Nifty Report: Trading tips for April 9, 2024

STOCKS TO WATCH FOR 9 APR

RECLTD

BSOFT

EXIDEIND

INDIACEM

JUBLFOOD

LICHSGFIN

NAUKRI

OBEROIRLTY

PIIIND

TATACHEM

PNB

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Indian benchmark indices are expected to continue their bullish momentum on April 9, following the positive sentiment from the previous trading session. The Nifty 50 and the Sensex surged to record highs on April 8, supported by favorable global cues and strong buying interest in key sectors such as auto, realty, and oil & gas. Despite some profit-taking in select stocks, the overall market outlook remains optimistic, driven by expectations of political stability and robust growth momentum.

Key Highlights from April 8:

• Sensex closed up by 494 points at 74742, while Nifty ended up by 152 points at 22666.
• Nifty Bank index also reached a record high, crossing the 48700-mark for the first time, driven by renewed investor optimism ahead of the Lok Sabha Elections in 2024.
• Top Nifty gainers included Mahindra & Mahindra, Eicher Motors, Maruti Suzuki, and Reliance Industries, while losers were Wipro, LTIMindtree, Adani Ports, Nestle India, and Apollo Hospitals.
• Majority of sectors contributed to the bullish momentum, with auto, energy, and realty among the top gainers.
• Market sentiment remained buoyant, supported by robust global cues and strong domestic fund flows.

Expectations for April 9:

• The Nifty is likely to maintain its upward trajectory, supported by positive momentum and favorable technical indicators.
• Banking stocks may continue to drive the market higher, with the Nifty Bank index poised for further upside.
• Sectoral performance is expected to remain mixed, with sectors like auto, realty, and oil & gas likely to outperform while IT and PSU banks may witness subdued movements.
• Investors should remain cautious of potential profit-taking in select heavyweights and utilize any dips as buying opportunities.
• The overall market sentiment remains bullish, fueled by expectations of political stability and strong growth momentum.

Technical Analysis:

• Nifty has closed above the previous swing high, indicating a bullish outlook. Immediate resistance is at 22800, with further upside potential towards 23,000. Support levels are at 22400-22300.
• Bank Nifty recorded a fresh all-time high and is expected to see further upside towards 49,000-49,300. Crucial support is at 48300-48000.
• Global Factors to Watch:

• Investors are awaiting the release of US CPI data, ECB policy, and UK GDP data, which could impact global market sentiment.
• Positive global cues may continue to support Indian equities, while any unexpected developments could lead to short-term volatility.

Conclusion: The Indian stock market is poised to continue its bullish momentum on April 9, with the Nifty and Sensex expected to extend their gains. Banking stocks, along with sectors like auto, realty, and oil & gas, are likely to drive the market higher. Investors should remain vigilant of profit-taking and utilize any dips as buying opportunities, while keeping an eye on global developments for potential market impacts.