According to Rupak De, Senior Technical Analyst at LKP Securities, the Nifty has given a consolidation breakdown on the daily chart, indicating bearishness.
Market Closing Bell: Equity benchmarks Sensex crashed over 900 points to end the session below the 76,000 level, tracking weak global markets amid growing global trade war fears following US President Donald Trump’s unprecedented tariff announcement.
The 30-share BSE Sensex tumbled 930.67 points or 1.22 per cent to settle at 75,364.69. During the day, it plummeted 1,054.81 points or 1.38 per cent to hit an intraday low of 75,240.55.
The broader NSE Nifty declined 345.65 points or 1.49 per cent to close at 22,904.45. In the session, the 50-share benchmark gauge 382.2 points or 1.64 per cent to 22,867.90.
Tata Steel dipped 8.59 per cent and was the biggest loser in the Sensex pack. Other stocks that registered substantial fall were Tata Motors, Larsen & Toubro, Adani Ports, IndusInd Bank, Tech Mahindra, Reliance Industries, Sun Pharmaceutical, HCL Technologies, Tata Consultancy Services, Infosys, and NTPC, were the major laggards.
On the other hand, Bajaj Finance, HDFC Bank, Nestle India, ICICI Bank, ITC, Asian Paints and Axis Bank were among the gainers.
According to Rupak De, Senior Technical Analyst at LKP Securities, the Nifty has given a consolidation breakdown on the daily chart, indicating bearishness.
“Initially, the index found support at the crucial 22,900 level. However, sentiment remains weak, and a further decline from the current level could trigger additional market correction. On the lower end, if Nifty falls below 22,900, it may move toward 22,676. On the higher end, resistance is seen at 23,100. A move above 23,100 would provide a clear signal for a strong uptrend,” De said.
Meanwhile, gold too witnessed profit booking with prices down by Rs 650 at Rs 89,450 on MCX, following the official announcement of tariff pricing.
Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities, said that the fall in the price of precious metal on MCS comes as the markets had already priced in the impact of reciprocal trade tariffs over the past few months, making profit-taking a natural outcome.
“With the tariff premium now largely discounted, further downside pressure may emerge as geopolitical tensions—especially from Russia-Ukraine and the Middle East—remain relatively subdued. This easing of global uncertainty could lead to a softening in safe-haven demand. On the technical front, Comex gold faces strong resistance at the $3,120–$3,130 zone, while immediate support is seen around $3,050–$3,055. A break below this could accelerate selling pressure in the near term,” he concluded.
