Nifty 50, Sensex Predictions for April 8: Market Outlook Amid US-Iran Ceasefire Developments

Indian Stock Market Set to Open Higher Amid Global Rally

The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open higher on Wednesday following the announcement of the US-Iran ceasefire deal, which has spurred a rally in global markets. The trends on Gift Nifty indicate a gap-up start for the Indian benchmark index, with the Gift Nifty trading around 23,840 level, a premium of nearly 689 points from the Nifty futures' previous close.

On Tuesday, the Indian stock market extended its rally for the fourth consecutive session and ended higher, with the benchmark Nifty 50 closing above 23,100 level. The Sensex jumped 509.73 points, or 0.69%, to close at 74,616.58, while the Nifty 50 settled 155.40 points, or 0.68%, higher at 23,123.65. The US and Iran have agreed to a two-week ceasefire deal, with the US President Donald Trump announcing to halt military attacks in exchange for Tehran reopening the Strait of Hormuz.

The Reserve Bank of India (RBI) will announce its monetary policy today. The RBI Governor Sanjay Malhotra-led Monetary Policy Committee (MPC) is expected to maintain a status quo on repo rate.

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Technical Analysis Predictions

Sensex Prediction

Sensex continues to exhibit a gradual strengthening with the formation of higher highs and higher lows on lower time frames, indicating continuation of the short-term recovery trend.

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Nifty 50 Prediction

Nifty 50 index formed a bullish candlestick pattern with a higher high and a higher low for the second session in a row, signaling continuation of the pullback from the oversold territory.

Bank Nifty Prediction

Bank Nifty index ended 107.15 points, or 0.20%, higher at 52,716.25 on Tuesday, forming a bullish candle with minor lower wick on the daily chart, indicating strong buying interest around day's low.