Indian equity markets snapped a five-day gaining streak on April 9, witnessing profit booking after the sharp rally in the previous session. The recent 1,800-point up move from the lows highlights a strong recovery led by bulls, with some near-term consolidation now visible. At close, the Sensex declined 931 points (-1.20%) to settle at 76,631, while the Nifty fell 222 points (-0.93%) to close at 23,775.
On the sectoral front, oil & gas, PSU banks, auto, infra, consumer durables, media, and private banks witnessed selling pressure, declining in the range of 0.3–2%. In contrast, metals, power, and pharma stocks outperformed, gaining 0.6–1%.
Broader markets remained relatively resilient, with the Nifty Midcap index advancing 0.3%, while the Small cap index ended largely flat. Focus now shifts to the IT sector, with TCS announced its quarterly results today post market hours, which has set the tone for the upcoming earnings season.
Nifty Outlook
The index formed a bearish candle with a lower high and a lower low signaling profit booking after a sharp up move of 1800 points in the last 4 sessions. Nifty is likely to consolidate in the range of 24,000-23,100 in the coming sessions amid stock specific action as the Q4FY26 earnings season gets underway. On the higher side only a move above 24,000 levels will open further upside towards 24,300 and 24,700 levels over the coming weeks.
Nifty has immediate support at 23,450-23,100 levels being the confluence of the Wednesday gap area and 20 days EMA. Index sustaining above the same will keep the current pullback trend intact. Volatility is expected to remain elevated in the near term, driven by uncertain global cues, firm crude oil prices, and ongoing geopolitical developments. On the downside, short-term support is placed at 22,700–22,500 zone, which aligns with the current week’s low and the 61.8% retracement of the recent four-session pullback.
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Bank Nifty Outlook
Bank Nifty formed a bearish candlestick pattern with a lower high and a lower low signaling profit booking after a sharp up move of 5700 points in the last 4 sessions. Index is likely to consolidate in the range of 55,700-52,500 in the coming sessions amid stock specific action. Volatility is expected to remain elevated in the near term, driven by uncertain global cues, firm crude oil prices, and ongoing geopolitical developments.
On the higher side a move above 55,700 levels will open further upside towards 56,300 and 57,000 levels in the coming weeks. Bank Nifty has immediate support at 52,500-53,500 levels being the confluence of the Wednesday gap area and 20 days EMA. Index sustaining above the same will keep the current pullback trend intact. Short-term support is revised higher towards 51,000-51,500 zone being the current week low and 80% retracement of the last four sessions pullback.
