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Stock market today: India's equity benchmarks indices ended lower on Wednesday, 9 July, as investor sentiment turned cautious amid uncertainty over potential US tariffs and ahead of the Q1FY26 earnings season.

The Sensex snapped a three-day winning streak, falling 176 points, or 0.21%, to close at 83,536.08. The Nifty 50 declined 46 points, or 0.18%, to end at 25,476.10.

In the broader market, the BSE Midcap index edged down 0.05%, while the Smallcap index outperformed with a gain of 0.45%.

Benchmark indices ended lower on 9 July after a largely range-bound session, with late selling pressure dragging the Nifty 50 below the 25,500 mark. Investor sentiment remained cautious ahead of US President Trump’s expected announcement on trade agreements with seven additional countries.

The Nifty 50 closed at 25,476.10, down 46.40 points or 0.18%. The Sensex also lost ground, ending the day 176 points lower at 83,536.08. Broader markets outperformed, with the BSE Midcap index closing flat and the Smallcap index rising 0.5%.

Sectorally, Nifty Metal, Realty, and Oil & Gas indices led the losses, each falling around 1.4%, while Media, IT, and PSU Bank indices declined about 0.5%. On the positive side, FMCG, Auto, and Consumer Durables rose between 0.3% and 0.8%. Overall market breadth remained neutral, with the advance-decline ratio at 1:1.

The Nifty 50 continues to exhibit a structurally bullish setup, holding well above key moving averages. The index remains in a phase of short-term consolidation, with the Relative Strength Index (RSI) hovering near 61—indicating a neutral-to-positive bias without entering overbought territory. The MACD also remains in positive territory with a bullish crossover intact, albeit trending flat above the central line.

As per O’Neil’s methodology of market direction, Nifty reclaimed its recent high of 25,116, prompting an upgrade to a Confirmed Uptrend status as of June 11, 2024.

Despite intraday volatility, the broader trend remains constructive. Key support levels are seen at 25,200 and 25,000, which could cushion near-term downside. On the upside, resistance is expected around 25,600–25,700—a breakout beyond which may set the stage for a fresh leg higher.

Nifty Bank opened on a weak note and traded in a narrow range throughout the session on 9 July, ultimately closing slightly lower. Despite the decline, the index held above the previous session’s low, suggesting underlying support at lower levels.

The index opened at 57,199.75, moved between 57,290.65 and 57,037.90, and ended the day at 57,213.55—down 0.07% for the session. On the daily chart, it formed a bearish candlestick, though it continues to trade above all key moving averages, maintaining a structurally bullish setup.

Momentum indicators presented mixed signals. The Relative Strength Index (RSI) is trending gradually higher and now hovers around 60, pointing to improving momentum. However, the MACD has turned negative, with a bearish crossover that could signal near-term caution.

According to O’Neil’s methodology of market direction, Bank Nifty remains in a Confirmed Uptrend, a stance it has held for several weeks.

If bullish momentum sustains, the index could move toward 57,500–58,000 in the near term, with a possible extension to 58,500–59,000. However, failure to surpass the immediate resistance level of 57,600 may trigger volatility and keep the index range-bound between 57,000 and 56,000.

MarketSmith India is a stock research platform and advisory service focused on the Indian stock market. It offers tools and resources to help investors make informed decisions based on the CAN SLIM methodology, developed by legendary investor William J. O'Neil. You can access a 10-day free trial by registering on its website.

Trade name: William O’Neil India Pvt. Ltd.

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Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.

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