The NSE Nifty 50 may find short-term support at 23,100 levels, and a slide below this can potentially push the index towards 22,800, according to analysts.

“Short-term support is placed at 23,100, and as long as the Nifty stays above this level, the trend is likely to remain strong,” said Rupak De, senior technical analyst at LKP Securities.

On the higher end, it may move towards 23,430, and a decisive move above this level could trigger a stronger rally, he added.

A break below the 23,100 level could intensify selling pressure, potentially dragging the index toward 22,800, according to Ajit Mishra, senior vice president of research at Religare Broking Ltd.

“From a technical perspective, traders should closely monitor the 20-day exponential moving average at 23,100. A break below this level could intensify selling pressure, potentially dragging the index toward 22,800,” Mishra said.

For Bank Nifty, another keenly tracked index, the key support levels are placed in the range of 51,030 to 50,640 levels, according to Hrishikesh Yedve, assistant vice president of technical and derivatives research at Asit C. Mehta Investment Interrmediates Ltd.

On the flip side, 52,000 will act as a major hurdle for the index in the short term, said Yedve, who advised investors to follow a “buy on dips” strategy as long as the index holds 50,640 levels.

Market Recap

The benchmark equity indices ended in the red on Thursday after US President Donald Trump imposed heavy tariffs on India and the world.

The NSE Nifty 50 ended 82.25 points or 0.35% lower at 23,250.10 and the BSE Sensex closed 322.08 points or 0.42% down at 76,295.36.

F&O Cues

The Nifty April futures fell 0.48% to 23,325.95 at a premium of 75.85 points, with the open interest up 3.39%.

The open interest distribution for the Nifty 50 April 9 expiry series indicated the most activity at 23,000 call strikes, and the 25,400 put strikes had the maximum open interest.

FII/DII

Foreign portfolio investors stayed net sellers for the fourth straight day on Thursday as they offloaded equities worth Rs 2,806 crore, according to provisional data from the National Stock Exchange.

Domestic institutional investors remained net buyers for the fifth consecutive session as they mopped up equities worth Rs 221.5 crore.

Global Cues 

Asia-Pacific markets extended losses on Friday morning, tracking significant losses in US markets overnight after President Donald Trump’s tariffs shook global markets. The Nikkei 225 was trading 2.34% down at 33,923.01 as of 7:01 a.m.

The Kospi was trading 0.24% down at 2,480.44 as of 7:02 a.m.

On Thursday, US share gauges recorded the worst percentage fall in years. The Dow Jones Industrial Average and S&P 500 ended 3.98% and 4.84% down, respectively. The Nasdaq 100 ended 5.41% down.

The dollar index was trading 0.19% down at 101.88. The Bloomberg spot gold was trading 0.15% down at $3,110.58 an ounce. The brent crude was trading 0.47% down at $69.81 a barrel as of 7:07 a.m.

The GIFT Nifty was trading 0.09% or 22 points down at 23,204.50 as of 7:07 a.m.

Major Stocks In The News

  • Mazagon Dock Shipbuilders: The Government of India plans to sell up to 1.1 crore shares or a 2.83% stake in the company via offer for sale at a floor price set at Rs 2,525 per share.

  • Vedanta: Aluminium production in the fourth quarter grew by 2% to 2,421 kt, while refined metal production also increased by 2% to 1,052 kt. Zinc International production saw a significant year-on-year rise of 52%. Total power sales for the quarter registered an 18% quarter-on-quarter growth.

  • HDFC Bank: The bank’s total advances grew 5.4% year-on-year to Rs 26.4 lakh crore in the January-March quarter of fiscal 2025, while deposits increased by 15.8% to Rs 25.3 lakh crore year-on-year during the fourth quarter. Current account-savings account deposits rose 5.7% to Rs 8.3 lakh crore.

Currency Market 

The Indian rupee closed stronger against the US dollar after erasing early losses triggered by the tariffs imposed by Trump. The local currency, which opened sharply lower following the tariff announcement, recovered as market sentiment stabilised.

The rupee strengthened 7 paise to close at 85.44 against the US dollar, according to Bloomberg data. It had opened at 85.75, marking its biggest opening drop since March 10, before recovering.

. Read more on Markets by NDTV Profit.The NSE Nifty 50 ended 82.25 points or 0.35% lower at 23,250.10 and the BSE Sensex closed 322.08 points or 0.42% down at 76,295.36.  Read MoreMarkets, Notifications 

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