Trade Setup July 8: Market cautious ahead of Trump tariff decision; Nifty's short-term trend remains positive
The July 7 session was marked by lackluster activity as the benchmark index moved within a narrow 82-point band, finally ending the day nearly flat with a modest 10-point gain at 25,461. Despite global anxieties, Nifty managed to stay above the 25,400 level, aided by strong performances from FMCG majors like Hindustan Unilever, Tata Consumer, and Nestle. On the flip side, Bharat Electronics, Tech Mahindra, and ONGC saw notable declines.
Market breadth weakened, with broader indices like the Nifty Midcap 100 and Smallcap 100 falling by 0.27% and 0.44% respectively. Sector-wise, FMCG, Realty, and Oil & Gas led the gains, while Media, IT, and Metals came under pressure.
As the July 9 deadline for Trump's tariff announcement nears, investor sentiment remains cautious. Despite ongoing negotiations between Indian and American officials, traders are bracing for potential volatility unless a definitive trade agreement is reached.
According to Nandish Shah of HDFC Securities, the Nifty's short-term trend remains positive above key moving averages. Immediate support is seen at 25,331, with resistance in the 25,600–25,670 zone.
Rupak De of LKP Securities highlighted the formation of an indecisive candle on the daily chart, signaling market hesitation. He noted that a drop below 25,400 could invite selling pressure, with further support at 25,250 and 25,100. A decisive close above 25,500 could push the index towards 25,800.
Echoing similar sentiments, Nagaraj Shetti from HDFC Securities mentioned that while the trend is currently choppy, the broader uptrend is intact. Rajesh Bhosale of Angel One added that the 25,300–25,250 zone aligns with the recent breakout and 20-day EMA, likely attracting buyers on any dip. Resistance remains at 25,500–25,600, and a breakout above this could trigger fresh bullish momentum.
With global trade dynamics in focus, market participants will remain watchful for cues that could define the next big move.
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