Stock Market Today, April 16 -- Thanks to encouraging global cues, the benchmark Nifty 50 index started the holiday-shortened week strongly, rising 2.19% to 23,328.55. The Bank Nifty gained 2.7% to end at 52,379.50, while most other sectors led by realty, auto, ended with gains. The broader markets also gained with both midcap and smallcap indices rising nearly 3% each.

The Nifty has decisively reclaimed levels above its 20, 50, and 100-day EMAs, and the next significant resistance level for the Nifty appears to be around 23869,. On the downside, the 22900-23000 zone is likely to provide immediate support for the index said Nandish Shah - Deputy Vice President, HDFC Securities.

The breakout level of 52,000 will now act as immediate supp...