Stock market today: Gift Nifty up 375 points; levels to watch for Nifty, Sensex & Nifty Bank

Indian benchmark indices are set to open on a higher note on Tuesday, after a holiday-hit Monday amid the positive newsflow over Tariffs being exempted from select electronics. However, volatility shall continue in the global equities amid the ongoing concerns emerging from the White House over new duties. Focus of local traders shall shift towards Q4 earnings by India Inc.

Nifty futures on the NSE International Exchange traded 374.35 points, or 1.63 per cent, lower at 23,292, hinting at a positive start for the domestic market on Friday. In the Asian pack, Japan’s Nikkei was up 0.99 per cent, while South Korean KOSPI was up close to a per cent. Australia’s ASX 200 added half a per cent. Shanghai Composite and Hong Kong’s Hang Seng were seen slightly down.

US stocks ended higher on Monday, with Apple giving the S&P 500 its biggest boost as the White House exempted smartphones and computers from tariffs. The Dow Jones Industrial Average rose 312.08 points, or 0.78 per cent, to 40,524.79, the S&P 500 added 42.61 points, or 0.79 per cent, to 5,405.97 and the Nasdaq Composite gained 107.03 points, or 0.64 per cent, to 16,831.48.

Madhu Nair, Chief Executive Officer at Union AMC, said, “We believe in the long-term promise of the Indian economy and equity markets over the next 10 to 15 years. This could be an opportunity to create intergenerational wealth but only for those who remain disciplined and committed to their financial journey. We urge investors to stay focused on their goals.”

The US dollar was steady at 99.864 on Tuesday but stayed close to the three-year low against the euro and a six-month low against the yen. Oil prices climbed in early trading on Tuesday, boosted by new tariff exemptions and a rebound in China crude oil imports. Brent crude futures gained 0.42 per cent to $65.15 per barrel, while US West Texas Intermediate crude rose 0.42 per cent to $61.79.

Provisional data available with NSE suggest that FPIs turned net sellers of domestic stocks to the tune of Rs 2,519.03 crore on Friday. On the other hand, domestic institutional investors (DIIs) turned net buyers of Indian equities to the tune of Rs 3,759.27 crore. Overseas investors have dumped domestic equities worth Rs 7,709 crore in April 2025 so far.

The turbulence in global stock markets following President Trump’s reciprocal tariffs has been impacting FPI investments in India. FPIs had turned buyers in India during March 20-27, but again turned sellers during this turbulence, said VK Vijayakumar, Chief Investment Strategist at Geojit Investments. A clear pattern in FPI strategy will emerge only after the ongoing chaos dies down, he said.

“In the medium term FIIs are likely to turn buyers in India since both the US and China are heading for an inevitable slowdown as a result of the ongoing trade war. Even in an unfavourable  global scenario India can grow by 6 per cent in FY26. This, along with better earnings growth expected in FY 26, can attract FPI investments into India once the dust in the market settles down," VijayKumar adds.

Nifty outlook
Amol Athawale, Vice President- Technical Research at Kotak Securities believes that the market texture is extremely volatile and uncertain. Therefore, level-based trading would be the ideal strategy for positional traders. In the near future, the 50-day and 20-day SMA or 23,000/75800 would act as crucial resistance zones.

“On the downside, retracement support is positioned at 22,500/74200. Technical setup indicates that as long as the market is trading above 22,500/74200, the pullback formation is likely to continue. On the higher side, if 23,000/75800 is breached, it could push the market toward 23,200/76400,” he said.

Nifty witnessed a smart rebound after breaching its March lows and is now testing its 20-DEMA at the 22,900. A sustained close above this level could open the door for a rally towards 23,400, said Ajit Mishra, SVP at Religare Broking. “A major hurdle remains at 23,800. On the downside, immediate support lies at 22,300; a break below this could lead to a retest of the recent swing low near 21,700,” he said.
 

Nifty Bank Outlook
Nifty Bank is consistently taking support near the crucial 50,000 level on the daily charts, which remains a key psychological and technical zone, said Choice Broking. “If it manages to sustain above 50,000, it could potentially rally further towards 52,000 and 53,000. However, a breakdown below 50,000 may trigger profit booking and push the index downward towards 49,000,” it said.

Nifty Bank formed a bull candle with a bullish gap below its base signaling strong pullback from the oversold territory. Index has key resistance at 51,500 levels, said Bajaj Broking. “Sustaining above the same will lead to pullback towards 52,100 levels in the coming week. While 49,500-49,000 will act as key support,” it said.