Stock market today: Indian benchmark indices, Sensex and Nifty, opened higher on Monday, supported by stronger-than-expected June-quarter GDP figures and a U.S. court decision declaring most of President Donald Trump’s tariffs illegal, though keeping them effective until mid-October.
The BSE Sensex rose 333.94 points, or 0.42 per cent, to start at 80,143.59, while the NSE Nifty gained 84.45 points, or 0.35 per cent, to open at 24,511.30.
Investor sentiment was boosted by India’s April–June GDP growth of 7.8%, surpassing expectations. However, analysts warned that rising U.S. tariffs might impact business activity in the upcoming quarters.
Meanwhile, a split U.S. appeals court declared that most tariffs imposed during former President Donald Trump’s tenure were unlawful but allowed them to stay in effect temporarily as the administration plans to appeal to the Supreme Court. Trump had imposed 50 per cent tariffs on Indian products, among the highest levied on any trade partner.
The Nifty 50 and Sensex closed August lower for the second consecutive month, weighed down by concerns over the impact of U.S. trade policies on India’s economic growth and corporate earnings.
Here are key technical levels to watch out in near-term?
Nifty 50
According to brokerage firm Choice Broking, Nifty is currently hovering around its recent swing-low support range of 24,337–24,267. A decisive breakdown below this zone could extend the decline toward 24,165 (gap support) and subsequently to 24,079 (50-week EMA) and 24,000, which together form a broader support area.
“The broader setup remains sideways to cautiously bearish, with the index stuck between key support and resistance zones. A breakout above 24,700 could open the way toward 24,850+, while a breakdown below 24,267 may invite fresh selling pressure, dragging Nifty lower to 24,165–24,000. Until a decisive move on either side, volatility is expected to persist. Investors should maintain a cautious approach and closely monitor global as well as domestic triggers,” the brokerage firm said.
Support Levels:- 24267-24000
Resistance Levels :- 24700-24850
Overall Bias :- Sideways To bearish
Bank Nifty
Bank Nifty closed lower on Friday, settling near 53,655 after encountering resistance and being pushed back from the 54,000 mark, indicating strong selling pressure.
Consequently, Bank Nifty has formed a strong bearish candle on the weekly chart, wiping out nearly 1,493 points in a single week, according to Choice Broking.
“If this selling pressure persists and the index breaks below 53,570 (200-day EMA), it could trigger a deeper corrective move toward 53,480 and 53,000. However, if the 200-day EMA holds as support and Bank Nifty manages to rebound, immediate resistance is placed around 54,000. A sustained breakout above this zone may attract fresh buying, with potential upside targets at 54,450 and 54,900,” it said.
Bias– Sideways to Bearish
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
