The NSE Nifty 50 may find short-term support at 22,800-22,700 levels, and a slide below this can potentially push the index towards deeper declines, according to Dhupesh Dhameja, derivatives research analyst, SAMCO Securities.

“A decisive breach below 22,800 could open doors to deeper declines,” Dhameja said.

The analyst identified the resistance to be at the 23,000 level. He recommended a ‘sell-on-rise’ approach to traders, as long as the index trades below the 23,000 level.

The Bank Nifty may find key support in the 51,000 zone, and a slide below this could signal vulnerability in the uptrend, according to analysts.

“Key support is placed at the 200-day simple moving average, or 51,000. As long as the Bank Nifty stays above this level, the bullish setup is likely to continue,” said Amol Athawale, VP-technical research, Kotak Securities.

On the higher end, it may move towards the resistance of 52,200-52,500. However, if it falls below 51,000, the uptrend would become vulnerable.

A break below the 51,000 level could prompt traders to exit long positions, potentially indicating a shift in the index’s trend, according to Athawale

The NSE Nifty 50 and BSE Sensex continued to decline as anxiety about the future of global trade system prevailed due to US President Donald Trump’s aggressive tariff policies. Rout in global markets also seeped into Indian markets. Reliance Industries Ltd. and Larsen & Toubro Ltd. share prices declined.

The Nifty 50 ended 1.49% or 345.65 points down at 22,904.45, and Sensex ended 1.22% or 930.67 points lower at 73,364.69.

F&O Cues

  • Nifty April Futures down by 1.5% to 22,958 at a premium of 54 points.

  • Nifty April futures open interest up by 4.77%.

  • Nifty Options April 10 Expiry: Maximum Call open interest at 25,400. and Maximum Put open interest at 22,000.

  • Securities in ban period: Birlasoft Ltd., Hindustan Copper Ltd.

FII/DII

Foreign portfolio investors stayed net sellers for the fifth straight session on Friday, as they offloaded equities worth approximately Rs 3,484 crore, according to provisional data from the National Stock Exchange.

Domestic institutions turned net sellers after five buying sessions as they offloaded equities worth Rs 1,720.32 crore.

Global Cues

Asia-Pacific markets saw a sharp slip on Monday morning, setting the tone for a grim day post China’s announcement of a retaliation tariff of 34% on US imports. The Nikkei 225 was trading 7.44% down at 31,266.19 as of 6:20 a.m.

The Kospi dipped 5.55% to trade at 2,328.61 as of 6:20 a.m.

On Friday, US stock markets extended losses to their biggest two-day fall in years. The Dow Jones Industrial Average and S&P 500 ended 5.50% and 5.97% down, respectively. The Nasdaq 100 ended 5.82% lower.

The dollar index was trading 0.17% down at 102.85. Bloomberg spot gold was trading 1.66% down at $2,987.76 an ounce. Brent crude was trading 3.48% down at $63.30 a barrel as of 6:30 a.m.

The GIFT Nifty was trading 4.39% or 1,009 points down at 21,950 as of 6:31 a.m.

Major Stocks In The News

  • Godrej Industries: The company aims to develop a project in Versova, Mumbai, with an estimated revenue potential of Rs 1,350 crore.

  • Mazagon Dock Shipbuilders: The government confirmed exercising an oversubscription option of up to 47.69 lakh shares in addition to its base offer in its offer for sale. Total offer size now stands at 1.61 crore shares.

  • Indian Bank: Indian Bank reported a strong performance for the period ended March 31. Total business stood at Rs 13.3 lakh crore, and total deposits rose to Rs 7.4 lakh crore.

Currency Market

The Indian rupee appreciated by 21 paise on Friday as lower oil prices and fears over the damage due to US President Donald Trump’s tariff policy to the US economy pressured the dollar.

The local unit closed at 85.23 against the greenback. The rupee witnessed its biggest intraday gain against the dollar since March 24. It had opened at 85.75.

. Read more on Markets by NDTV Profit.The Nifty 50 ended 1.49% or 345.65 points down at 22,904.45, and Sensex ended 1.22% or 930.67 points lower at 73,364.69.  Read MoreMarkets, Business, Notifications 

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