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Indian benchmark indices ended lower on 1 April, with the Sensex falling 1.80% and the Nifty 50 dropping 1.50% ahead of the tariff deadline.
Major losers were HCL Technologies, Bajaj Finserv, and HDFC Bank, while IndusInd Bank and Bajaj Auto saw gains. The NSE mid-cap index dropped 0.86%, and small-cap fell 0.
70%. The sectoral performance was mixed as media, oil and gas, and telecom sectors saw gains, while IT, realty, and consumer durables declined 2–3%. Best stocks to buy today, MarketSmith India's recommendations for 2 April: Current market price: 230.
42 | Buy range: 225–231 | Profit goal: 255 | Stop loss: 220 | Timeframe: 2-3 months Current market price: 693 | Buy range: 675-695 | Profit goal: 780 | Stop Loss: 655 | Timeframe: 2-3 months Nifty 50: How the benchmark index performed on 1 April India’s benchmark index, Nifty 50, declined for the second consecutive session, closing around 1.50% lower on higher volume than the previous day. The sell-off was driven by investors’ concerns ahead of US President Donald Trump's planned announcement of broad-based reciprocal tariffs on 2 April, which he called "Liberation Day".
The index opened negatively at 23,341 and continued to decline, forming a bearish candle with a long upper wick on the daily chart. Most sectoral indices ended lower, but market breadth favoured advancers, with a 2:1 ratio. Also Read: From a technical standpoint, after facing resistance around its 50-week moving average (50-WMA), the index failed to hold above its 100-day moving average (DMA) and is currently holding above the 50-DMA.
The 14-day relative strength index (RSI) is trending downward and is currently placed around 53. Another technical indicator, MACD, is trending in the upward direction above the central line on the daily chart. Following O'Neil's methodology of market direction, MarketSmith India has upgraded the market status to a 'Confirmed Uptrend'.
The index faced selling pressure for the second consecutive day on Tuesday amid a broadly negative trading session. Moving forward, immediate support is placed around 23,000, as the 50-DMA aligns with this level. However, a sustained fall below it could lead to further downside.
On the upside, the index may encounter resistance near 23,500. Also Read: How did the Nifty Bank perform on 1 April? The Nifty Bank index opened on a negative note and remained under pressure for most of the trading session. Although it briefly attempted a recovery and turned positive intraday, the momentum was short-lived, and the index eventually closed in the red.
On the daily chart, it formed a bearish candle with a lower-high and lower-low price structure, indicating sustained weakness. Notably, it also breached its 200-DMA, reinforcing the bearish sentiment. During the session, the index opened at 51,178.
15, touching an intraday high of 51,683.85 and a low of 50,742.00 before settling at 50,827.
50. The RSI has turned downward and is currently positioned near the 60 mark, suggesting a slight weakening in price strength. However, the MACD has maintained a positive crossover and continues to trade above its signal line, indicating that bullish momentum remains intact despite emerging signs of weakness.
Based on O'Neil’s methodology of market direction, the current market status for the Nifty Bank is in a Confirmed Uptrend. Also Read: This sectoral index breached its 200-DMA, positioned around 51,000, on Tuesday and closed below it. Going forward, 51,000 will serve as a key level to watch, as sustained trading below this mark could drive the index lower toward the 50,300-50,000 range.
However, a potential upside rebound remains possible if the index manages to hold above 51,000..
