However, the market remained unstable with a negative tone as investors remained cautious. There was a fear of increasing global trade tension after the tariff imposed by the US, including 104% on Chinese imports by the US, the major trigger for the decline.
Also read: The decision of MPC was the first scene of a full new tariff-powered drama
Best Stock recommendations today: two pics by Marketsmith India
Buy: Colgate-Palmolive (India) Limited (Current Price: 2,508)
- Why is it recommended: Oral care, strong market leadership in sustainable development strategy
- Major Matrix: P/E: 45.40, 52-week high: 3,890, volume: 5.89 lakhs
- technical analysis: Receive its 100-DMA above the average volume
- risk: Commodity price volatility, supply chain disruption, regulator compliance
- Buy on: 2,508
- target price: 2,890 in three months
- Lack closed: 2,310
Buy: United Spirits (Current Price: 1,451)
- Why is it recommended: The tendency of premiumment, young, urban demographic, and rising disposable income supports long -term demand.
- Major Matrix: P/E: 70.33, 52-week high: 1,700, volume: 8.87 crores.
- technical analysis: 200-DMA Ritch
- risk: Input cost, competition and instability in taxation
- Buy on: 1,451
- target price: 1,650 in three months
- Lack closed: 1,370
How Nifty 50 performed on 9 April
On Wednesday, the Nifty 50 declined by 0.61%, which closed at 22,399.15 points. The market had a gap-down opening at 22,447 and traded within 22,270-22,700. As a result, a recession candle was formed on the daily chart. Except for FMCG and consumers, all regional indices were terminated in the negative area. The width of the market was weak, with an advance-disbursement ratio at 2: 3, indicates the weakness of the wider market.
Also read Mint explain: How to cut the latest RBI’s latest Rate, Trop Impact Borrowers, Changes in depositors
Technically, the index is trading below all its major moving averages on the daily chart. On the weekly chart, it is trading above the 100-week moving average (WMA). The RSI and MACD indicates the trend downwards on the daily and weekly charts, indicating the ongoing weakness. The daily RSI is at 40, and the MACD lives below the central line with a negative crossover.
After the functioning of the market direction O’Neill, Marketsmith India has reduced the market status to ‘Dowstrend’.
The index took support around the 100-week moving average and received on Tuesday. The index is now trading in a range-bound zone with a negative bias. Moving forward, 100-WMA will serve as a significant support, while immediate opposition is placed around 22,500, followed by 22,700–22,800.
How did the Nifty Bank perform?
The RBI’s decision to cut repo rate by 25 BPS is expected to reduce borrowing rates, potentially by supporting loan demand and debt hike, which can positively affect the banking sector in the moderate period.
Despite this adjustment trend, the Nifty bank remained under pressure and lost about 0.54% on Wednesday. On the daily chart, the index formed a recession candle with low-high and lower-less-less patterns, signaling weakness. It also broke its 100-day moving average (DMA) reflecting vigilant investor spirit. The index opened at 50,487.10, touched the Intrade high of 50,496.90, and closed at 50,240.15.
The relative power index (RSI) has shown a slightly upward movement, which currently stands at 50.28. However, the moving average convergence deviation (MACD) performed a negative crossover during today’s trading session, indicating an increase in sales pressure.
Also read RBI Policy: Domestic development takes priority amid global uncertainties
In alignment with the functioning of O’Nell to evaluate the direction of the market, the current position of the Nifty Bank is “uptrend” under pressure. This innings indicates an increase in distribution signals and increased instability, indicating caution as the index displays signs of weak speed.
This major sectoral index has violated its 200-DMA and is now hovering around its 100-DMA. It should be crossed above 51,000 to turn on the boom in the coming days. On the negative side, strong support is kept around 49,000.
Marketsmith India is a stock research platform and advisory service focused on the Indian stock market. It offers investors to the appliances and resources to help investors to make informed decisions based on Can Slim Methodology, which is a legendary investor William J. Is established by Onil.
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Disclaimer: The views and recommendations given in this article are of individual analysts. They do not represent the ideas of mint. We recommend investors to investigate with certified experts before taking any investment decisions.
