General Insurance, ICICI Prudential Life Insurance, IREDA, Angel One, HDFC Life, Tata Elxsi, Mastek and Yes Bank are among the prominent companies scheduled to announce Q4 earnings this week.    Benchmark indices are expected to start today's trading session on an upbeat note tracking positive overseas cues. GIFT Nifty futures hinted towards a likely gap-up start around 23,200 levels for the Nifty as against the last close at 22,829.  Will the BSE Sensex and the NSE Nifty be able to sustain and build-up on the early gains this week? Here's a technical outlook for the stock market this week.  Sensex Outlook  Last close: 75,157  Support: 74,360; 73,600  Resistance: 76,100; 76,700; 77,175; 77,655  Technical chart suggests that the 75,975 - 76,100 zone is likely to act as the key bullish pivot zone for the BSE Sensex this week. As long as the Sensex manages to sustain above 76,100 levels, the bias is likely to favour the bulls.  On the upside, the BSE Sensex can attempt a rally towards 76,700 - 77,175 - 77,655 levels. Break and sustained trade above 77,500 levels can trigger a fresh short-covering rally in the market. On the flip side, inability to sustain above 75,975 could trigger a dip towards 74,360 and 73,600 levels.    Nifty Outlook  Last close: 22,829  Support: 22,786; 22,700; 22,500; 22,155  Resistance: 23,100; 23,400; 23,850  Amid the early sell-off, the Nifty last week briefly dipped below the 100-Week Moving Average (100-WMA) for the first time since March 2023. The index, however, eventually managed to close above the same. The 100-WMA stands at 22,155 - and is likely to act as a key near-term support.  On the monthly scale the Nifty is seen consolidating around its 20-Month Moving Average (20-MMA), which stands at 22,786 for the third straight month. As markets are attempting a pullback from oversold levels, these key levels - i.e. 22,786 and 22,155 need to be closely tracked. Interim support for the index can be anticipated around 22,700 and 22,500 levels.    Having said that, the upside for the Nifty remains capped around 24,170 levels. Intermediate resistances for the index are placed at 23,100 - 23,400 - 23,850 levels, shows the technical chart.