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

The Gift Nifty trend also points to a strong start for the Indian benchmark index. Gift Nifty is trading near the 22,845 level, more than 95 points premium to the previous closing price of Nifty futures.

Domestic stock markets ended sharply higher on Monday, with benchmark indexes hitting new record highs.

Sensex surged 494.28 points to end at 74,742.50, while Nifty 50 gained 152.60 points or 0.68% to close at 22,666.30.

Nifty 50 has formed a reasonable positive candlestick on the daily chart with the onset of gap up.

“Technically, this pattern indicates a positive bias in the market going forward. Although the Nifty is in the new high zone, there are still no signs of a reversal pattern forming in the high zone. No. According to the daily chart, the positive chart pattern like a higher ceiling and trough remains intact and the current rally coincides with the formation of a new higher ceiling in the pattern. There is no certainty that the reversal will be completed,” said Nagaraj Shetty, senior technical research analyst at HDFC Securities.

Also read: Indian stock market: 6 important things that changed the market overnight – Relationship between Gift Nifty, US Treasury yields and oil prices

He believes Nifty’s short-term uptrend remains intact and the next level of upside to watch is around the 22,800 level (1.618% Fibonacci prediction).

Here’s what you can expect from Nifty 50 and Bank Nifty today.

Nifty OI data

Analyzing the Nifty Open Interest (OI) data, we find that the highest OI on the call side was at a strike price of 23,000, followed by a strike price of 23,200. On the put side, the highest OI was observed at the 22,500 strike price, said Mandar Borjane, research analyst at Choice Broking.

Nifty 50 prediction

The Nifty 50 index turned sustained gains on Monday, closing 152 points higher.

“The Nifty remained strong throughout the day above 22,500. It also surpassed its previous all-time high of 22,619. However, the index has reached near the upper band of the rising wedge and is in short-term may become a resistance level. In the short term, the index may stabilize within a range,” said Rupak De, senior technical analyst at LKP Securities.

He said the lower support level is at 22,500, below which the index could consolidate again.

Also read: Buy or sell: Vaishali Parekh recommends 3 stocks to buy today – April 9th

Hedged.in CEO Rahul Ghose believes that although the market has reached an all-time high, there is a need to be cautious while chasing profits.

“The key thing to keep in mind is the current week’s closing price. If this closes with a bullish bias, you should hold a long position heading into the weekend, but you may notice some dodgy or redness on the weekly candlesticks. If so, they should look at profit-taking,” Ghose said.

He noted that there was aggressive put writing throughout the day on April 8th, supporting a long bias that would only be canceled below 22,300.

bank nifty prediction

Bank Nifty rose 89 points to close at 48,582 points on April 8th. During the day, it hit a new all-time high of 48,717 points.

“Bank Nifty showed indecision in the market by forming a doge candle on the daily chart, indicating a conflict between buyers and sellers at current levels. However, there was significant open interest in put options. The overall sentiment remains bullish provided that the existing index maintains support above 48,000,” said Kunal Shah, Senior Technical & Derivatives Analyst, LKP Securities.

To maintain its upward trajectory, the index needs to decisively break through the 48,700 mark, paving the way for further gains towards the 49,500-50,000 range, Shah said.

Disclaimer: The views and recommendations above are those of individual analysts or brokerages and not of Mint. We recommend checking with a certified professional before making any investment decisions.

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Published: April 9, 2024, 7:26 AM IST