Mumbai: The Indian stock market continued its winning streak on Thursday, with both Sensex and Nifty closing at record highs. Investor optimism remained strong despite concerns over tariff policies.
The BSE Sensex jumped 899.02 points to settle at 76,348.06, while the NSE Nifty soared 283.05 points to end at 23,190.65. Market breadth was positive, with 44 Nifty stocks advancing, four declining, and two remaining unchanged.
Top Gainers and Losers
Among the biggest gainers were Bharti Airtel, Titan, Eicher Motors, Bajaj Auto, and Britannia, which saw heavy buying. On the losing side, IndusInd Bank, Bajaj Finance, Trent, and Shriram Finance faced selling pressure.
Technical Indicators Signal More Upside
Market expert VLA Ambala, SEBI-registered research analyst and co-founder of Stock Market Today, pointed out that Nifty formed a bullish Belt Hold candlestick pattern, with RSI at 61. She advised traders to adopt a buy-on-dip strategy for both intraday and swing trading.
Ambala highlighted India’s growing global importance. "India is a key supplier of manpower and a huge consumer market, making it the ‘apple of the eye’ for developed nations," she said.
She expects the ongoing pullback to drive Nifty towards 23,500-24,000 in the coming weeks and recommends investing in quality stocks during market dips.
Impact of US Tariffs on Market
A major global trade development is also influencing market sentiment. US President Donald Trump announced reciprocal tariffs on India starting April 2, matching India’s duties on American goods. However, India is in talks for a bilateral trade agreement with the US, which may be finalized by year-end.
Despite these concerns, analysts remain positive about India’s economic resilience and its attractiveness to global investors.
Key Support and Resistance Levels
According to Shrikant Chouhan, Head of Equity Research at Kotak Securities, the market cleared the key 50-day SMA level and surpassed the 23,000/75,700 resistance zone, signaling further upside.
For the next session, analysts expect:
Support levels: 23,150-23,120 for Nifty and 76,000-75,700 for Sensex
Resistance levels: 23,400-23,490 for Nifty and 76,500-76,800 for Sensex
Chouhan suggests that buying on dips and selling on rallies would be the best strategy for traders. However, if Nifty falls below 23,000 or Sensex below 75,700, market sentiment could turn bearish, prompting traders to exit long positions.
Bullish Outlook for Investors
With strong domestic cues and global confidence in India’s growth, markets are expected to remain bullish. Investors should focus on quality stocks and sector leaders to maximize returns.
