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Nifty Technical Analysis by Nagaraj Shetti

by Mr. Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities
🕗 Last Updated:  8 April 2026, 9.00 PM

Technical Analysis of the Market by Nagaraj Shetti

Analysis for 9 April 2026

Nifty witnessed sharp reversal on the upside on the backdrop of ceasefire announcement from middle east conflict (US-Isreal & Iran) and Nifty closed the day higher by huge margin of 873 points. After opening with a sharp upside gap of 705 points, the market remained within a narrow range for the entire session. The opening upside gap remains unfilled and Nifty finally closed at the highs.

 The formation of the huge unfilled opening upside gap of Wednesday indicates a formation of Bullish Breakaway Gap, which reflects a formation of important bottom reversal for the market at the recent swing low of 22182 levels-2nd April.

 The overall chart pattern is positive and if this gap remains unfilled for the next 3-4 sessions, then that could suggest broad based rally for the markets ahead. The next upside levels to be watched around 24500. Immediate support is placed at 23800 levels.

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Stock recommendations by Nagaraj Shetti

Who is Nagaraj Shetti?

Stock Recommendations by Nagaraj Shetti (HDFC Securities)
Senior Technical Analyst Nagaraj Shetti has identified a select group of stocks showing strong chart setups and momentum for short-term traders.
According to him, the near-term market structure remains supportive for selective long positions, especially in scrips showing breakouts above key resistance levels and higher-high formations on the daily chart.
Shetti recommends traders focus on stocks with rising volumes and bullish crossover patterns on the short- and medium-term moving averages.
He advises maintaining strict stop-loss levels and booking partial profits near resistance bands.
These recommendations are part of his latest weekly outlook published in Chanakya Ni Pothi, providing guidance on potential outperformers for the coming sessions.