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April 03, 2025
- Daily Morning Report Date: 03.04.2025
- NIFTY OUTLOOK: 23,332.35
- FII: -1,538.88 cr | DII: 2,808.83 cr
- As discussed yesterday, the market remained in line with expectations. It opened flat and faced resistance at 23,321 throughout the day, except for the last half-hour, when it briefly touched the day's high of 23,350.
- A small bullish candle formed on the daily chart after Tuesday’s sharp decline, creating a bullish harami pattern, indicating buyers’ attempt to regain control. If the upmove continues and Nifty surpasses 23,400, it could rally to 23,467–23,539. Strong demand may further push it to 23,612.
- On the downside, 23,200–23,133 may act as immediate support. A break below these levels could drag Nifty down to 23,067–23,037.
- Bank Nifty Outlook:
- Spot: 51,348.05 | PCR: 0.99 | Max CE OI: 53,000 | Max PE OI: 53,000
- On 2nd April 2025, Bank Nifty closed at 51,348.05, rising 1.02% from the previous day. The index moved 495.85 points intraday, hitting a high of 51,404.20 and a low of 50,908.35.
- The previous day's high of 51,404.20 and low of 50,908.35 may act as resistance and support, respectively, for today’s session.
- Technical View on Daily Chart:
- Key levels for Bank Nifty: Resistance – 51,900 | Support – 50,900
- On 2nd April, the index closed above the previous resistance of 51,300. If it sustains this level, it may rise to 51,900; otherwise, it could retest 50,900–50,755.
- The RSI stands at 63.8—below 30 is oversold, and above 70 is overbought.
- Bank Nifty Day SMA Analysis:
- Bank Nifty is trading above all 8 SMAs (5, 10, 20, 30, 50, 100, 150, 200-day) and below none.
- A bullish candlestick pattern was identified:
- - Short Line Uptrend
- Macros:
- 1. Dollar index @ 102.78
- 2. Vix @ 21.51 (-1.19 %)
- 3. 10 years bond yield @4.061 %
- 4. Crude @ 73.28.
- Note: Much-anticipated reciprocal tariffs were announced last night by President Trump.
- President Donald Trump stated that the U.S. will impose a 10% baseline tariff on all imports starting 5th April, with higher tariffs from 9th April. Additionally, the 25% tariff on imported automobiles and auto parts will take effect at midnight. Trading partners are expected to announce countermeasures, raising trade war concerns.
- Conclusion: The reaction of U.S. markets will be key—whether the decline is panic-driven or normal. Inflation in the U.S. is unlikely to rise, meaning the Fed may not cut rates. Many countries may now seek negotiations with the U.S.
- Despite this, VIX dropped 1.5%, and dollar index, bond yields, and crude declined, supporting equities. For India, the impact is relatively lower compared to other nations, giving Indian firms a competitive edge.
- Sector Outlook:
- Auto = Neutral
- Metals: Hindalco and Hind copper = Buy today on dips for 8-10% move in weeks time
- Pharma sector: Positive
- pharma is firingggg
- Contributed by
- Ashok bhandari : INH000019549
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