Stock market today: Gift Nifty up 130 pts; key levels to watch for Nifty, Sensex & Nifty Bank

Indian stock markets are set to open higher on Monday amid a slew of positive cues. However, traders across the globe will be looking at key earnings from the major companies amid the worries of economic slowdown. Also, progress on the trade tariffs shall be keenly watched by the traders.

Nifty futures on the NSE International Exchange traded 131.40 points, or 0.54 per cent, higher at 24,274.50, hinting at a positive start for the domestic market on Monday. Asian share markets made a cautious start on Monday but moved higher as confusion over the trade policy showed little sign of easing, in a week packed with major economic data and mega-tech earnings.

Newsflow indicate some softness in the US-China tariff war, while India is expected to be closer to signing a trade deal with the US. Geo-political developments between India and Pakistan could add volatility to the Indian market, said Siddhartha Khemka, Head of Research at Motilal Oswal Financial Services. “Stock/sector specific action would continue on the back of ongoing Q4 earnings announcements,” he said.

In the Asian pack, Japan’s Nikkei rose 0.73 per cent, while Australia’s ASX 200 rose 0.75 per cent for the day. New Zealand’s DJ rallied 1.25 per cent, while South Korea’s KOSPI added 0.19 per cent. Hong Kong’s Hang Seng was down 0.61 per cent, while Shanghai fell 0.35 per cent in the early trade.

Wall Street advanced on Friday, notching weekly gains as investors parsed a spate of earnings and looked for signs of easing tensions in the US-China trade dispute. The Dow Jones Industrial Average rose 0.05 per cent to 40,113.50, the S&P 500 gained 0.74 per cent to 5,525.21 and the Nasdaq Composite jumped 1.26 per cent to 17,382.94.

Oil prices made a quiet start, having been pressured in recent weeks by worries of a global economic slowdown and plans for increased supply from OPEC. Brent rose 13 cents to $66.98 a barrel, while US crude added 7 cents to $63.09 per barrel. The dollar index was steady at 99.695. The tentative improvement in risk sentiment saw gold ease back to $3,307 an ounce.

Stocks in the near to medium term will continue to react to Q4FY25 results, management commentary, geo-political events and development with respect to tariff war, said Shrikant Chouhan, Head equity Research, Kotak Securities. “Lower oil prices, expected normal monsoon and rate cuts are positives for the Indian equity markets,” he said.

Provisional data available with NSE suggest that FPIs turned net buyers of domestic stocks to the tune of Rs 2,952.33 crore on Friday. On the other hand, domestic institutional investors (DIIs) turned net sellers of Indian equities to the tune of Rs 3,539.85 crore. FPIs have pumped Rs 17,425 crore in the Indian equities in the month of April so far, amid rising terror tensions.

There is a distinct trend reversal in FII strategy in India. During the last eight days FIIs were sustained buyers in the Indian market, said VK Vijayakumar, Chief Investment Strategist at Geojit Investments. “An interesting point in this reversal of FII strategy is that it has happened at a time of heightened India-Pak tensions following the Pahalgam terror attacks,” he said.

Nifty50 outlook
Key support levels to watch are at 23,800, 23,500, and 23,400, while resistance is likely near 24,200, 24,500, and 24,600, said Choice Broking. “A break below 23,800 could accelerate the correction, whereas a close above 24,500 is needed to revive bullish momentum. Until clarity emerges on the geopolitical front and corporate earnings, a cautious and stock-specific approach is recommended,” it said.

If geopolitical tensions escalate or this support is breached, a deeper correction towards the 23,500–23,300 zone could unfold. On the upside, while the broader trend remains bullish, immediate resistance is seen at 24,250–243,50, said Rajesh Bhosale, Equity Technical Analyst at Angel One. A move above this zone would confirm a continuation of the primary uptrend, he said.

Nifty Bank outlook
Bank Nifty formed a bear candle with a lower high and lower low signaling consolidation with corrective bias, said Bajaj Broking. “We expect the index to consolidate in the range of 53,500-55,500, working off the overbought condition developed after the recent strong rally.  The key support base is placed at 54,000-53,500 levels, the recent major breakout area,” it said.

The 54,500 zone is a key support to watch in the coming sessions. A sustained breakdown below 54,500 could open the gates for further downside towards 54,000 and 53,500, levels where buying interest is likely to emerge, said Choice Broking. “If Bank Nifty manages a strong close above 55,500, it could resume its upward momentum. Traders are advised to maintain a cautious approach,” it said.