Indian stock market benchmarks, the Sensex and the Nifty 50, closed lower on Tuesday, April 9, after hitting fresh record highs earlier in the day. The Sensex opened at 75,124.28 and reached a new peak during the session before ending the day down by 59 points at 74,683.70. Similarly, the Nifty 50 opened at 22,765.10, hit a new high, and closed 24 points lower at 22,642.75.
Market experts attribute the decline to profit-taking and weak global cues. Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd., highlighted the importance of monitoring rising crude prices and the US Fed’s stance on interest rates for future market uncertainty.
Technical analysts provided insights on the outlook for the Nifty 50 and the Bank Nifty. Rupak De, Senior Technical Analyst at LKP Securities, noted bearish divergence in the Nifty and identified support and resistance levels. Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities, highlighted the Bank Nifty’s resilience and potential for further gains.
Stock market experts also recommended buy or sell strategies for specific stocks. Sumeet Bagadia, Shiju Koothupalakkal, and Drumil Vithlani suggested stocks like Apollo Hospital, Aurobindo Pharma, EID-Parry (India), and SBI Cards for potential gains based on technical analysis.
Investors are advised to exercise caution and consult with certified experts before making investment decisions. The market remains volatile, and prudent risk management is essential for navigating the current landscape. Stay updated with the latest market news and developments by downloading The Mint News App for daily updates.
