The domestic stock market opened with a decline on Wednesday (16 April). The major benchmark index Nifty-50 and Sensex declined due to weak indications from Asian markets. The Indian stock market will focus on the fourth quarter results and tariff news as well as global economic data. Markets around the world will get relief from American tariff volatility. Thirty -share BSE Sensex opened with a gain of over 200 points at 76,996.78. However, it reached the red mark as soon as it opened. At 9:22 am, the Sensex fell 86.48 points or 0.11% to 76,648.41.
Similarly, the Nifty-50 of the National Stock Exchange (NSE) also opened at 23,344.10 points with a slight increase. But within a few seconds of the opening, it slipped into the red mark. It was down 26.20 points or 0.11% at 23,302.35 am at 9:23 am.
How was the market on Tuesday?
The Indian stock markets closed firmly on Tuesday. On Tuesday, the 30 -share BSE Sensex rose 1577.63 points or 2.10% to close at 76,734.89. The NSE Nifty-50 also strengthened and closed 500 points or 2.19% to close at 23,328.55.
What is the condition of global markets?
Dow Jones on Wall Street fell 0.38 percent to close at 40,368.96 in the last trading session. S&P 500 closed down 0.17 percent to close at 5,396.63. While Nasdaq Composite closed down 0.05 percent to close at 16,823.17. The promises related to benchmark were also trading at a low price. It saw a decline of 0.5 percent in Dow Jones Futures, 0.9 percent decline in S&P 500 futures and 1.5 percent decline in Nasdaq 100 Futures.
Asian markets saw a decline today. Japan’s Nikkei 225 index was 0.33 percent and South Korea’s Kospi was 0.29 percent. However, Australia’s S&P/ASX 200 was 0.17 percent up today. Hong Kong’s Hangseng came down 1.01 percent and China’s CSI 300 0.87 percent came down.
Nifty support level
According to Roopak Dey, Senior Technical Analyst of LKP Securities, the Nifty Index has created a hanging man pattern on the daily chart. This condition indicates possible obstruction in the current rapid. On the other hand, the index closed above the 100-EMA on the daily chart. This reflects constant positivity. Apart from this, RSI has just entered the positive crossover. He said, “The support level of the Nifty is at 23,300. The decisive break below this level can speed up the improvement towards 23,000. The resistance levels are 23,370 and 23,650.”
