Stock market today: The domestic indices, Nifty 50 and Sensex, experienced a slight increase in early trading on Friday following the US decision to suspend significant reciprocal tariffs, although the rise was tempered by ongoing US-China trade conflicts.
As of 11:47 IST, the Nifty 50 climbed 2.09% to 22,872.65, while the Sensex advanced 2.03% to 75,354.67. The markets were closed on Thursday due to an Indian holiday.
Wall Street saw gains on Wednesday after US President Donald Trump decided to temporarily halt reciprocal tariffs exceeding 10% on most nations, excluding China, but these gains were mostly lost on Thursday as US-China trade issues reemerged. On April 2, President Trump imposed universal tariffs on around 60 countries exporting to the US and introduced additional severe levies on nations including India, which could affect the sales of various products ranging from shrimp to steel in the largest economy.
Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Investments, noted that President Trump was compelled to step back from the reciprocated tariffs imposed on countries excluding China due to pressures in the US bond market. Instead of safe-haven purchases in US treasuries, there was significant selling, which pushed the 10-year bond yield up to 4.5%. In essence, bond market participants forced Trump’s hand. The current 10-year yield remains around 4.46%. The dollar index has also decreased to 100.
Given the current uncertain environment, a sustained market rally seems unlikely. However, investors can find some solace in the fact that India’s economic indicators are strong and we are among the countries least affected by this trade dispute. Investors should exercise caution and prioritize safety over potential returns, with safety now lying in fairly valued large-cap stocks.
Share Market Tips and Nifty 50 Outlook by Rajesh Palviya, SVP – Technical and Derivatives Research, Axis Securities
Nifty 50
The benchmark index still sustains lower tops and bottoms, indicating a short-to-medium-term downtrend. It is sustaining below its 20, 50, 100, and 200-day SMA, which signals bearish sentiments. On the upside, the index is expected to bounce back towards the 23,000-23,600 levels. The crucial support zone is located around the 22,200 levels, and any violation of this may cause further downside towards 21,700-21,300 levels. The weekly strength indicator, RSI, is in positive territory, indicating buying may occur at lower levels.
Coromandel International share price is in a strong uptrend across all time frames, forming a series of higher tops and bottoms. The stock has confirmed a “rounding bottom” formation breakout at 1980 levels on the daily chart, indicating a positive bias. The stock is well positioned above its 20-, 50-, and 100-day SMAs, which reconfirms bullish sentiment. The weekly strength indicator “band bollinger” buy signal indicates increased momentum. The weekly and monthly strength indicator RSI is in favourable territory, indicating rising strength.
Investors should consider buying, holding, and accumulating this stock. Its expected upside is 2230-2513, and its downside support zone is the 2020-1960 levels.
Tata Consumer Products Ltd Cmp: ₹1,103
On the weekly chart, the Tata Consumer Products share price has confirmed trend reversal, forming a series of higher tops and bottoms. The stock is well positioned above its 20-, 50-, and 100-day SMAs, which reconfirms bullish sentiment. The daily, weekly, and monthly strength indicator RSI is in favourable territory, indicating rising strength.
Investors should consider buying, holding, and accumulating this stock. Its expected upside is ₹1,185-1,225, and its downside support zone is the ₹1,050-1,013 levels.
Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.
