Despite Wednesday’s rally, Indian markets brace for global fallout from Trump’s reciprocal tariffs; Nifty support seen at 23,100, resistance at 23,400.
Mumbai, April 3:
The Indian stock market is poised for a weak opening on Thursday as global markets reel from the impact of US President Donald Trump’s sweeping tariff announcement. The Gift Nifty indicated a gap-down start, trading nearly 267 points lower from the previous Nifty futures close, around the 23,171 level.
Also Read: Markets Panic: Stocks Slide, Gold Hits Record High After Trump’s Tariff Shock
On Wednesday, the Sensex surged 592 points to close at 76,617, while the Nifty 50 rose 166 points to 23,332, supported by a rebound in banking and tech stocks. However, the global sentiment shift overnight may offset the domestic bullish cues.
Also Read: Oil Prices Tumble Into Red as Trump’s “Liberation Day” Tariffs Fuel Trade War Fears
🔍 Nifty 50 Outlook:
According to HDFC Securities’ Nagaraj Shetti, the formation of a bullish Harami candle on Wednesday suggests a potential trend reversal. Immediate support is seen at 23,100, with resistance at 23,400 and 23,650.
Also Read: “Ready To Fight”: World Leaders Respond to Trump’s Global Tariff Shock
Om Mehra of SAMCO Securities added that the index is holding above its 9-EMA and 50-EMA, and the daily RSI at 56 supports a bullish bias. He suggests a buy-on-dips strategy, especially near the 23,160 zone.
Meanwhile, VLA Ambala from Stock Market Today sees Bullish Marubozu and Belt patterns, suggesting ongoing market optimism. She pegs Nifty support around 23,160–23,000 and resistance at 23,350–23,420.
🏦 Bank Nifty Outlook:
Bank Nifty closed Wednesday at 51,348, up 520 points, forming a bullish candle. Bajaj Broking sees this as a consolidation phase and suggests using the current dip as a buying opportunity, with targets of 52,050 and 53,000 in the coming weeks.
Hrishikesh Yedve from Asit C. Mehta noted strength above the 200-DSMA (51,020) and flagged support at 50,640. A breakout above 51,900 is key to resuming upside momentum, according to Om Mehra, who also noted a developing flag pattern on the charts.
🌏 Global Cues & Market Sentiment:
The bearish global sentiment comes after Trump unveiled a 10% baseline tariff on all imports and higher duties on major economies like China (34%), India (26%), and Japan (24%). This triggered a global stock selloff and a spike in gold prices, signaling a flight to safety.
Investors should brace for volatility and closely monitor technical levels and global cues, especially with the escalating trade war rhetoric.
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