Nifty Snaps Winning Streak, Closes at 23,775 — Geopolitical Uncertainty Back in Play
By S. JHA
Mumbai, April 9, 2026 — Indian equity markets surrendered their recent gains on Thursday as renewed geopolitical tension dampened the euphoria from Wednesday’s ceasefire-driven rally. The Nifty 50 opened 88 points lower at 23,909, briefly touched a high of 23,990, and settled at 23,775.10 — a loss of 222 points or 0.93% — snapping a five-session winning streak.
The trigger: fresh instability in the Middle East, with Israel launching significant strikes on Lebanon even as the US–Iran ceasefire remained formally in place. That was enough to push major Asian and European indices into the red, and Indian markets followed cautiously.
Broader markets, however, showed resilience. The Nifty Midcap index gained 0.3% and the Smallcap index ended 0.2% higher — a divergence that suggests selective accumulation continues at the stock level even as frontline indices retreat.
Angel One Technical View: 23,500 Support, 24,200–24,250 Resistance in Focus
According to Angel One, the Nifty50 has established a crucial positional support near the 20-DEMA around the 23,500 sub-zone, which is expected to provide stability against near-term declines. On the upside, the 24,000 mark is seen as immediate resistance, while a stronger supply zone sits around 24,200–24,250 — coinciding with the 50-DEMA — and could cap further advances in the near term.
“Nifty50 opened with a mild gap down and traded cautiously throughout the session. Persistent tentativeness and absence of any meaningful recovery kept market participants on the sidelines. Consequently, the index ended on a subdued note, declining approximately 0.90 percent to close near 23,775, indicating continued fragility and lack of directional conviction in the broader market sentiment,” Angel One noted in its daily market update.
Sector Watch: Metal Index Shines, Financials Drag
Despite weakness across the broader market, the metal index continued to outperform — standing out as a clear bright spot in an otherwise cautious session. According to Angel One, metal prices appear to be on the verge of retesting their all-time highs, and the sector’s relative strength is expected to sustain.
On the other side, heavyweight financial and banking stocks led the selling pressure — consistent with the underperformance seen in the Nifty Bank, which has lagged the benchmark in recent sessions.
IT and Pharma continued to act as defensive pockets during the day’s volatility, while PSU Banks and Consumer Durables were among the laggards.
Global Cues: Post-Ceasefire Hangover Hits Asian and European Markets
After a powerful rally on Wednesday — when global markets surged on the back of the US–Iran ceasefire and a sharp 14.88% crash in WTI crude to $96.14 — Thursday brought a reality check. Major Asian and European bourses ended in the red as fresh Middle East developments re-introduced risk aversion. US markets closed higher, offering some cushion, but the mood heading into the extended weekend remains cautious.
India VIX, while off its recent peaks, remains elevated — a signal that volatility is not yet behind us.
What to Watch Next
With 23,850 now acting as an immediate support (per StockEdge’s morning report) and 23,000 as the stronger floor, the market’s ability to hold the 20-DEMA near 23,500 will be the key test. The next meaningful trigger will be further clarity on Middle East developments, crude oil trajectory, and the direction of FII flows — which have remained net negative even through the recent recovery.
(Disclaimer: This article makes no recommendation for any kind of trades in the stock market.)
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