Sensex Prediction for Thursday, July 9 by experts: The Indian equity benchmark BSE Sensex is staring at a cautious, bear-dominated session on Thursday, July 9, after a massive 1,677-point, or around 2 per cent, decline that wiped out crucial short-term support levels.
The sell-off came after comments by US President Donald Trump at the NATO summit sparked fresh geopolitical concerns, triggering a wave of risk aversion across global markets in the final hour of trading.
Sensex at close on Wednesday, July 8
A total of 3,211 stocks declined, while 1,070 advanced and 173 remained unchanged on the BSE.
The sharp decline was largely influenced by weak global markets. Asian equities remained under heavy pressure, with the Nikkei 225 falling 1.47% and the KOSPI plunging 5.65%, while the Hang Seng outperformed the region, gaining 2.65%. European markets also traded lower, and weakness in the US markets further dampened investor sentiment, resulting in widespread selling across domestic equities, he added.
Sensex losers today, July 8
Sensex Prediction for Thursday, July 9 by experts
Market participants are now bracing for an action-packed Thursday session to see if the index can find a floor or if the technical breakdown will trigger another wave of panic selling.
According to SEBI-registered analyst Vipin Dixena, the benchmark has entered a short-term bearish phase after slipping below a key technical indicator. “Sensex is showing a sharp bearish breakdown, with the next key support now around 76,300–76,100; if that fails, downside can extend toward 75,500 and lower,” he said.
Dixena further stated the index is trading below its 50-EMA, RSI is deep in the oversold zone near 20, and the latest candle shows heavy selling pressure, so the immediate bias remains weak, though a relief bounce is possible if 76,300 holds and breadth improves.
“Resistance is now around 77,000 and then 77,600, and only a move back above 77,000 would suggest the panic selling is easing,” the analyst added.
Sensex Prediction for Thursday, July 9 by Hitesh Tailor
According to Hitesh Tailor of Choice Broking, Wednesday’s sharp correction has weakened the short-term technical setup even though the broader market structure remains intact.
“From a technical perspective, the short-term outlook has turned cautious after today’s sharp decline. The index has slipped below its key short-term moving averages, indicating a loss of bullish momentum and a rise in selling pressure,” he said.
Immediate support is placed around the 76,000–75,800 zone, and a decisive break below this region could extend the correction towards 75,000. On the upside, immediate resistance is seen around 77,800–78,000. A sustained move above these levels would be required to restore positive momentum, Tailor added.
Overall, the analyst said today’s decline appears to be driven by a combination of weak global sentiment, broad-based profit booking, and heavy selling in banking and financial stocks rather than any significant deterioration in the broader market structure.
“While the medium-term trend remains constructive above major support levels, the short-term bias has shifted in favour of the bears. Traders should remain cautious and closely monitor global market developments, as continued weakness in international equities could keep volatility elevated in the coming sessions,” Tailor concluded.
Broader markets, sectoral indices on Wednesday
The BSE MidCap Select index tanked 2.14 per cent, and the SmallCap Select index dropped 1.61 per cent.
All sectors ended lower. Services fell sharply by 3.21 per cent, PSU Bank (2.76 per cent), MidSmall Private Banks Quality Tilt (2.74 per cent), FMCG (2.54 per cent), Financial Services (2.49 per cent), Bankex (2.46 per cent) and Top 10 Banks (2.34 per cent).
“Sectorally, the biggest losers were Services, PSU Banks, FMCG, Financial Services, BANKEX, Private Banks, and Auto. The sharp decline in banking and financial stocks emerged as the primary drag on the benchmark, while heavy selling in FMCG and Auto stocks further intensified the weakness, reflecting a broad risk-off sentiment across the market,” Tailor said.
The sell-off intensified after Trump, speaking at the NATO summit in Ankara, said, “We attacked very powerfully last night against Iran. Iran shot rockets at ships, that’s why US hit back.” He also remarked, “Iran doesn’t know what it’s doing, they are incompetent,” and added, “We wasted a lot of time with Iran,” fuelling fears of a renewed escalation in West Asia.
Trump also made a series of remarks on trade and defence, saying, “Not happy with NATO regarding Greenland,” while criticising Spain by stating, “Spain is a wasted cause, don’t want to do trade,” and adding that he wanted to “cut off all trade with Spain.” He further said, “Greenland is a big problem,” and claimed, “We pay far too much into NATO.”
(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.)
