The benchmark index Nifty 50 is unlikely to breach March 2024 levels once again in today’s trade despite global uncertainty, which is in the backdrop of a new set of tariffs on China by US President Donald Trump.
In March 2024, the Nifty 50 made a low of 21,964. The market experts are of the view that it is highly unlikely that these levels may breach today.
Ajit Mishra, Senior Vice President of Research at Religare Broking said that the key support for Nifty 50 is placed at 22,250, if breached then the next support is placed at 21,900, but unlikely to reach here.
Sunil Jain, Senior Vice President of Alternative Research at Elara Capital was of the view that the Nifty 50 may trade go down as much as 22,150 – 22,200.
The markets may cap their winning at 22,700, but if that level is breached it may see high resistance at 22,900, added Mishra.
Taking a bit bullish call, Jatin Gedia who is a Technical Research Analyst at Mirae Asset Sharekhan said that on the daily charts, it can observed that the Nifty is now in the process of retracing the rise it has witnessed from 21,964 to 22,677. “It can drift towards 22,405 – 22,320 which are the 38.2% and 50% Fibonacci retracement levels of the recent rise,” he added in a note.
Global uncertainty: US imposes 104% tariffs on China
The US will levy a tariff of 104% on Chinese goods effective from 12:01 AM ET (0401 GMT) on Wednesday. According to a White House official, the US imposed a new set of tariffs on China as it didn’t lift its retaliatory tariffs on US goods by a deadline set by Trump. The tariff war has intensified as Trump sets a 90% rate on packages from China used by Shein and Temu.
Nifty recap
On Tuesday, the NSE Nifty 50 closed the session 374 points or 1.69% higher at 22,536, while the BSE Sensex rose 1,089 points or 1.49% to close at 74,227.