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Market Update

Nifty : 24,246.70 -82.25 (-0.34%

Sensex :79,801.43 -315.06 (-0.39%)

* Equity benchmarks Sensex and Nifty ended slightly lower due to profit booking after a six-day rally. Traders locked in gains ahead of the April F&O expiry, amid concerns over trade negotiations led by former U.S. President Trump with China and European nations.

* A weak start in European markets and a decline in U.S. index futures—driven by uncertainty over Trump’s trade policies—also weighed on domestic sentiment. The Nifty slipped 82 points or 0.34% to close at 24,246, while the Sensex dropped 315 points or 0.4% to settle at 79,801.

* Major sectoral indices such as FMCG, Realty, and Auto declined by up to 1.5%. In contrast, the Nifty Pharma Index gained 1% on expectations of strong quarterly earnings. Notably, Natco Pharma and Divi’s Lab surged 7% and 5%, respectively.

* The Nifty FMCG Index fell 1% after Hindustan Unilever and Nestlé reported Q4 results slightly below expectations. Hindustan Unilever dropped 4%, ending at 2,325. The advance-decline ratio for Nifty 500 stocks stood at 2:3, reflecting profit-taking in midcap and small-cap counters

Technical Outlook:

* Nifty Index opened slightly negative and traded with high volatility in the initial hour. In the later part of the day Nifty traded sideways in a small range of around 65 points. It took support near 24220 marks and witnessed bounce back in the last hour. It closed the day with a loss of around 80 points.

* It formed a small bodied candle on daily frame with shadow on both the sides indicating buying at lower levels with limited upside. Now till it holds above 24100 zones for an up move towards 24400 then 24600 levels while support can be seen at 24100 and then 24000 level.

Derivative Outlook:

* Nifty future closed negative with loss of 0.30% at 24375 levels. Positive setup seen in Divis Lab, Dalmia Bharat, Tata Elxsi, RBL Bank, AU Bank, Paytm, Aarti Industries, Inox Wind, Hindustan Zinc, GMR Airports, Apollo tyres, SRF and OFSS while weakness in Voltas, Hindustan Unilever, VBL, Bharat Forge, Biocon, CG Power, AB Capital, Page Industries, Sona coms, Granules and Max Healthcare.

* On option front, Maximum Call OI is at 25000 then 24500 strike while Maximum Put OI is at 24000 then 23500 strike. Call writing is seen at 24800 then 25000 strike while Put writing is seen at 23500 then 24000 strike. Option data suggests a broader trading range in between 23500 to 25000 zones while an immediate range between 23800 to 24700 levels.

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