The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open lower on Friday, tracking global market cues.
The trends on Gift Nifty also indicate a gap-down start for the Indian benchmark index. The Gift Nifty was trading around 23,201 level, a discount of nearly 125 points from the Nifty futures’ previous close.
Asian markets traded lower, while the US stock market crashed overnight, with the S&P 500 companies erasing a combined market value of $2.4 trillion. Global markets slumped after President Donald Trump announced sweeping reciprocal tariffs on countries, raising concerns over a global trade war and fears of a global economic recession.
On Thursday, the domestic equity market slipped into weakness on the backdrop of the announcement of reciprocal tariffs by US President Donald Trump, with the benchmark Nifty 50 closing below 23,300 level.
The Sensex declined 322.08 points, or 0.42%, to close at 76,295.36, while the Nifty 50 settled 82.25 points, or 0.35%, lower at 23,250.10.
Here’s what to expect from Sensex, Nifty 50 and Bank Nifty today:
Sensex Prediction
Sensex fell 320 points to close at 76,295.36, reversing from support near 75,800, on Thursday.
“Sensex failed to surpass the 77,000 resistance zone, which is largely negative. We believe that the market is currently experiencing non-directional activity. On the downside, it is consistently finding support near 75,800, while profit booking is occurring near the 77,000 zone. For short-term traders, 77,000 is now the key level to watch. If the index moves above this level, the bounce back could continue up to 77,500 – 77,800,” said Shrikant Chouhan, Head Equity Research, Kotak Securities.
Conversely, he believes if Sensex falls below 75,800, selling pressure could intensify, potentially leading the market to retest levels around 75,500 – 75,300.
“Given the current market conditions, which are non-directional, level-based trading would be the ideal strategy for day traders,” said Chouhan.
Nifty OI Data
On option front, Nifty Maximum Call OI is at 24,000 then 23,500 strike while Maximum Put OI is at 23,000 then 23,200 strike.
“Call writing is seen at 23,300 then 23,600 strike while Put writing is seen at 22,800 then 23,000 strike. Option data suggests a broader trading range in between 22,700 to 23,700 zones while an immediate range between 23,100 to 23,500 levels,” said Chandan Taparia, Head Derivatives & Technicals, Wealth Management, Motilal Oswal Financial Services Ltd.
Nifty 50 Prediction
Nifty 50 closed the day lower by 82.25 points at 23,250.10 on April 3, forming a bullish belt hold candle, indicating strength.
“A reasonable positive candle was formed with a long upper shadow. Technically, this market action indicates a range bound movement in the market with weak bias. This signals that the crucial global event has been passed out without any major damage to the underlying trend of the market,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.
According to him, the underlying short-term trend of Nifty 50 is range bound with weak bias.
“Nifty 50 is in the process of forming a new higher bottom reversal pattern around the support of 23,100 levels. A sustainable move above the hurdle of 23,350 could change the trend and pull Nifty 50 towards the next overhead resistance of around 23,650 levels in the near term,” said Shetti.
Om Mehra, Technical Research Analyst, SAMCO Securities noted that the global markets tumbled under escalating tariff tensions, but the Indian stock market showcased remarkable resilience.
“Nifty 50 held above the key weekly low of 23,136, signalling strength despite global headwinds and heightened volatility. The index sustained above its 20-day moving average, while key indicators, such as RSI and MACD remained in neutral territory. A breakout on either side of the broader range of 23,136 – 23,565 will be critical to establish a clear directional trend. Until such confirmation emerges, the overall structure remains mildly positive,” said Mehra.
According to VLA Ambala, Co-Founder of Stock Market Today, from the technical perspective, benchmark Nifty 50 formed a Bullish Belt Hold candlestick pattern during the latest session, reflecting buying pressure in the market.
“Considering the ongoing market sentiment, Nifty 50 can find support between 23,180 and 23,030 and face resistance between 23,400 and 23,540,” said Ambala.
Bank Nifty Prediction
Bank Nifty index outperformed the benchmarks on Thursday and ended with a gain of 249.30 points, or 0.49%, at 51,597.35.
“Technically, Bank Nifty managed to defend support of the 200-Day Simple Moving Average (200-DSMA), placed around 51,030, and formed a bullish candle on the daily chart, indicating strength. On the downside, major support for Bank Nifty is placed near the 51,030 and 50,640 levels, while 52,000 will act as a major hurdle for the index in the short term,” said Hrishikesh Yedve.Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd.
He advises traders to follow a ‘buy on dips’ strategy as long as the index holds 50,640 levels.
Om Mehra noted that the Bank Nifty index held its ground firmly amid global turbulence triggered by tariff escalations.
“Bank Nifty index formed a bullish candle on the daily chart. The index appears to be shaping a bullish flag pattern, with confirmation awaited on a breakout above the recent high of 52,064. The index holds above the 23.6% Fibonacci retracement level placed at 51,050, and above the 9-EMA (Exponential Moving Average) and 20-EMA, indicating sustained strength. The daily RSI remains elevated above the 65 mark,” said Mehra.
According to him, the immediate support remains at 50,900, and a ‘buy on dips’ approach may remain favourable for today’s session.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
