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Nifty 50 Prediction Today, April 10, by experts: Indian equity benchmarks – Sensex and Nifty – declined sharply on Thursday, April 9, snapping their five-day gaining streak, as rising oil prices and uncertainty around the US-Iran ceasefire dented investor sentiment.
The Nifty closed 0.93 per cent lower, falling 222.25 points to settle at 23,775.10. Meanwhile, technical analysts expect the Nifty to remain volatile and range-bound in Friday’s session.
Market participants are bracing for a cautious session as the index struggles with a ‘bearish piercing pattern’ and mounting geopolitical pressures, the experts said.
Nifty 50 Prediction Today, April 10, by experts
Technical experts suggest that while the short-term momentum has cooled, the broader uptrend may not be entirely lost. The focus for Friday’s trade will be whether the index can defend the 23,500 psychological mark.
Nifty 50 Prediction Today, April 10 by Nagaraj Shetti
Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, stated that after witnessing a massive rally on Wednesday, Nifty slipped into weakness amidst worries of the recent Ceasefire between the US & Iran, and Nifty closed the day lower by 222 points.
“After opening on a weak note, the market slipped into further weakness in the early part of the session. It later shifted into a narrow range movement for the mid to later part and closed near the lows. The huge opening upside gap of Wednesday has started to penetrate on the downside, and the up gap is currently open with partially filled,” he said.
The analyst further stated that a small negative candle was formed on the daily chart on Thursday that placed beside the bull candle of Wednesday. “This market action signals a consolidation movement in the market after a sharp upside. The bearish chart pattern, like lower tops and bottoms, seems to have negated, and present consolidation/weakness is expected to form a new higher bottom of the bullish pattern,” he said.
The near term uptrend of the market remains intact. Nifty is expected to find support around the lows of 23500 in the next few sessions before bouncing back from the higher lows. Key overhead resistance to be watched around 24000, Shetti concluded.
Nifty 50 Prediction Today, April 10 by Hitesh Tailor
He further stated that the Nifty 50 opened with a 90-point gap-down, reflecting early weakness. Although it attempted a recovery, it faced resistance near 23,990.75, which triggered renewed selling.
“Another unsuccessful attempt to hold above 23,800 intensified the downward move, pushing the index to an intraday low of 23,682.80. It eventually closed at 23,775.10, down 222.25 points (0.93%). The formation of a bearish piercing pattern suggests short-term weakness, with immediate resistance seen in the 23,920–24,000 range and support placed at 23,500–23,580. The RSI stands at 51.30, indicating neutral momentum,” he added.
Nifty Bank opened lower by around 200 points at 55,505.95, indicating a weak start. It briefly rose to 55,583.10 but failed to sustain gains, facing continuous selling pressure that dragged it to a low of 54,626.85. The index closed at 54,821.70, down 882.20 points (-1.58%). A bearish piercing pattern signals near-term weakness, with resistance at 55,000–55,200, support at 54,400–54,500, and RSI at 50.46 indicating neutral momentum, Tailor concluded.
Broad markets on Thursday, April 9
Despite the weakness in benchmark indices, broader markets showed resilience. The Nifty MidCap and Nifty SmallCap indices managed to end in positive territory, gaining 0.25 per cent and 0.20 per cent, respectively.
On the sectoral front, banking stocks dragged the market lower, with the Nifty Private Bank and Nifty Bank indices underperforming their peers.
In contrast, metal stocks provided some support, with the Nifty Metal index emerging as the top sectoral gainer.
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money-related decisions.)
