Stock Market Today: On Tuesday, April 9, the Indian stock market saw a mixed session. The Sensex and Nifty 50 opened the day higher, setting new records, but they ended the day lower due to weak global cues. This volatility was indicative of the general mood of the market, which was impacted by both local and foreign variables.
India’s benchmark index, the Sensex, started the day at 75,124.28, breaking through its previous close of 74,742.50 and setting a new session high of 75,124.28. It did, however, later retreat from these peaks and close at 74,683.70, down 59 points, or 0.08 percent. In a similar vein, the Nifty 50 began trading at 22,765.10, starting at 22,666.30, and reached a new high of 22,768.40 before closing the day 24 points, or 0.10 percent, lower at 22,642.75.
On the auspicious occasion of Gudi Padwa, the markets initially celebrated new lifetime highs, but later faced selling pressure that resulted in a flat closure with a negative bias due to profit-taking, according to Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd. Although the fundamentals are still solid, investors are regularly booking profits due to stretched valuations, according to Tapse. He also emphasized issues that could lead to future market turbulence, such as the US Federal Reserve’s unwillingness to lower rates in the face of persistent inflation and the escalating cost of crude oil.
Technical analysts gave their views on the day’s market outlook. Using the RSI (14) to show bearish divergence and a possible shift in price momentum to the downside, Rupak De, Senior Technical Analyst at LKP Securities, noted bearish signals on the hourly chart for the Nifty 50. De stated that there is an immediate support level at 22,600, and that the index could move towards 22,400 if there is a significant decline below this level. On the other hand, resistance was observed at the higher end of 22,770.
The Bank Nifty’s ability to withstand higher levels was highlighted by Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities. The Bank Nifty broke through the 49,000 barrier intraday and found support at 48,000. Viewing downturns as buying opportunities within a bullish context, he pointed out that sustained closure above 49,000 could push the index towards 50,000.
Moving on to expert stock recommendations, Choice Broking Executive Director Sumeet Bagadia offered analysis of two stocks:
Apollo Hospital (APOLLOHOSP): Bagadia suggested purchasing APOLLOHOSP at ₹6505, with ₹6930 as the target and ₹6280 as the stop loss. He referenced technical signs like an upward trending RSI, a cup and handle pattern on the daily chart, and strong bullish momentum above significant EMAs.
Bagadia recommended purchasing Aurobindo Pharma (AUROPHARMA) at ₹1131.95, with ₹1200 as the target and ₹1095 as the stop loss. He emphasized the stock’s tenacity, bounce off support levels, and bullish sentiment bolstered by RSI and moving averages.
Prabhudas Lilladher’s Shiju Koothupalakkal, a technical research analyst, suggested:
EID-Parry (India): Koothupalakkal suggested purchasing the stock at ₹608.80 with ₹640 as the target and ₹595 as the stop loss. He took note of the bullish candle formation and the stock’s positive momentum following consolidation.
Mishra Dhatu Nigam: Citing the stock’s strong chart patterns and recovery, Koothupalakkal also suggested buying Mishra Dhatu Nigam at ₹418 with a target of ₹435 and a stop loss at ₹409.
Two stocks were recommended by Bonanza Portfolio’s technical analyst, Drumil Vithlani:
SBI Cards: Vithlani suggested purchasing SBI Cards between ₹751 and 752, with a stop loss at ₹736 and a target price of ₹780. He mentioned a bullish candlestick that suggests an upward trend and a breakout pattern.
Petronet LNG: Noting a breakout from a cup and handle pattern, Vithlani recommended purchasing Petronet LNG at ₹288–289 with a target of ₹300 and a stop loss at ₹284.
Finally, in the face of global economic uncertainty, the movement of the Indian stock market on April 9 was a combination of record highs, profit-taking, and cautious optimism. Investors were given opportunities and risk management strategies by the expert recommendations, which highlighted particular stocks exhibiting resilience or breakout potential. The Indian stock market is characterised by dynamic dynamics, so it is imperative to continue to monitor key indicators and modify investment strategies as necessary.
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