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Stock recommendations for 10 April from MarketSmith India
Stock market recap: Indian benchmark indices fell sharply on Thursday, 9 April, as hopes of a lasting US-Iran ceasefire began fading, weighing on investor sentiment.Sensex ended 931 points or 1.2% lower at 76,631.65, while the Nifty 50 lost 222.25 points or 0.93% lower at 23,775. Intraday trade, the Sensex touched a low of 76,348, and the Nifty 50 slipped 314.5 points, or 1.3%, to 23,683.Buy: Lumax Auto Technologies Ltd (current price: ₹1,725)Buy: Multi Commodity Exchange of India Ltd (current price: ₹2,657)Nifty 50 performance on 9 AprilOn Thursday, the Nifty 50 opened lower at 23,909.05 and initially attempted a rebound, touching an intraday high of 23,990.75.
However, the index failed to hold gains and faced selling pressure, slipping to an intraday low of 23,682.80. It eventually closed near the day’s low at 23,775.10, down 222.25 points (-0.93%), signalling profit booking at elevated levels.
The index remains below key moving averages, reflecting a weak broader trend. While intermittent pullbacks were seen from lower levels, overall momentum remains constrained amid persistent resistance and a lack of strong institutional buying.From a momentum standpoint, the RSI has improved to around 51.30, showing a mild recovery from oversold conditions and early signs of stabilization.
However, it remains below bullish territory, indicating limited upside conviction. The MACD, still in negative territory, is flattening, with a potential positive crossover forming, suggesting a slowdown in bearish momentum.
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21.05 / 09:47
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