Trade Setup For April 2: Nifty Finds Immediate Support At 23,150
The Bank Nifty is anticipated to test the lower range of 50,500 levels.
The NSE Nifty 50 can face resistance near 23,800, while the downside is apparently limited at the 23,000 levels, according to analysts.
"The immediate support for the Nifty now stands at 23,150 and if this level is breached, the next key support to watch will be 23,000," Sundar Kewat, technical and derivatives analyst at Ashika Institutional Equity, said.
A sustained breakdown below 23,000 with a daily close can lead to further selling pressure, potentially dragging the index down to 22,500 in the upcoming sessions, Kewat added.
The downside appears to be limited at the 23,000 levels and supported by the 50-day moving average and the market nearing oversold conditions, according to Aditya Gaggar, director of Progressive Share Brokers Pvt.
"On the higher side, we could expect resistance near to 23,800 levels, while on the downside, the key support is near to 23,200," Vikas Jain, head of research at Reliance Securities, said.
The Bank Nifty is anticipated to test the lower range of 50,500 levels. On the higher side, 52,000 will be a resistance, according to Jain. He also expects some consolidation from the index at the current range, with support near to 50,350 levels.
On Wednesday, the GIFT Nifty was trading 0.19% higher at 44.50 points higher at 23,330.00 as of 7:23 a.m.
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Market Recap
The benchmark equity indices closed lower for the second consecutive session on Tuesday, weighed down by HDFC Bank Ltd. and ICICI Bank Ltd.
The NSE Nifty 50 ended 353.65 points or 1.5% down at 23,165.70, the lowest level since March 20. The BSE Sensex ended 1,390.41 points or 1.80% lower at 76,024.51, the lowest since March 21.
F&O Cues
The Nifty April futures were down 1.39% to 23,321.40 at a premium of 155.7 points, with the open interest up 1.98%.
The open interest distribution for the Nifty 50 April 3 expiry series indicated most activity at 25,400 call strikes, and the 22,500 put strikes had the maximum open interest.
FII/DII
The FPIs net sold equities worth Rs 5,901.63 crore on Tuesday, according to provisional data from the National Stock Exchange.
Meanwhile, the domestic institutional investors remained net buyers for the third consecutive session, as they mopped up equities worth Rs 4,322.58 crore.
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Global Cues
Markets in Asia-Pacific region were trading on a mixed note Wednesday morning as traders await clarity on tariff front from the US. The Nikkei 225 was trading 0.03% higher, while the Kospi was 0.29% down as of 7:21 a.m.
On Tuesday, most US share indices ended higher as technology stocks supported gains. The S&P 500 and Nasdaq Composite ended 0.38% and 0.87% higher, respectively. The Dow Jones Industrial Average ended 0.03% down.
The Dollar index was trading 0.02% down at 104.23. The Brent crude was trading 0.09% down at $74.42 a barrel. The Bloomberg spot Gold was 0.63% higher at $3,132.85 an ounce as of 7:24 a.m.
Major Stocks In The News
V-Mart Retail: The company in its fourth quarter business update reported total sales at up 17% at Rs 780 crore. The same sales store growth grew by 8%. Year-to day the company had opened 62 stores and closed nine stores. With this the total number of stores stands at 497 as of March 31, 2025.
CSB Bank: The firm in its fourth quarter business update reported total deposits up 24% at Rs 36,861 crore versus Rs 29,719 crore. Gross advance up 29.6% at Rs 31,843 crore versus Rs 24,572 crore.
SJVN: The company’s arm completes trial run of 241.77 MW capacity in Bikaner Solar Project. The arm shall supply generated solar power to Rajasthan, Jammu & Kashmir and Uttarakhand.
