Indian stock markets opened higher on Friday, with Sensex gaining over 250 points and Nifty surpassing 23,090, despite mixed global cues. Experts highlight key resistance and support levels while tracking global trade developments
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Indian equity markets opened on a positive note on Friday, with the Sensex gaining over 250 points to commence trading at 76,388.99, while the Nifty 50 began at 23,096.45. This comes despite mixed global signals and follows a weak closing session on Thursday, marking seven consecutive days of decline in the domestic markets.
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According to ANI, investor sentiment remains cautious due to international developments, particularly in the United States. Market expert Ajay Bagga observed that although US President Donald Trump has announced reciprocal tariffs on all trade partner nations to take effect by April 2, 2025, US markets still managed to close higher. He noted that investors are optimistic most trade disputes will be resolved in the next 40 days, mitigating the risk of severe disruptions.
Bagga further remarked that, much like the Union Budget and the RBI’s recent monetary policy decision to cut rates, Prime Minister Narendra Modi’s visit to the United States is having an overall positive impact on India’s economy and markets. However, he pointed out that foreign portfolio investor (FPI) outflows continue to influence short-term market movements.
As per ANI, market analysts are keeping a close watch on Nifty’s technical indicators. Varun Aggarwal, Managing Director of Ideaprofit, stated that while the short-term trend for Nifty remains positive, it faces a crucial resistance level at 23,250. A breakout above this could indicate a potential trend reversal, whereas immediate support is seen at 22,800.
Aggarwal further added that Nifty’s open interest (OI) data suggests significant call OI at 23,100 and the highest put OI at 23,000, reflecting resistance at the upper level. On Thursday, Nifty formed a gravestone doji pattern, highlighting market indecision, yet it managed to sustain the 23,000 level, aligning with the 78.6% Fibonacci retracement. The MACD remains negative, indicating a continued downside bias, while momentum indicators show an oversold condition, hinting at a possible rebound.
ANI reports that Asian markets followed Wall Street’s positive trend on Friday, trading higher after President Trump outlined his tariff policy roadmap. Meanwhile, India-US relations continue to strengthen, with ambitious plans to enhance defence ties and increase bilateral trade to USD 500 billion by 2030.
During the early hours of trading, major gainers on the National Stock Exchange (NSE) included Hindalco, Tata Steel, JSW Steel, IndusInd Bank, and Shriram Finance. Conversely, Adani Enterprises, Dr Reddy’s Laboratories, Kotak Mahindra Bank, Sun Pharma, and Apollo Hospitals were among the early losers.
As per ANI, the market outlook remains cautiously optimistic, with global developments, technical indicators, and investor sentiment playing a crucial role in determining further movement.
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