The Nifty might have closed flat on Friday but registered gains of 2.15 percent for the week ended April 6th. The index rallied from 10,113.70 from 28 March recorded last week to 10,331 on 6th April which translates into an upside of 217 points or 2.15 percent.

The index closed above its psychological support level of 10,300 and most of its crucial short and long term moving averages such as 200-days exponential moving average (DEMA), 200-DMA, 13-DEMA, and 50-DEMA which is a positive sign for the bulls.

The S&P BSE Sensex on the other hand closed with gains of 30 points or 0.09 percent at 33,626 on Friday while the Nifty50 closed 6.45 points higher at 10,331\.

Sectorally, healthcare, PSU, oil & gas, banks and realty stocks led the gain while telecom, capital goods, metals and IT stocks saw some decline.

The S&P BSE Smallcap index closed 0.6 percent higher while the S&P BSE Midcap index ended 0.65 percent up, outperforming benchmark indices by a wide margin.

The market breadth remains in favour of advances as advance-decline ratio stood at 3:2\. HDFC Bank and ICICI Bank helped Nifty close in the green while Infosys and L&T drag.

Almost 80 percent of the Nifty Bank gains are contributed by HDFC Bank and ICICI Bank. All sectoral indices post healthy gains for the week.

"Markets opened the day higher on the back of better than expected global cues. Both FIIs and DIIs are buying at current juncture and the interim correction seems to have ended,” Nikhil Kamath, Co-Founder, Zerodha.

“Sectorally, banking and pharma rallied in trade on Friday with Lupin and Aurobindo Pharma notching up gains of over three percent for the session,” he said.

Kamath further added that markets though still overvalued seem to be giving an entry opportunity to build long-term portfolios, we would advocate adding long positions at this juncture.