Trump Tariffs: Nifty 50 to Sensex today - What to expect from Indian stock market in trade on April 3

The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open lower on Thursday, tracking global market sell-off, after the US President Donald Trump announced reciprocal tariffs, imposing a 10% baseline tariff on all imports to the US.

The trends on Gift Nifty also indicate a gap-down start for the Indian benchmark index. The Gift Nifty was trading around 23,171 level, a discount of nearly 267 points from the Nifty futures’ previous close.

Weakness in Asian markets is also expected to weigh on domestic equities. Asian markets traded sharply lower on Thursday after Trump’s announcement of reciprocal tariffs on over 180 countries.

MSCI's broadest index of Asia-Pacific shares outside Japan fell more than 1%.

Japanese markets led losses in Asia, as the Nikkei share average plunged to an eight-month low. The Nikkei fell as much as 4.6% to hit 34,102.00 for the first time since August 7. The benchmark index recouped some losses, and was down 3%. The Topix index was down 3.1%.

Among Chinese markets, the CSI300 index fell 0.24%, while the Shanghai Composite Index declined 0.1%.

South Korea’s Kospi index dropped 1.57%, and the Kosdaq fell 0.55%. Hong Kong’s Hang Seng index declined 2%.

On Wednesday, the domestic equity market ended higher, with the benchmark Nifty 50 closing above 23,300 level.

The Sensex rallied 592.93 points, or 0.78%, to close at 76,617.44, while the Nifty 50 settled 166.65 points, or 0.72%, higher at 23,332.35.

Here’s what to expect from Nifty 50 and Bank Nifty today:

Nifty 50 Prediction

Nifty 50 witnessed a decent bounce back on April 2 and closed the day higher by 166 points.

“A long bull candle was formed on the daily chart that placed within a high low range of Tuesday’s long bear candle. Technically, this market action indicates a formation of inside day bar or bullish harami type candle pattern. This is a bullish formation and follow-through upmove from here could confirm this as a reversal pattern,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.

Wednesday’s market action signal possible formation of higher bottom at 23,136 levels. Immediate support for Nifty 50 is at 23,100 and the next overhead resistance to be watched at 23,400 and 23,650 levels respectively, he added.

Om Mehra, Technical Research Analyst, SAMCO Securities, highlighted that the formation of a green candle in the daily chart near the recent low suggests a possible attempt at stabilization.

“Nifty 50 index is holding above its 9-EMA (Exponential Moving Average) and 50-EMA, strengthening the outlook in the short to medium term. The recent correction towards 23,160 appears to be a pullback within an uptrend, as Nifty respects this dynamic support level.

The daily RSI is at 56, with a slight uptick, indicating that the index remains in bullish territory. The resistance is seen at 23,520, followed by 23,600. The formation of higher highs remains intact, and a buy-on-dips strategy can be adopted for the next session,” said Mehra.

VLA Ambala, Co-Founder of Stock Market Today said that the Nifty 50 and Bank Nifty formed bullish candlestick patterns, Bullish Marubozu and Bullish Belt, respectively, to reflect the market’s sentiment.

“Nifty 50 can find support around 23,160 and 23,000, with resistance around 23,350 and 23,420 in today’s market session,” Ambala said.

Bank Nifty Prediction

Bank Nifty index surged 520.55 points, or 1.02%, to close at 51,348.05, on Wednesday, forming a bull candle.

“Bank Nifty formed a bull candle which remained enclosed inside the previous session’s price range signaling continuation of the consolidation. The index in the last 6 sessions has retraced just 30% of the preceding 9 sessions rally (47,703 - 52,063). A shallow retracement and a higher base above the recent breakout area (50,500 - 50,000) signals overall strength. We believe the current breather should be used as a buying opportunity in quality stocks in a staggered manner,” said Bajaj Broking Research.

According to the brokerage house, the Bank Nifty index has key supports placed at 50,500 - 50,000 levels, and expects it to hold above the same and gradually head higher towards 52,050 (last week high) and then towards 53,000 levels in the coming weeks being the measuring implication of the recent range breakout.

Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd. noted that the Bank Nifty managed to hold the 50,640 support level, sustained above the 200-Day Simple Moving Average (200-DSMA) of around 51,020, and formed a bullish candle on the daily chart, indicating strength.

“On the downside, the major support for the Bank Nifty is placed near 51,020 and 50,640 levels, while 52,000 will act as a major hurdle. Traders are advised to follow a ‘buy on dips’ strategy,” Yedve said.

According to Om Mehra, the Bank Nifty is currently oscillating in a tight range between 50,700 and 51,900, forming a box pattern after a sharp up-move, suggesting a phase of time-wise correction.

“In the broader view, Nifty Bank is forming a flag pattern, although confirmation is still awaited. The index is holding above the daily super trend support, which continues to act as a trailing stop level for positional traders. However, a breakout above 51,900 is crucial to resume bullish momentum,” Mehra said.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.