A Weak Opening for the Stock Market on April 16th is Possible. Gift Nifty Declines, Global Indicators Also Negative. Investors' Focus Remains on Q4 Results and Global Economic Data.
Stock Market: On Wednesday, April 16th, 2025, the domestic stock market is likely to open with a slight decline. Gift Nifty Futures was trading at 23,284 at 7:48 AM, approximately 50 points below the previous close. This indicates a potentially slow start to the day's trading.
What will be the Focus?
The Indian stock market is currently focused on Q4 earnings, global tariff-related updates, and some major economic data. Some relief may be seen in the uncertainty surrounding tariffs from the US, which is expected to bring some stability to global markets.
Market Performance in the Previous Session
On Tuesday, Indian stock markets witnessed a significant surge. The BSE Sensex closed at 76,734.89, up 1,577.63 points or 2.10%. Similarly, the Nifty 50 gained over 500 points, closing at 23,328.55, a 2.19% increase.
Global Market Conditions
US markets were under pressure in the previous trading session.
- Dow Jones closed at 40,368.96, down 0.38%.
- S&P 500 fell 0.17% to 5,396.63.
- Nasdaq Composite closed at 16,823.17, down 0.05%.
Weakness also observed in benchmark index futures:
- Dow Futures down 0.5%
- S&P Futures down 0.9%
- Nasdaq 100 Futures down 1.5%.
Asian Market Trends
Asian markets showed a mixed trend on Wednesday morning.
- Japan’s Nikkei 225 was down 0.33%.
- South Korea’s Kospi fell 0.29%.
- Hong Kong’s Hang Seng was down 1.01%, and
- China’s CSI 300 fell 0.87%.
However, Australia’s ASX 200 saw a slight increase of 0.17%.
Nifty Support and Resistance Levels
According to Rupak De, Senior Technical Analyst at LKP Securities, the Nifty index has formed a Hanging Man pattern on the daily chart, indicating a potential pause in the current rally. However, the index remains above the 100-EMA, which supports the bullish trend.
- Support Level: 23,300 (If this breaks, Nifty may move towards 23,000)
- Resistance Level: 23,370 and 23,650
