Markets Open Flat Amid Global Jitters; Nifty Holds 23,300, Sensex Tanks 300 Pts

On April 17, the Indian stock market opened on a muted note, with benchmark indices slightly in the red, taking a breather after an impressive six-session rally. The Sensex opened at 76,968.02, down 76.27 points or 0.10%, while the Nifty50 started at 23,373.50, declining 63.70 points or 0.27%.

Despite the subdued opening, experts remain optimistic about the short-term trajectory of the market. Sudeep Shah, Deputy Vice President & Head of Technical & Derivatives Research at SBI Securities, pointed out, “The benchmark index Nifty has staged a sharp rally from its recent low of 21,743.65, gaining nearly 1,700 points over just six trading sessions — marking one of the fastest upswings in recent times.”

Indian Markets Closed Strong on April 16
Markets ended on a high on April 16, buoyed by strong investor sentiment and positive technical cues. The Sensex closed above the 77,000 mark, while the Nifty finished just shy of 23,500. Shah noted that the Nifty managed to close above its 200-day EMA, indicating a bullish undertone.

“The daily RSI is about to cross the 60 mark, which is a bullish sign,” Shah explained. “Going ahead, the zone of 23,300–23,270 will act as immediate support for the index. As long as the index is trading above 23,270, it is likely to continue its upward journey and test the level of 23,550, followed by 23,700 in the short term.”

He also added that the Sensex has been forming candles with long lower shadows over the past two sessions—“a sign of buying interest at lower levels.” Immediate support for the Sensex is seen in the 76,600–76,500 zone, while 77,400–77,500 could act as a near-term resistance.

Read More 
Stock To Watch Today: Infosys, Wipro, UltraTech Cement, Waaree Renewable Tech, BHEL, IRFC & Paytm - List


Wall Street Tanks on Tech Sell-Off and Fed Concerns
While Indian equities showed resilience, US markets plunged on Wednesday amid renewed tariff concerns and a sell-off in technology stocks. The Nasdaq Composite fell nearly 3.1%, the S&P 500 declined 2.2%, and the Dow Jones Industrial Average lost about 1.7%, or nearly 700 points.

The sharp decline in tech shares was led by Nvidia, which lost 6.9% after disclosing a quarterly charge of around $5.5 billion linked to U.S. export controls on its GPU shipments to China.
Adding to investor anxiety, Federal Reserve Chair Jerome Powell, speaking at the Economic Club of Chicago, said that Trump’s tariff measures could push inflation higher in the short term and make the Fed’s dual mandate—balancing employment and price stability—more difficult to achieve.
 

Shah commented on the technical setup of U.S. markets: “The S&P 500 is currently trading below its short- and long-term moving averages. Going ahead, the zone of 5,220–5,200 will act as immediate support, while 5,370–5,390 will be the crucial hurdle zone.”

Asian Markets Show Resilience Amid Global Volatility
Breaking away from Wall Street’s negative cues, Asia-Pacific markets traded in the green on Thursday morning, showing investor confidence despite global tensions. The Hang Seng Index in Hong Kong rose 1.07%, Japan’s Nikkei 225 was up 0.68%, and South Korea’s Kospi gained 0.41% after its central bank kept interest rates steady at 2.75%.

Mainland China’s CSI 300 index remained flat in choppy trading, while Australia’s ASX 200 edged higher by 0.25%. The broader Topix index in Japan also gained 0.55%.

Key Sectors and Market Indicators to Watch
According to Shah, several sectors are showing strong bullish momentum. “Nifty Bank, Private Banks, PSU Banks, Financial Services, Defense, Capital Markets, and India Tourism sectors are likely to continue their outperformance in the short term,” he said.

On the volatility front, the India VIX has dropped nearly 32% from its recent peak of 23.18, now indicating reduced investor anxiety. “A falling VIX amid rising prices often reflects growing market confidence and strengthens the sustainability of the ongoing rally,” Shah added.