Market trends have reset as the recent rally failed to find sustained momentum. Investors remain cautious, awaiting a clear direction from TCS's upcoming earnings while persistent geopolitical conflict continues to cloud the outlook. This recurring failure to establish a stable trend, coupled with the lack of clarity on the war, suggests the current volatility will persist.
Buy above ₹1100, stop ₹1050, target ₹1225 (multiday)
Buy above ₹278, stop ₹269, target ₹297 (multiday)
Buy above ₹865, stop ₹820, target ₹965 (multiday)
Indian equity markets traded lower on April 9, 2026, reflecting cautious investor sentiment amid global uncertainties. By 2:40 pm, the Sensex had dropped 1,171.65 points, or 1.51 percent, to 76,391.25, while the Nifty declined 305.20 points, or 1.27 percent, to 23,692.15. Market breadth remained weak, with eleven of the sixteen major sectoral indices trading in negative territory. Financial stocks retreated around 1 percent after a strong rally of 5.5 percent in the previous session, contributing to the overall decline.
In the broader market, performance was mixed, as the Nifty Smallcap100 index edged up 0.3 percent while the Nifty Midcap100 index remained largely unchanged. Among key stocks, HDFC Bank slipped 1.8 percent and ICICI Bank fell 1.4 percent. On the other hand, Honasa Consumer rose about 4 percent following a robust quarterly update. Investor sentiment was also weighed down by geopolitical tensions after US President Donald Trump reiterated that American forces would stay in and around Iran until a “real agreement” is achieved.
Markets fell short of expectations once again, as Thursday's downward move disrupted the broader outlook. While a recovery is being attempted, recent losses have rattled sentiment, and escalating geopolitical tensions continue to cloud the future. However, as earnings season begins, the market may better absorb these shocks.
Intraday Nifty charts reveal a negative divergence that could trigger a pullback, potentially forcing the index lower to fill the existing gap. This significant gap is causing hesitation and stalling trends. As we approach the final trading day of the week, the inability to sustain earlier gains has caught the market off guard.
Caution is advised despite a gradual bullish revival. With earnings season underway, expect steady selling pressure at higher levels. While higher-timeframe support at 22,500 remains intact, the strategy has shifted to "buying the dips and selling on rallies." Overall sentiment remains positive, supporting a mix of momentum investing and active trading.
While primary supports are currently distant, I am closely watching the 23,600 level to see if the index can hold. The charts clearly indicate that a significant amount of consolidation is still required before the prevailing trends can truly revive.
Raja Venkatraman is co-founder, NeoTrader. His Sebi-registered research analyst registration no. is INH000016223.
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Raja Venkatraman is the co-founder of NeoTrader, where he heads the training division. He conducts both offline and live market workshops, seminars, and webinars. He has been working under the guidance of Dr C K Narayan, his mentor and founder of Growth Avenues, for more than 20 years. He is an active trader in multiple asset classes, and actively shares his views on YouTube, blogs at NeoTrader, and on reputed news channels and websites. His Sebi-registered research analyst registration no. is INH000016223.