NIFTY50 VALUE 20

Future market direction to hinge on actual de-escalation on the ground, Valuation concerns persist despite the recent correction in prices, Indigenous defence spending undoubtedly set to increase substantially

* Future market direction to hinge on actual de-escalation on the ground
* Valuation concerns persist despite the recent correction in prices
* Indigenous defence spending undoubtedly set to increase substantially

shorts/business/daily-voice-iran-ceasefire-lifts-sentiment-but-is-the-worst-over-for-markets-kotak-amc-s-nilesh-shah-flags-lingering-valuation-concerns-despite-recent-correction

Even after two-week Iran ceasefire, &quot;I do not believe the worst is behind us for the markets,&quot; Nilesh Shah, the Managing Director at Kotak Mahindra AMC said in an interview to Moneycontrol.

However, future market direction will hinge on actual de-escalation on the ground — sustained peace, not just a pause, he added.

He believes valuation concerns persist despite the recent correction in prices. &quot;We are likely to see a stock specific moves rather than a strong broad-based rally unless FPIs turn big buyers,&quot; he said.

He does not expect any rate cut this year. The RBI is likely to remain in a long pause mode, Nilesh Shah believes.

Do you believe the worst is now over for the markets after the two-week ceasefire raised hopes of an end to the Iran conflict?

No, I do not believe the worst is behind us for the markets. Never say Never in the market. The two-week ceasefire triggered a relief rally, which was expected. However, future market direction will hinge on actual de-escalation on the ground — sustained peace, not just a pause.

Geopolitical risks remain fluid, and any flare-up could quickly reverse the sentiment. Israel is already hitting Lebanon. Iran is not fully opening Hormuz Strait and US has rubbished Iran's 10-point proposal. Holding of Ceasefire is absolutely important without contradicting indications for markets to stabilise.

Ultimately, who do you see as the biggest winner in this conflict?

This conflict is likely to end in a stalemate. The US and Israel can legitimately claim victory, they have degraded Iran’s nuclear capability, ballistic missile infrastructure, and ensured the Strait of Hormuz remains open for global oil flows.

Iran, on the other hand, will project victory by highlighting that the regime remains intact and that it continues to extract a “toll” on shipping through the region.

In reality, no side achieved a decisive win, which is perhaps the best outcome for the global stability. However, I am not an expert on geopolitics and do remember that Don ko samajna Muskil hi nahi, namumkin hai.

Even after the significant correction, do you still see valuation concerns?

Valuation concerns persist despite the recent correction in prices. Unlike the sharp 2020 Covid crash, we have not seen a meaningful derating. Instead, we have witnessed a prolonged time correction, Nifty has been largely flat for nearly two years while corporate earnings have continued to grow albeit in single digits.

This has brought valuations to more reasonable levels, but they are not yet compelling enough for a Covid kind return. We are likely to see a stock specific moves rather than a strong broad-based rally unless FPIs turn big buyers.

With easing war tensions, do you expect conditions on the earnings and economic front to largely normalise by Q2 FY27?

We should not rush to assume normalisation by Q2 FY27. While easing war tensions are positive, supply chain disruptions are not fully resolved. The Strait of Hormuz is only partially open, and global trade rerouting costs remain elevated.

Actual events on the ground will dictate the pace of normalisation in earnings and economic activity. Need to hear management guidance for FY27 carefully.

Do you believe indigenous defence spending is set to increase going forward?

Indigenous defence spending is undoubtedly set to increase substantially. Independent defence commentator Major Gaurav Arya (retd) has highlighted potential procurement of around $500 billion over the next decade, largely focused on indigenous platforms. This will be a multi-year structural tailwind for the sector.

Companies with futuristic technology are likely to do better than traditional defense companies.

With expectations of oil prices remaining in double digits rather than returning to triple digits, do you now rule out inflation concerns and expect growth of around 6.5% for FY27?

With oil futures in backwardation and pointing towards double-digit prices rather than triple digits, I am comfortable ruling out near-term inflation spikes from energy. This should support GDP growth of around 6.5% in FY27. However, the trajectory will still depend on actual oil prices and the permanence of de-escalation.

Do you believe the possibility of a rate cut in the current year remains high, especially after easing geopolitical risks?

I do not expect any rate cut this year. The RBI is likely to remain in a long pause mode. With growth stabilising and inflation risks not fully extinguished, monetary policy will stay cautious.

Which sectors do you expect to outperform going forward?

Going forward, I like:
* BFSI — especially banks with strong deposit franchises and asset quality
* Hotels &amp;amp; Hospitals — domestic consumption and medical tourism themes
* Cement — driven by capex and infrastructure push
* Select mid-cap IT companies with strong deal wins and niche capabilities

Summary: Markets have got some breathing space, but sustainability depends on genuine peace, oil price stability, and corporate earnings delivery. Stay selective, remain invested in quality, and keep adequate cash for opportunistic buying.

Invest contra not just momentum.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

Daily Voice: Iran ceasefire lifts sentiment, but is the worst over for markets? Kotak AMC's Nilesh Shah flags lingering valuation concerns despite recent correction

Nifty 50 to remain range-bound until it decisively moves above 24,000 level, Above it, 24,500 likely to act as a crucial hurdle, Bank Nifty needs to defend 54,600 (near Thursday’s low)–54,400 support range for stability

* Nifty 50 to remain range-bound until it decisively moves above 24,000 level
* Above it, 24,500 likely to act as a crucial hurdle
* Bank Nifty needs to defend 54,600 (near Thursday’s low)–54,400 support range for stability

shorts/business/trading-plan-can-nifty-50-bank-nifty-defend-thursday-s-low-amid-ceasefire-uncertainty

The Nifty 50 is expected to remain range-bound until it decisively moves above the psychological 24,000 level and sees positive progress in the ceasefire. Above this level, 24,300-24,500 are likely to be crucial hurdles. Immediate support is placed at around 23,650–23,700 (near Thursday’s low of 23,683), followed by 23,450–23,500 (20-day EMA) as a key support zone. Meanwhile, the Bank Nifty needs to defend the 54,600 (near Thursday’s low)–54,400 support range for stability, which could raise hopes for a move toward 55,800–56,200. However, a fall below this support may open the door to 54,000–53,500 levels, experts said.

On April 9, the Nifty 50 fell 222 points (0.93 percent) to 23,775, while the Bank Nifty declined 882 points (1.58 percent) to 54,822, with moderate weakness in market breadth. About 1,596 shares saw selling pressure compared to 1,376 advancing shares on the National Stock Exchange.

Nifty Outlook and Strategy

Dhupesh Dhameja, Derivative Research Analyst at Samco Securities

Nifty failed to witness follow-through buying after the recent gap-up and faced rejection near the 24,000 zone, indicating supply at higher levels. However, the index managed to close around the 0.382 Fibonacci support at 23,770–23,750, which remains a key make-or-break level.

The RSI continues to sustain above 50, suggesting that momentum has not weakened. On the upside, 24,250–24,300, near the 0.50 retracement and 50-EMA, forms a strong resistance cluster, with Call writing around 24,000–24,200 and Put support near 23,700–23,500. India VIX near 20 indicates elevated volatility. As long as the index trades within 23,750–24,250, range-trading dominance remains the preferred strategy, with a breakout on either side likely to dictate the next directional move.

Key Resistance: 24,000, 24,200, 24,300

Key Support: 23,750, 23,600, 23,450

Strategy: Traders may consider a short straddle for the April 13 expiry by selling one lot of 23,800 CE at Rs 200 and one lot of 23,800 PE at Rs 190. This setup is designed to capitalise on potential range-bound momentum.

Stop-Loss: Hold this strategy strictly, with the maximum mark-to-market (MTM) loss capped at Rs 12,000 to ensure disciplined risk management.

Target: Hold this strategy, aiming for a maximum mark-to-market (MTM) profit target of Rs 25,000, while considering profit booking once MTM gains exceed Rs 12,000.

Jay Mehta, Technical Research at JM Financial Services

Nifty rebounded strongly from the April 2 low. On Wednesday, it witnessed a sharp rally with a massive 731-point gap-up, moving nearly 900 points in a single session—this gap remains unfilled. In the last two sessions, the index has faced stiff resistance near the psychological 24,000 level.

Considering the entire fall from the February 3 high to the April 2 low (a 15.79 percent decline), the current rebound has retraced about 38 percent of that move. On the daily timeframe, price action and indicators suggest a neutral-to-positive bias in the short term, favouring range trading—buying near the lower end of the gap support and selling near higher resistance.

Nifty is currently trading above the 20-day EMA but below the 50- and 200-day EMAs. On the weekly chart, the undertone remains bearish. For a positional shift from bearish to bullish, Nifty needs to sustain above 24,450.

Key Resistance: 24,000, 24,200, 24,450

Key Support: 23,650, 23,500, 23,150

Strategy: The outlook remains cautiously positive. For the short term, buy Nifty futures near the support zone of 23,500–23,600, with a stop-loss at 23,150, targeting 24,000, 24,200, and 24,450.

Sumeet Bagadia, Executive Director at Choice Broking

The appearance of a bearish piercing pattern on the charts points toward a continued downside bias in the short term. Technically, the 24,100–24,500 zone in the futures segment is emerging as an immediate resistance area for the Nifty 50, while support is seen developing in the 23,600–23,500 range.

The daily RSI is at 51.30, suggesting neutral momentum with a slight bearish tilt. At the same time, India VIX dropped by 3.71 percent to 20.24, indicating a modest reduction in market volatility.

In the derivatives space, significant Put writing at the 24,000 strike and strong Call writing at 23,700 imply that the index could trade within a limited range in the near term. Considering these factors, traders are advised to stay cautious over the next one to two sessions.

Key Resistance: 24,100, 24,500

Key Support: 23,600, 23,500

Strategy: Buy Nifty futures on dips until the index breaks the support levels, with a stop-loss of 23,500 on a closing basis.

Bank Nifty - Outlook and Positioning

Dhupesh Dhameja, Derivative Research Analyst at Samco Securities

Nifty Bank failed to sustain the prior rebound and slipped below the 55,000 zone, indicating fading momentum at higher levels. The index continues to face strong resistance near 55,800–56,000, which aligns with the 0.50 Fibonacci retracement and the 50-EMA, making this cluster a key supply area.

On the downside, 54,500–54,400, near the 0.382 retracement, acts as immediate support. A breach of this band could revive selling pressure and expose the index to lower levels, including gap support.

The RSI hovering around the 50 mark reflects a lack of directional conviction. The PCR (Put-Call ratio) near 0.76 and Call writing around 55,500–56,000 indicate supply on rallies, while Put support near 54,500–54,000 holds. As long as resistance holds, a sell-on-rise strategy remains preferred.

Key Resistance: 55,200, 55,600, 55,900

Key Support: 54,500, 54,200, 53,800

Strategy: Traders can look to initiate short positions in Nifty Bank April futures on a pullback towards the 55,300–55,350 zone, keeping a strict stop-loss above 55,550. On the downside, profit-booking targets are placed in the 54,800–54,700 range.

Jay Mehta, Technical Research at JM Financial Services

Bank Nifty also rebounded strongly from the April 2 low and relatively outperformed Nifty. On Wednesday, it delivered a powerful move with a massive 2,188-point gap-up, rising nearly 3,000 points in the session—this gap remains unfilled. In the last two sessions, it has faced resistance near the 55,800 level.

Considering the full fall from the February 19 high to the April 2 low (a 19 percent decline), the current rebound has retraced about 50 percent of that move. On the daily timeframe, price action and indicators suggest a neutral-to-positive bias in the short term, favouring range trading—buying near the lower end of the gap support and selling near higher resistance.

Bank Nifty is currently trading above the 20-day EMA but below the 50- and 200-day EMAs. On the weekly chart, the undertone remains bearish to neutral. For a positional shift from bearish-neutral to bullish, Bank Nifty needs to sustain above 57,800.

Key Resistance: 55,800, 56,800, 57,800

Key Support: 54,180, 53,600, 52,700

Strategy: The outlook remains cautiously positive. For the short term, buy Bank Nifty futures near the support zone of 53,600–53,800, with a stop-loss at 52,000, targeting 55,800, 56,800, and 57,800.

Sumeet Bagadia, Executive Director at Choice Broking

The banking benchmark index has formed a bearish piercing candlestick pattern on the daily chart, pointing toward a potential short-term reversal or weakening of the ongoing bullish momentum. The overall price action reflects continued softness with a cautious near-term undertone.

In summary, the price action suggests a bearish bias with limited upside potential in the short term. From a technical perspective, the 56,000–56,300 zone in the futures segment is acting as an immediate resistance area, while the 54,500–53,000 range remains a key support zone. Given these factors, traders are advised to stay cautious over the next one to two trading sessions.

Key Resistance: 56,000, 56,300

Key Support: 54,500, 53,000

Strategy: Buy Bank Nifty futures on dips until the index breaks the support levels. Keep a stop-loss at 53,000 on a closing basis.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

Trading Plan: Can Nifty 50, Bank Nifty defend Thursday’s low amid ceasefire uncertainty?

Immediate hurdle for Nifty 50 seen at 24,000, Only a convincing move above 24,000 can open door for 24,200–24,300 target, 23,500–23,450 zone can act as immediate support for Nifty 50

* Immediate hurdle for Nifty 50 seen at 24,000
* Only a convincing move above 24,000 can open door for 24,200–24,300 target
* 23,500–23,450 zone can act as immediate support for Nifty 50

shorts/business/trade-setup-for-april-10-top-15-things-to-know-before-the-opening-bell-as-fragile-us-iran-ceasefire-keeps-markets-on-edge

The Nifty 50 fell for the first time in the last six sessions, declining nearly 1 percent on April 9 due to profit booking, as a fragile two-week ceasefire between the United States and Iran remains in focus. The technical setup improved after the news, with the index sustaining above short-term moving averages. However, the market is expected to remain in a consolidative, range-bound phase until the US, Iran, and Israel fully comply with a formal agreement. The immediate hurdle for the Nifty 50 is seen at 24,000, as only a convincing move above this level can open the door for 24,200–24,300. On the downside, the 23,500–23,450 zone can act as immediate support, according to experts.



Here are 15 data points we have collated to help you spot profitable trades:

1) Key Levels For The Nifty 50 (23,775)

Resistance based on pivot points: 23,934, 24,007, and 24,124

Support based on pivot points: 23,699, 23,626, and 23,508

Special Formation: The Nifty 50 formed a bearish candle alongside the previous day's green candle, with minor upper and lower shadows on the daily charts, indicating consolidation after the recent sharp rally. The index continues to sustain above the 10- and 20-day EMAs, both of which are trending upward, though it remains below the medium- and long-term moving averages. The RSI has tilted down to 51.3 but remains well above the signal line, while the MACD maintains a bullish crossover with rising green bars in the histogram. All these indicators suggest that the underlying trend remains positive despite short-term consolidation.

2) Key Levels For The Bank Nifty (54,822)

Resistance based on pivot points: 55,376, 55,602, and 55,967

Support based on pivot points: 54,645, 54,420, and 54,054

Resistance based on Fibonacci retracement: 55,860, 57,253

Support based on Fibonacci retracement: 54,386, 53,532

Special Formation: The Nifty Bank also formed a bearish candle alongside Wednesday's green candle on the daily timeframe, signalling profit booking and consolidation after a stellar rally in the recent past. The banking index fell 1.58 percent but continues to sustain well above short-term moving averages, although it remains below the medium- and long-term moving averages. The gap between the MACD and the signal line widened further, reflected in the expansion of green bars in the histogram. The RSI remains above the reference line, though it has declined slightly. All these indicators suggest that the broader structure remains intact.



3) Nifty Call Options Data

According to the weekly options data, the maximum Call open interest was seen at the 24,500 strike (with 86.58 lakh contracts). This level can act as a key resistance level for the Nifty in the short term. It was followed by the 24,000 strike (74.94 lakh contracts) and 24,200 strike (46.6 lakh contracts).

Maximum Call writing was observed at the 23,900 strike, which saw an addition of 22.66 lakh contracts, followed by the 24,000 and 24,500 strikes, which added 22.1 lakh and 21.16 lakh contracts, respectively. The maximum Call unwinding was seen at the 23,200 strike, which shed 1.17 lakh contracts, followed by the 23,300 and 23,500 strikes, which shed 99,515 and 63,375 contracts, respectively.



4) Nifty Put Options Data

On the Put side, the 23,500 strike holds the maximum Put open interest (with 45.77 lakh contracts), which can act as a key support level for the Nifty in the short term. It was followed by the 23,200 strike (31.26 lakh contracts) and the 23,800 strike (30.64 lakh contracts).

The maximum Put writing was placed at the 23,200 strike, which saw an addition of 16.01 lakh contracts, followed by the 23,700 and 23,150 strikes, which added 12.37 lakh and 11.01 lakh contracts, respectively. The maximum Put unwinding was seen at the 24,000 strike, which shed 12.92 lakh contracts, followed by the 23,900 and 23,950 strikes, which shed 10.57 lakh and 4.28 lakh contracts, respectively.



5) Bank Nifty Call Options Data

According to the monthly options data, the maximum Call open interest was seen at the 55,000 strike, with 7.6 lakh contracts. This can act as a key resistance level for the index in the short term. It was followed by the 56,000 strike (5.98 lakh contracts) and the 54,000 strike (4.51 lakh contracts).

Maximum Call writing was observed at the 55,000 strike (with the addition of 1.28 lakh contracts), followed by the 55,500 strike (99,270 contracts) and 56,000 strike (65,580 contracts). The maximum Call unwinding was seen at the 54,300 strike, which shed 17,910 contracts, followed by the 56,300 and 53,800 strikes, which shed 7,680 and 7,020 contracts, respectively.



6) Bank Nifty Put Options Data

On the Put side, the 55,000 strike holds the maximum Put open interest (with 5.92 lakh contracts), which can act as a key level for the index. This was followed by the 54,000 strike (5.56 lakh contracts) and the 56,000 strike (2.79 lakh contracts).

The maximum Put writing was placed at the 54,800 strike (which added 40,740 contracts), followed by the 56,400 strike (37,800 contracts) and 54,700 strike (27,480 contracts). The maximum Put unwinding was seen at the 55,000 strike, which shed 31,410 contracts, followed by the 55,400 and 54,000 strikes, which shed 26,040 and 23,220 contracts, respectively.



7) Funds Flow (Rs crore)



8) Put-Call Ratio

The Nifty Put-Call ratio (PCR), which indicates the mood of the market, fell to 0.97 on April 9, compared to a 1.13 in previous session.

The increasing PCR, or being higher than 0.7 or surpassing 1, means traders are selling more Put options than Call options, which generally indicates the firming up of a bullish sentiment in the market. If the ratio falls below 0.7 or moves towards 0.5, then it indicates selling in Calls is higher than selling in Puts, reflecting a bearish mood in the market.



9) India VIX

India VIX, also known as the fear gauge, rose 3.71 percent to move back above the 20 mark at 20.43, which is still an elevated level, signalling some discomfort for bulls. It is necessary for the index to cool down and sustain below the 15 zone to bring stability to the bulls' camp.



10) Long Build-up (59 Stocks)

A long build-up was seen in 59 stocks. An increase in open interest (OI) and price indicates a build-up of long positions.



11) Long Unwinding (37 Stocks)

37 stocks saw a decline in open interest (OI) along with a fall in price, indicating long unwinding.



12) Short Build-up (82 Stocks)

82 stocks saw an increase in OI along with a fall in price, indicating a build-up of short positions.



13) Short-Covering (38 Stocks)

38 stocks saw short-covering, meaning a decrease in OI, along with a price increase.



14) High Delivery Trades

Here are the stocks that saw a high share of delivery trades. A high share of delivery reflects investing (as opposed to trading) interest in a stock.



15) Stocks Under F&amp;amp;O Ban

Securities banned under the F&amp;amp;O segment include companies where derivative contracts cross 95 percent of the market-wide position limit.

Stocks added to F&amp;amp;O ban: Nil

Stocks retained in F&amp;amp;O ban: SAIL, Sammaan Capital

Stocks removed from F&amp;amp;O ban: Nil

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

Disclaimer: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

Trade Setup for April 10: Top 15 things to know before the opening bell as fragile US-Iran ceasefire keeps markets on edge

Nifty remains above 10-day and 20-day EMAs as both trending upward, 23,500 expected to act as immediate support for the Nify, Resistance seen at 24,000, followed by the 24,200–24,300 zone

* Nifty remains above 10-day and 20-day EMAs as both trending upward
* 23,500 expected to act as immediate support for the Nify
* Resistance seen at 24,000, followed by the 24,200–24,300 zone

shorts/business/technical-view-nifty-sees-profit-booking-after-8-rally-24-000-a-crucial-hurdle-for-bulls-bank-nifty-needs-a-decisive-break-above-55-800-for-further-upside

The Nifty 50 snapped its five-day winning streak on April 9, falling nearly 1 percent due to profit booking after a sharp rally of more than 8 percent in the previous four consecutive sessions, which had created a big bullish breakaway gap in the prior session. A slight increase in India VIX as well as rising oil prices also weighed on the market. This appears to be a phase of consolidation, which was expected after the recent sharp rally, and the positive trend remains intact.

The benchmark index is still trading above the short-term moving average, the 20-day EMA (23,460), with both the 10-day and 20-day EMAs trending upward. However, it remains below the medium- and long-term moving averages (50-, 100-, and 200-day EMAs). Hence, the 23,500 level is expected to act as immediate support for the index, while resistance is placed at 24,000, followed by the 24,200–24,300 zone, according to experts.

The Nifty 50 opened lower and remained under pressure throughout the session, closing 222 points (0.93 percent) lower at 23,775. On the daily timeframe, the index formed a bearish candle alongside the green candle formed on Wednesday.

This market action signals a consolidation phase after a sharp upward move. The earlier bearish chart pattern of lower tops and bottoms appears to have been negated, and the present consolidation is expected to form a new higher bottom in the bullish pattern, said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.

The gap between the MACD and the signal line has continued to widen, which is reflected in the expansion of the green bars in the histogram. The RSI has declined slightly to 51.3 but remains above the reference line. All these indicators suggest that the underlying strength of the market is still intact despite short-term weakness.

According to Nagaraj Shetti, the near-term uptrend of the market remains intact.

&quot;Nifty is expected to find support around the 23,500 level in the next few sessions before bouncing back from higher lows. Key overhead resistance is seen around 24,000,&quot; he said.

The weekly options data suggests that the Nifty 50 is likely to trade within the 23,500–24,000 range in the short term. On the Call side, the maximum open interest is at the 24,500 strike, followed by the 24,000 and 24,200 strikes, with the highest Call writing observed at the 24,000, 23,900, and 24,500 strikes.

On the Put side, the 23,000 strike has attracted the maximum open interest, followed by the 23,500 and 23,800 strikes, with the highest Put writing seen at the 23,000, 23,200, and 23,700 strikes.

Meanwhile, India VIX rebounded above the 20 zone after the previous day's sharp fall, rising 3.71 percent to 20.43 and holding above its medium- and long-term moving averages, signalling some caution for bulls. A consistent decline toward the 14–15 zone is necessary for bulls to regain strength.

Bank Nifty

The banking index also came under selling pressure after a five-day upward move, falling sharply by 882 points (1.58 percent) to 54,822 and breaking the previous day's low intraday. This correction follows an 11.65 percent rally seen over the previous five sessions.

On the daily charts, the Bank Nifty formed a red candle with a minor lower shadow, indicating profit booking, though some buying emerged near the lows. Despite this weakness, the index continued to trade above its 20-day EMA, suggesting that the short-term structure remains intact.

The MACD maintained its positive crossover, with the histogram expanding further above the zero line. The RSI declined to 50.06 but remained above the reference line. All these indicators suggest that the broader trend is still stable.

According to Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities, the 55,300–55,400 zone will act as immediate resistance followed by the 55,800, while on the downside, the 54,400–54,300 range is expected to provide crucial support for the banking index.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

Technical View: Nifty sees profit booking after 8% rally; 24,000 a crucial hurdle for bulls, Bank Nifty needs decisive break above 55,800 for further upside

After a sharp surge in the previous session, the Indian equity markets came under pressure on April 9, dragging Nifty 50 below the 23,700 mark and snapping its five-day gaining streak, amid selling in financial stocks.

Amid weakness in Asian markets due to escalating Middle East uncertainties and rising crude oil prices, the market opened on a subdued note and extended losses through the session, with the Nifty falling to an intraday low of 23,682.80.

At close, the Sensex was down 931.25 points or 1.20 percent at 76,631.65, and the Nifty was down 222.25 points or 0.93 percent at 23,775.10.

Broader indices outperformed the main indices with Nifty Midcap index added 0.3% and Smallcap index ended on a flat note.

Also Read - World Bank raises India's FY27 GDP growth projections to 6.6%; flags Middle East risks

On the sectoral front, oil &amp;amp; gas, PSU Bank, Auto, Infra, Consumer Durables, Media, and Private Bank shed between 0.3-2%, while metal, power, pharma added 0.6-1%.

L&amp;amp;T, Interglobe Aviation, Eternal, Shriram Finance, Jio Financial are among biggest losers on the Nifty, while gainers included Dr Reddy's Labs, Hindalco, Bajaj Auto, Bharat Electronics, Max Healthcare.

Also Read - Multi-asset funds outperform but do they still fit your portfolio?

In stock-specific action, Bosch shares added 1% on plans to acquire Bosch Chassis Systems India (RBIC) from its existing shareholders, while Antony Waste Handling Cell shares jumped 13% on securing ¥750 million funding from JFE Engineering.

Embassy Developments added 5% on strong Q4 performance with pre-sales up 89% and collections rising 39%, while Info Edge (India) share price shed 2% despite growth in standalone billings and its recruitment solutions business, BHEL share price jumped 4% on signing tech collaboration agreement with Korea-based E2S Company.

RITES shares added 2.5% on bagging PMC work worth ₹118.89 crore, BEML shares gained 1% on bidding jointly with Delhi Metro Rail Corporation for projects in India and abroad.

Also Read - Goldman Sachs lowers second-quarter 2026 oil price forecasts

More than 100 stocks touched their 52-week high on the BSE, including Ather Energy, Hitachi Energy, Honasa Consumer, Anand Rathi, Vardhman Textiles, ABB India, among others. Click to View More

Also Read - SBI overtakes ICICI Bank to become India's No.2 lender by market cap in Q4

Outlook for April 10

Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities

After witnessing a massive rally on Wednesday, Nifty slipped into weakness amidst worries of recent Ceasefire between US &amp;amp; Iran and Nifty closed the day lower by 222 points. After opening on a weak note, the market slipped into further weakness in the early part of the session. It later shifted into a narrow range movement for mid to later part and closed near the lows. The huge opening upside gap of Wednesday has started to penetrate on the downside and the up gap is currently open with partially filled.

A small negative candle was formed on the daily chart on Thursday that placed beside the bull candle of Wednesday. This market action signals a consolidation movement in the market after a sharp upside. The bearish chart pattern like lower tops and bottoms seems to have negated and present consolidation/weakness is expected to form a new higher bottom of the bullish pattern.

The near term uptrend of the market remains intact. Nifty is expected to find support around the lows of 23500 in the next few sessions before bouncing back from the higher lows. Key overhead resistance to be watched around 24000.

Sudeep Shah, Head - Technical and Derivatives Research at SBI Securities

On Thursday, the benchmark index Nifty witnessed profit booking at higher levels after a sharp and swift pullback rally of more than 1800 points or 8.30% in just four trading sessions, which had pushed the index sharply higher in a very short span. Following this strong move, market participants chose to lock in gains, leading to a mild correction. As a result, Nifty ended the session at 23775, registering a loss of 0.93% for the day.

On the daily chart, the index formed a bearish candle with shadows on both sides, indicating indecision near higher levels. Technically, the index continues to trade above its 20-day EMA, providing short-term support, while the falling slope of the 50-day, 100-day and 200-day EMA has slowed significantly, suggesting moderation in the medium-term downside momentum. The daily RSI is placed near the 51 level and remains above its 9-day average, hinting at a neutral to mildly positive momentum setup despite the day’s decline.

Going ahead, the 23880–23900 zone is likely to act as a key resistance for the index. A sustained move above 23900 could extend the pullback rally towards 24050, followed by 24200 in the short term. On the downside, 23630–23600 will serve as an immediate support zone for the index.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Taking Stock: Markets retreat after 5-day rally; Nifty below 23,800 on financials drag

6 out of 9 years NIFTY50 VALUE 20 has given positive returns in April.

Type	R1	R2	R3	PP	S1	S2	S3
Classic	12,411.62	12,468.13	12,519.52	12,360.23	12,303.72	12,252.33	12,195.82
Fibonacci	12,401.45	12,426.92	12,468.13	12,360.23	12,319.02	12,293.55	12,252.33
Camarilla	12,364.99	12,374.88	12,384.77	12,360.23	12,345.21	12,335.32	12,325.43

INDEX CONTRIBUTION - NIFTY50 VALUE 20

Net Contribution

MC TechnicalsPRO

Pivot levels

Seasonality analysis

News

Moving Averages
Technical Indicators
Moving Averages Crossovers