Nifty 50, Sensex today: What to expect from Indian stock market in trade on July 8 after Trump tariffs announcement

Mint

14 hours ago

The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open lower on Tuesday, tracking mixed global market cues after the announcement of tariffs by US President Donald Trump on its several trading partner countries.
The trends on Gift Nifty also indicate a negative start for the Indian benchmark index. The Gift Nifty was trading around 25,495 level, a discount of nearly 44 points from the Nifty futures' previous close.
On Monday, the domestic equity market ended flat amid uncertainty over the India-US trade deal.
The Sensex gained 9.61 points, or 0.01%, to close at 83,442.50, while the Nifty 50 settled 0.30 points higher at 25,461.30.
Here's what to expect from Sensex, Nifty 50 and Bank Nifty today:
Sensex formed a small candle on the daily charts and non-directional activity on intraday charts indicate indecisiveness between the bulls and the bears.
'We are of the view that 83,500 will act as an immediate breakout zone for traders. Above this level, Sensex could rally up to 83,700 – 84,000. On the flip side, below 83,250, we could see a quick intraday correction down to 83,000. Further weakness may also continue, potentially dragging the index down to 82,800. The current market texture is non-directional; hence, level-based trading would be the ideal strategy for day traders,' said Shrikant Chouhan, Head Equity Research, Kotak Securities.
In the derivatives segment, Nifty open interest (OI) data showed the highest call writing at the 25,500 and 25,600 strike prices, while the maximum put OI was concentrated at the 25,400 level.
'This setup indicates strong resistance around 25,500, although overall sentiment remains cautiously optimistic. A decisive close above this level will be critical to sustaining any bullish momentum in the near term,' said Mandar Bhojane, Technical Analyst at Choice Broking.
Nifty 50 shifted into a narrow range movement on July 7 and closed the day on a flat note.
'A small candle was formed on the daily chart with minor upper and lower shadow with identical open and close. Technically, this market action indicates a formation of doji type candle pattern. Having formed this pattern in a sideways range movement, the predictability of this pattern could be less,' said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.
According to him, the short term trend of Nifty 50 is choppy, but the near term uptrend status remains intact. Any weakness from here could find support around 25,300 levels, and the next overhead resistance is placed at 25,700.
Dr. Praveen Dwarakanath, Vice President of Hedged.in, noted that the Nifty 50 formed a doji candle with a bigger shadow on the downside, suggesting strength in the index.
'Nifty 50 index can be bought on the dips for a target near its immediate resistance at 25,800 - 26,200 levels. The momentum indicators in the smaller time frames are rising from the oversold region, indicating a potential upside from the current level. The index can be volatile owing to the tariff-related news and the expiry of 10th July; however, a dip in the index can be used as an opportunity to go long,' said Dwarakanath.
VLA Ambala, Co-Founder of Stock Market Today, expects Nifty 50 to find support between 25,330 and 25,180, and meet resistance between 25,510 and 25,630 in today's market session.
Bank Nifty index declined 82.70 points, or 0.15%, to close at 56,949.20 on Monday, forming a doji candle, signaling extension of consolidation amid stock specific action.
'We expect the Bank Nifty index to extend consolidation in the range 56,000 - 57,500 in the coming sessions. Only a move above 57,500 will open further upside towards 58,200 - 58,500 levels in the coming weeks. Key support is placed at 56,000 – 55,500 region, representing a confluence of key technical indicators — including the 50-day EMA and the 61.8% Fibonacci retracement of the recent rally,' Bajaj Broking Research said.
PSU banking stocks are expected to extend its out performance, while the broader trend remains positive, and any dips should be viewed as buying opportunities, it added.
Mandar Bhojane noted that the Bank Nifty formed a Gravestone Doji pattern, indicating increasing selling pressure.
'A sustained break below the key support level of 56,830 may lead to further downside towards 56,500 and 56,300. However, if these levels hold and a reversal occurs, it could provide fresh buying opportunities. On the upside, resistance is expected around 57,100 – 57,200, with a breakout above this zone likely to trigger a rally toward 57,500,' said Bhojane.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.