Buy or sell stocks: The Indian stock market ended 1% lower on Thursday, April 9, after posting sharp intraday gains in the previous session, amid persistent geopolitical tensions and concerns over the sustainability of the two-week ceasefire drove crude oil prices higher.
The Sensex dropped more than 1,000 points, or 1.3%, to close at 76,557, while the Nifty 50 fell 257 points, or 1.07%, to 23,740.
Stock market today
Nifty 50
The NIFTY 50 opened the session with a gap-down of 88 points, indicating a weak start to the day. The index attempted to sustain above higher levels but failed to hold, forming an intraday high at 23,990.75. This rejection from the top led to a sharp correction, reflecting strong selling pressure at elevated levels.
Further, Nifty made another unsuccessful attempt to hold above the 23,800 mark, which triggered extended selling and pushed the index down to an intraday low of 23,682.80. It eventually settled at 23,775.10, registering a decline of 222.25 points (0.93%).
According to Sumeet Bagadia, Executive Director at Choice Broking, the formation of a bearish piercing pattern on the charts suggests continued downside bias in the near term.
On the Nifty 50 outlook, Bagadia added, “From a technical perspective, the 23,920–24,000 zone is acting as an immediate resistance band, while strong support is seen in the 23,500–23,580 range. The daily RSI stands at 51.30, indicating neutral momentum with a slight bearish inclination. Meanwhile, India VIX declined by 3.71% to 20.24, reflecting a marginal easing in market volatility.
In the derivatives segment, notable put writing at the 24,000 strike along with aggressive call writing at 23,700 suggests that the index may consolidate within a narrow range in the near term. Traders are therefore advised to remain cautious.”
Bank Nifty
The banking benchmark index, Nifty Bank, started the session on a weak note, opening with a gap-down of around 207 points at 55,505.95. It witnessed a brief recovery and climbed to an intraday high of 55,583.10, indicating some buying interest at lower levels. However, this upward move was short-lived, as the index failed to hold gains and came under sustained selling pressure, slipping to an intraday low of 54,626.85. It finally settled at 54,821.70, recording a decline of approximately 882.20 points (1.58%).
Bagadia further added that Nifty Bank formed a bearish piercing candlestick pattern, signaling a possible short-term reversal or a slowdown in bullish momentum. Overall, the price action suggests continued weakness with a cautious undertone in the near term.
“From a technical perspective, the 55,000–55,200 zone is acting as an immediate resistance level, while the 54,400–54,500 range serves as a key support area. The daily Relative Strength Index (RSI) is at 50.46, reflecting neutral momentum without any clear directional bias. Traders are advised to stay cautious near support levels and avoid aggressive trades unless the index convincingly breaks above the resistance zone,” he said.
Sumeet Bagadia’s stocks to buy
Amid the US-Iran war, Sumeet Bagadia recommends five shares to buy on Friday, April 10: GE Vernova T&D India, Isgec Heavy Engineering, Waaree Energies, Senores Pharmaceuticals, and Power Finance Corporation.
1] GE Vernova T&D India: Buy at ₹3911, Target ₹4200, Stop Loss ₹3750
GE Vernova T&D India share price is showing strong bullish momentum after a sustained uptrend, currently trading around the 3,900 zone. The stock has recently broken out of a consolidation range and is forming higher highs, indicating continued strength. The price action is well supported by rising volumes, reflecting strong institutional participation.
On the technical front, the stock is trading above all its key moving averages EMA, confirming a strong bullish structure. The alignment of these averages further strengthens the ongoing trend.
The 3,750 level acts as immediate support and a crucial stop-loss zone. A sustained move above key support level can trigger further upside towards 4,200. Volume confirmation will be key to validate the continuation of this breakout.
2] Isgec Heavy Engineering: Buy at ₹953, Target ₹1020, Stop Loss ₹914
Isgec Heavy Engineering share price is showing a steady recovery after a prolonged downtrend, currently trading around the 950 zone. The stock has formed a strong base near the 850 levels and has gradually moved higher, indicating sustained accumulation and improving sentiment. The formation of higher lows reflects a shift in trend structure.
From a technical perspective, the stock has now decisively crossed and closed above its 200-day EMA, which is a significant bullish development and signals a potential trend reversal. Additionally, it is trading above its 20 and 50 EMA, further strengthening the positive bias.
The 914 level acts as immediate support and a crucial stop-loss. A sustained move above the key support zone can trigger fresh momentum, opening the path towards 1,020. Continued volume support will be key to validate the breakout.
3] Waaree Energies: Buy at ₹3232, Target ₹3450, Stop Loss ₹3088
Waaree Energies share price is witnessing a steady rebound after a phase of correction, currently trading near the 3,230 levels. The stock has shown a strong recovery from lower zones and is now forming a series of higher highs and higher lows, indicating a shift back towards a bullish trend.
On the technical front, the price has moved above its short- to medium-term moving averages and is holding firmly above them, reflecting sustained buying interest. The recent price action also suggests a breakout from a consolidation range near 3200 levels , supported by gradual improvement in volumes.
The 3,088 level acts as immediate support and a key stop-loss zone. As long as the stock sustains above the key support levels mark, the momentum is likely to remain positive. A move above 3,300 can further accelerate the rally towards 3,450 in the near term.
4] Senores Pharmaceuticals: Buy at ₹805, Target ₹3450, Stop Loss ₹3088
Senores Pharmaceuticals share price is showing signs of gradual strength after a period of sideways consolidation, currently trading around the 805 zone. The stock has managed to hold its base near the 760–levels and is now attempting to move higher, indicating steady accumulation at lower levels.
Technically, the stock is stabilizing above its key short-term moving averages, suggesting improving momentum. The price action reflects a tightening range breakout setup, where a sustained move above current levels near 800 mark could lead to an expansion in volatility on the upside.
The 775 level acts as immediate support and a crucial stop-loss point. As long as the stock holds above this zone, the bias remains positive. A breakout above 820 can trigger fresh buying interest, potentially driving the stock towards 870 in the near term.
5] Power Finance Corporation: Buy at ₹428, Target ₹460, Stop Loss ₹410
Power Finance Corporation share price is gradually regaining strength after a recent corrective phase, currently trading around the 428 level. The stock has shown a strong bounce from lower levels and is now consolidating near its recent highs, indicating sustained buying interest and potential continuation of the uptrend.
From a technical standpoint, the stock is trading above its key short- to medium-term moving averages, reflecting improving momentum. The price structure suggests a breakout from a minor consolidation range, supported by steady volume activity.
The 410 level acts as immediate support and a crucial stop-loss zone. As long as the stock holds above this level, the overall bias remains positive, and could trigger fresh upside momentum, paving the way for a rally towards 460 in the near term.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
