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Below the Quote on Post market comment for Thu Apr 09 by Hitesh Tailor, Research Analyst, Choice Broking

Indian equity markets ended lower on April 9, 2026, primarily due to sustained selling pressure and weak investor sentiment. The BSE Sensex dropped 931.25 points (1.20%) to close at 76,631.65, while the Nifty 50 declined 222.25 points (0.93%) to settle at 23,775.10. In contrast, the Nifty Bank index declined 882.20 points (-1.58%) to end at 54,821.70, indicating negative strength in the banking sector.

The Nifty 50 opened with a 90-point gap-down, reflecting early weakness. Although it attempted a recovery, it faced resistance near 23,990.75, which triggered renewed selling. Another unsuccessful attempt to hold above 23,800 intensified the downward move, pushing the index to an intraday low of 23,682.80. It eventually closed at 23,775.10, down 222.25 points (0.93%). The formation of a bearish piercing pattern suggests short-term weakness, with immediate resistance seen in the 23,920–24,000 range and support placed at 23,500–23,580. The RSI stands at 51.30, indicating neutral momentum.

Nifty Bank opened lower by around 200 points at 55,505.95, indicating a weak start. It briefly rose to 55,583.10 but failed to sustain gains, facing continuous selling pressure that dragged it to a low of 54,626.85. The index closed at 54,821.70, down 882.20 points (-1.58%). A bearish piercing pattern signals near-term weakness, with resistance at 55,000–55,200, support at 54,400–54,500, and RSI at 50.46 indicating neutral momentum.

Meanwhile, India VIX declined by 3.71% to 20.43, indicating a slight reduction in market volatility. In the derivatives segment, significant put writing at the 24,000 strike along with aggressive call writing at the 23,700 level suggests a likely range-bound movement in the near term. Traders are therefore advised to maintain a cautious approach.

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