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NIFTY

* The markets began the new financial year on a weak note, declining nearly 1.5% due to unfavorable global cues.

* Uncertainty surrounding the U.S. reciprocal tariff rates ahead of the April 2 deadline and its potential impact on global trade led to a negative opening, which worsened as the session progressed.

* The next crucial support lies around 23,100 (20 DEMA), and a breakdown below this level could further dampen sentiment, whereas holding above it may pave the way for a recovery.

* Given the mixed signals, it is advisable to be cautious with index positions and maintain a stock-specific trading approach.

BANK NIFTY

* In line with the benchmark, the banking index too witnessed pressure, tumbling over 1.5% to settle at 50,827.50 level.

* Mixed trend continued among the banking majors wherein Hdfcbank, Icicibank, Axisbank witnessed profit booking.

* Technically, the index is approaching a crucial support zone around 50,700–50,600, which aligns with the neckline of a reversal pattern.

* A stronghold at this level could initiate the next leg of the uptrend, while failure to sustain may extend the consolidation phase.

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