Nifty 50, Sensex Price Outlook on 9 April: A Preview of India's Stock Market Trades

Indian Stock Market Expected to Open Lower on Thursday

The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open lower on Thursday, following mixed cues from global markets. The optimism over the US-Iran ceasefire deal has faded, and investors are remaining cautious due to the potential for further escalation of the conflict.

The trends on Gift Nifty indicate a negative start for the Indian benchmark index, trading around 23,973, a discount of nearly 84 points from the Nifty futures' previous close. On Wednesday, the Indian stock market ended sharply higher led by the US-Iran ceasefire deal announcement, with the benchmark Nifty 50 closing near 24,000 level.

Market Performance on Wednesday

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Technical analysts are predicting a strong breakout for Sensex with sharp upward momentum, indicating a clear shift in near-term trend in favor of bulls. Key technical levels suggest that support for Sensex is placed in the 76,800 – 77,000 zone, while resistance is seen around 78,000 – 78,300.

Sensex Prediction

Hitesh Tailor, Technical Research Analyst at Choice Equity Broking, notes that the near-term outlook remains positive, supported by strong momentum. However, after such a sharp rally, some consolidation or volatility may emerge, especially considering ongoing geopolitical developments.

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Nifty 50 Prediction

Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, observes that the Nifty 50 index formed a bullish Marubozu-like candlestick pattern on the daily timeframe, indicating strong buying conviction throughout the session. The formation of the huge unfilled opening upside gap of Wednesday indicates a formation of Bullish Breakaway Gap, reflecting a formation of important bottom reversal for the market at the recent swing low of 22,182 levels.

Bank Nifty Prediction

Bank Nifty index jumped 2,987.65 points, or 5.67%, to close at 55,703.90 on Wednesday, forming a strong bullish candlestick pattern with a higher high and a higher low. Going ahead, the immediate resistance for Bank Nifty is placed in the 56,200 – 56,300 zone.