Mumbai, April 11 (IANS) Indian equity benchmarks closed in green for the second consecutive week, amid huge short covering due to the US-Iran ceasefire. Nifty gained 5.89 per cent during the week and added 1.16 per cent on the last trading day to reach 24,050. At close, the Sensex was up 918 points or 1.20 percent at 77,550. It gained 5.77 per cent during the week.Both indices showed strengthening momentum and improved investor confidence.Bank Nifty overperformed the broader market, closing at 55,912, up 1.99 per cent on Friday. It posted a steep weekly surge of 8.47 per cent.

On the weekly timeframe, the Bank Nifty index has formed a strong bullish candle, suggesting continued strength and potential for further upside if momentum sustains.The index is likely to find support in the 53,700–53,000 range, while resistance is placed around the 56,700–57,700 zone, market participants said.Analysts noted that Nifty's movement indicated strong buying participation and reflects a bullish undertone in the market. From a technical standpoint, the 23,500–23,150 range is likely to act as a key support zone. On the upside, resistance is expected in the 24,500–25,000 band, they said.

Meanwhile, India VIX fell by 7.72 per cent to close at 18.85, pointing to reduced volatility and a decline in market fear. However, the volatility remains high, as doubts grow over the sustainability of the US-Iran truce.Sectorally, Nifty realty, capital markets and financial services emerged as the top gainers on a weekly basis up 12.97 per cent, 11.7 per cent and 10.8 per cent, respectively.Broader indices performed in line with the benchmark indices during the week, as the Nifty Midcap100 added 7.76 per cent, while Nifty Smallcap100 gained 7.60 per cent.Investors remain keen on developments in the US–Iran negotiations, crude oil price movements and foreign fund flows.

/IANS