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The market rebounded sharply in the second half of the session after a day of steep fall to close with 1.4 percent gains on April 13, driven by banking & financials, auto and metals stocks. The correction in IT stocks, however, limited the upside.

Nifty50 on Monday opened with a gap down on weak global cues and witnessed a sharp selloff amid concerns over rising Covid cases in India. The index broke its immediate support level and the 50 DEMA and then drifted towards the 14,250 level. The market witnessed sustained selling pressure for most part of the session and bearishness was swept across the sector.

Nifty saw a gap-down opening on Monday and witnessed deep sell-off in the intraday trade. The headline index formed a 'Long Black Day' candle on the daily chart.

A sharp surge in Covid cases and fears of lockdown in parts of the country, Maharashtra in particular, dealt a serious blow to the sentiment as headline equity index Nifty ended the day with a deep cup.

On the weekly chart, Nifty formed a 'Long Legged Doji' on Friday as the headline index closed near its opening level. Manish Hathiramani, technical analyst at Deen Dayal Investments, said it is crucial for this level to be taken out this week as that would signal an up move to 15,300-15,400. "If the support of 14,400 is broken, we will revisit the previous lows of 14,200 and can drift further to 13,900," he said.

In a current bull market, we are witnessing shallow corrections from time to time rather than swift and deep corrections, Rahul Sharma - Head, Technical and Derivatives Research, JM Financial Services said in an interview with Moneycontrol’s Kshitij Anand.

The market finally settled the week with moderate losses as RBI's dovish monetary policy lifted sentiment and curtailed initial losses in the later part of the week ended April 9. But the fast-rising coronavirus infections weighed on the sentiment and kept the lid on the market recovery.

Nifty opened positive on Tuesday, but failed to sustain at higher levels and remained consolidated in a wider trading range for most part of the session. It witnessed swings within a range and settled the day with a gain of around 45 points.

After a rangebound session, Nifty50 managed to eke out gains and formed an Inside Bar pattern. It is a two-day price pattern that occurs when the second day’s movement has a range that is completely inside the first day’s price range.

After a volatile first half, Nifty remained rangebound in the afternoon session to settle with moderate gains on April 6. The rebound indicated that the market may be optimistic despite the resurgence of COVID cases. The positive global cues also provided support.

After moving between gains and losses for most of the day, domestic benchmark indices managed to close the day’s trade in the positive territory. S&P BSE Sensex ended 42 points higher at 49,201 while the 50-stock NSE Nifty ended at 14,683. Asian Paints was the top-performing Sensex constituent, followed by Sun Pharmaceuticals, HUL, and Dr Reddy’s. Among the laggards were top banking stocks such as ICICI Bank, Axis Bank, and SBI. Bank Nifty closed in the red yet again while broader markers outperformed even the benchmarks. India VIX, the volatility index slipped 1.76% to settle at 20.84.

Nifty saw a massive selloff on Monday on the backdrop of rising Covid cases and stricter curbs imposed in Maharashtra, catalysing the fear of a dip in economic activities. The headline index bucked the global trend and formed a bearish candle with a long lower shadow on the daily chart.

Nifty50 is trading 12 percent higher than the 10-year average on one-year forward PE, so we do not expect a similar performance in FY22, Vikas Jain, Senior Research Analyst, Reliance Securities said in an interview with Moneycontrol’s Kshitij Anand.

The Nifty 50 index staged a rebound on Friday after a hiccup in the previous session and formed a bullish candle on the daily chart with a long lower shadow.

The market rebounded sharply after a day of steep correction and gained a percent on April 1, backed by positive global cues following Joe Biden's spending plan and buying in banking and metals stocks.