Markets extend the rebound on tariff exclusions; Realty index gained 5.75 percent
Shrikant Chouhan,
Head Equity Research,
Kotak Securities
Mumbai, 15 April, 2025: The benchmark indices continued their positive momentum, with the Nifty ends 500 points higher, while the Sensex was up by 1578 points. Among sectors, all the major sectoral indices traded in positive territory, with the Realty index outperforming, gained 5.75 percent. Technically, on the backdrop of positive global sentiment, our market opened with a huge gap up, and after a strong opening, it hovered for the entire day between the 23250 to 23350/76500-76800 prices ranges.
In addition, on daily charts, the market is holding uptrend continuation formation, which supports a further uptrend from the current levels. We are of the view that the current market texture is bullish; however, due to temporary overbought conditions, we could see some profit booking at higher levels. For traders, 23400/76900 and 23500/77300 would act as key resistance areas, while 23200-23135/76400-76100 could serve as crucial support zones. However, below 23135/76100, the uptrend would be vulnerable. For day traders, as long as it is trading above 23130/76100, buying on intraday corrections and selling on rallies would be the ideal strategy.
Satish Chandra Aluri, Lemonn Markets Desk, adds: "Benchmark indices extended the sharp gains on Tuesday, after Donald Trump carved out more exemptions from tariffs even as uncertainty continued. Broader Mid and Small caps also posted strong gains and so are all major sectors.
Markets opened sharply higher on mostly positive global cues after the U.S. removed smartphones and other electronics from its tariffs on China. Trump also suggested he might grant exemptions on the 25% levies for automobiles that are already in place, leading to sharp rally in auto stocks. The latest tariff adjustments suggest the White House is recognizing the pressure on American consumers and the broader economy. Still, Trump’s renewed threats of additional tariffs on the semiconductor industry—and potentially pharmaceuticals—continue to weigh on market sentiment.
On the technical front, Nifty 50 closed above 23300 levels, close to day’s high indicating near term bullishness. On the upside, it is expected 23500-23600 to act as an immediate resistance zone while 23200 acts as immediate support on the downside. For Bank Nifty, after strong gains, 52000 remains an immediate support zone on the downside, while 52500 acts as a near-term resistance zone."
