Nifty 50, Sensex today: What to expect from Indian stock market in trade on April 9

The trends on Gift Nifty also indicate a positive start for the Indian benchmark index. The Gift Nifty was trading around the 22,845 level, a premium of over 95 points from the Nifty futures’ previous close.

On Monday, the domestic equity market ended sharply higher with the benchmark indices hitting fresh record highs.

The Sensex surged 494.28 points to end at 74,742.50, while the Nifty 50 settled 152.60 points, or 0.68%, higher at 22,666.30.

Nifty 50 formed a reasonable positive candle on the daily chart with the gap-up opening.

“Technically, this pattern indicates a positive bias for the market ahead. Though Nifty placed at the new highs, still there is no signal of any reversal pattern building up at the highs. Positive chart patterns like higher tops and bottoms are intact as per the daily chart and the present upmove is in line with the new higher top formation of the pattern. Still, there is no confirmation of any higher top reversal completing at the highs,” said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities.

Also Read: Indian stock market: 6 key things that changed for market overnight – Gift Nifty, US treasury yields to oil prices

He believes the short-term uptrend of the Nifty remains intact and the next upside levels to be watched are around 22,800 levels (1.618% Fibonacci projection).

Here’s what to expect from Nifty 50 and Bank Nifty today:

Nifty OI Data

Analysis of the Nifty Open Interest (OI) data reveals the highest OI on the call side at the 23,000 strike price, followed by the 23,200 strike price. On the put side, the highest OI was observed at the 22,500 strike price, said Mandar Bhojane, Research Analyst at Choice Broking.

Nifty 50 Prediction

The Nifty 50 index shifted into a sustainable up move on Monday and closed the day higher by 152 points.

“Nifty maintained its strength by staying above 22,500 throughout the day. Additionally, it exceeded the previous all-time high of 22,619. However, the index has reached near the upper band of the rising wedge, which might act as resistance in the short term. Over the short term, the index might consolidate within a range,” said Rupak De, Senior Technical Analyst, LKP Securities.

According to him, on the lower end, support is placed at 22,500, below which the index might fall back into consolidation.

Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — April 9

Rahul Ghose, CEO, Hedged.in believes that the market’s all-time high has come but one must exercise caution on the way up by trailing their profits. 

“An Important point to keep in mind is the current weekly close. If this closes with a bullish bias, they should go into the weekend and carry long positions, but if they see a doji or a tinge of red on the weekly candle, they should look to book profits,” Ghose said.

He noted that there was aggressive put writing throughout the day on April 8 which supported the long bias, this would get negated only below 22,300.

Bank Nifty Prediction

The Bank Nifty gained 89 points to end at 48,582 on April 8. It hit a fresh record high of 48,717 during the day.

“The Bank Nifty exhibited indecision in the market with the formation of a doji candle on the daily chart, indicating a standoff between buyers and sellers at current levels. However, the overall sentiment remains bullish, contingent upon the index maintaining support above 48,000, where substantial open interest in put options exists,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.

According to Shah, to sustain the upward trajectory, the index must decisively breach the 48,700 mark, paving the way for further gains towards the 49,500 to 50,000 range.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.

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Published: 09 Apr 2024, 07:26 AM IST