The NSE Nifty 50 formed a small bearish-bodied candle with a minor lower wick, indicating hesitation and an inability to surpass higher levels, according to Hardik Matalia, derivative analyst, Choice Broking. This suggests that traders should wait for a clear breakout to confirm the next directional move.
The index ended the session on a negative note, closing near the 22,400 mark, which signals selling pressure and rejection at higher levels.
On the downside, Matalia, said that 22,300 may act as an immediate and crucial support. A decisive break below this level could trigger renewed selling pressure, potentially dragging the index toward the 22,000–21,700 range.
On the upside, immediate resistance may be placed at 22,550. A sustained move above this level could attract some buying interest, pushing the index toward the 22,700–22,850 zone according to the analyst.
On Wednesday, according to analysts at Bajaj Broking, the Bank Nifty index formed a small bear candle with a long lower shadow, signalling consolidation with stock-specific trading activity. The index faces immediate resistance at the 51,000 level. Failure to move above this point indicates potential consolidation within the 49,000-51,000 range, according to the analysts' report.
If Bank Nifty sustains above the 51,000 level, it could lead to a pullback towards 51,500 and 52,100 in the coming sessions, analysts said. Conversely, the 49,000-48,700 range may act as immediate support, they noted.
Market Recap
The benchmark equity indices snapped its one day of advance to end in the red on Wednesday after the RBI's monetary policy committee cut the benchmark repo rate by 25 basis points.
The NSE Nifty 50 ended 136.70 points or 0.61%, lower at 22,399.15, while the BSE Sensex closed 379.93 points or 0.51%, down at 73,847.15. During the day, the Nifty fell as much as 0.81% to 22,353.25, while the Sensex was down 0.75% to 73,673.06.
F&O Cues
Nifty April Futures down by 0.56% to 22,479 at a premium of 80 points.
Nifty April futures open interest down by 2%.
Nifty Options April 17 Expiry: Maximum Call open interest at 25,400 and Maximum Put open interest at 20,400.
Put-Call ratio at 1.05, with highest change in Put open interest at 22,400.
Securities in ban period: Birla soft, Hindustan Copper, Manappuram Finance, National aluminium.
FII/DII
Foreign portfolio investors remained net sellers for the eighth straight session on Wednesday, net offloading Rs 4,358 crore worth of shares, according to the provisional data from the National Stock Exchange.
Domestic institutional investors remained net buyers for the third day as they bought equities worth Rs 2,976.7 crore.
Also Read: FPIs Stay Net Sellers For Eighth Session
Global Cues
Japan stocks tumbled, while the Korean market also faced a substantial decline as the White House's decision to proceed with multiple tariffs on trade partners, especially a 145% levy on China, dampened investor spirit round the globe.
The Nikkei 225 slipped sharply to trade 5.39% down. The KOSPI was down 1.77%. The S&P ASX 200 was trading 2.10% down as of 6:34 a.m.
On Tuesday, the Dow Jones Industrial and Nasdaq Composite ended 2.50% and 4.31% lower, respectively, following a day of volatile trading. The S&P 500 ended 3.46% lower, almost triggering circuit breakers in the fray.
The dollar index was trading 0.69% down at 100.17 as of 6:36 a.m. Brent crude was trading 0.57% down at $63.19 a barrel. The Bloomberg spot gold was trading 1.20% high at $3,214.47 an ounce.
The GIFT Nifty was trading 0.70% or 162 points down at 22,882 as of 6:37 a.m.
Major Stocks In The News
Tata Steel: Tata Steel Nederland has announced a major transformation programme to enhance its competitiveness. The reorganisation is expected to lead to a loss of 1,600 management and support function roles.
NBCC: The company successfully sold 1,185 residential units at Uttar Pradesh through an e-auction. The total sale value was approximately Rs 1,504.69 crore.
BHEL: The company entered into a memorandum of understanding with Nuovo Pignone International. The MoU is for compressor revamp opportunities in the fertiliser sector.
Currency Market
The rupee weakened on Wednesday after opening lower, tracking global risk aversion and domestic policy cues. Investors digested the Reserve Bank of India’s rate decision, while also bracing for heightened global trade tensions.
The rupee fell 45 paise to close at 86.70 against the US dollar, compared to 86.25 in the previous session. This marks the local currency’s lowest closing level since March 17. Intraday, it dropped as much as 47 paise to 86.72 a dollar. Shortly after market open, it had slipped 41 paise to 86.66—its lowest level since March 19.
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