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Sensex Prediction for Wednesday, 8 April: Stock market benchmark indices Sensex and Nifty extended their gains for the fourth straight day on Tuesday, April 7, as a drop in crude oil prices and a rally in global markets calmed investors’ sentiment.
The rally in the market came even as investors remain cautious ahead of the outcome of the Reserve Bank of India’s (RBI) Monetary Policy Committee meeting due on Wednesday, April 8. For Wednesday, analysts said the market participants should brace for a volatile session with the RBI policy outcome and global cues likely to dictate direction.
Sensex at close on Tuesday, April 7
Sector-wise, he said gains were led by Information Technology, Metal and Realty stocks, which showed strong momentum, followed by buying interest in Capital Goods, Oil & Gas and Financial Services. “Healthcare, FMCG and Utilities also traded in positive territory, while PSU Banks and select consumer segments remained relatively subdued, indicating mixed participation across sectors,” he added.
Sensex Prediction for Wednesday, April 8 by experts
Technical analysts are of the view that while the recovery is encouraging, the stock market is navigating a complex macro-risk environment.
Sensex Prediction for Wednesday, April 8 by Vipin Dixena
SEBI-registered analyst, Vipin Dixena, stated that SENSEX shows a continued recovery with bullish momentum building and trading above a rising 50 EMA, indicating a short-term trend shift in favour of bulls.
“RSI is around 65–67, reflecting strong momentum but approaching near-term overbought zone,” he noted.
Support, resistance levels to watch
Sensex has support at 74,200 and immediate resistance at 75,000. “However, the external environment is risk-heavy due to the ongoing Iran-Israel and US conflict. This is not a clean bullish trend, it’s a volatile relief rally inside a macro-risk downtrend,” he concluded.
Sensex Prediction for Wednesday, April 8 by Hitesh Tailor
From a technical standpoint, Tailor said the index continues to exhibit a gradual strengthening with the formation of higher highs and higher lows on lower time frames, indicating continuation of the short-term recovery trend.
Key technical levels to watch on Wednesday
Key technical levels suggest that support is placed in the 74,000–74,200 zone, which is likely to act as a demand area on declines, while resistance is seen around 75,000–75,350, where upside may face supply and profit-booking pressure, Tailor stated.
For Wednesday’s market bias, the analyst said, “The near-term outlook remains cautiously positive, with the index showing signs of gradual upside; however, ongoing geopolitical concerns are likely to keep volatility elevated. While intermittent buying may support the market, any sharp upside could face resistance, and swings on either side may persist in the near term.”
Sectoral performance on Tuesday, April 6
Sectorally, BSE-Focused IT jumped 2.46 per cent, IT (2.37 per cent), realty (1.70 per cent), metal (1.55 per cent), commodities (0.83 per cent), hospitals (0.83 per cent) and FMCG (0.71 per cent).
PSU banks, consumer durables, services, BSE MidSmall Private Banks Quality Tilt and consumer discretionary were the laggards.
A total of 2,671 stocks advanced while 1,555 declined and 155 remained unchanged on the BSE.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 8,167.17 crore on Monday, according to exchange data. Domestic Institutional Investors (DIIs), however, bought stocks worth Rs 8,088.70 crore.
On Monday, the Sensex jumped 787.30 points, or 1.07 per cent, to settle at 74,106.85. The Nifty edged higher by 255.15 points, or 1.12 per cent, to end at 22,968.25.
(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.)
