Stock recommendations for 8 April from MarketSmith India

Stock market recap: Nifty 50 rebounded sharply on Tuesday, gaining 155.40 points (0.68%) to close at 23,123.65, marking its fourth consecutive session of gains. The index opened weak, falling more than 120 points and slipping nearly 1% amid concerns about escalating US-Iran tensions and rising crude oil prices.

However, sentiment improved later in the session following reports of a potential peace plan, triggering a strong recovery.Sectoral gains were led by IT stocks, which surged 2.5% (including Wipro and TCS), along with notable strength in the metal and realty sectors.Nifty 50 opened on a weak note at 22,838.70, tracking negative global cues and geopolitical concerns. The index initially slipped further to an intraday low of 22,719.30, reflecting early selling pressure.

However, strong buying interest emerged from lower levels, resulting in a steady recovery throughout the session. The index eventually touched an intraday high of 23,153.85 before closing near the day’s high at 23,123.65, gaining 155.40 points (+0.68%).The formation of a strong bullish candle after a gap-down opening indicates demand at lower levels and short-covering activity.

This price behavior suggests improving sentiment, though sustainability will depend on follow-through buying.The RSI is currently positioned around 43.46, recovering from oversold territory but still below the neutral 50 mark, indicating improving yet weak momentum. The MACD remains in negative territory.

However, a narrowing histogram and potential bullish crossover signal are early signs of momentum reversal.While these indicators hint at a possible short-term recovery, they have not yet confirmed a strong trend reversal. Sustained improvement in RSI above 50 and a decisive