Nifty 50, Sensex Today: Markets Set for Weak Opening on August 7 After Trump’s Tariff Blow

India’s benchmark equity indices—Sensex and Nifty 50—are poised for a subdued opening on Thursday after former U.S. President Donald Trump imposed an additional 25% tariff on Indian imports, taking total U.S. duties on Indian goods to 50%. The move has triggered concerns across global and domestic markets.

Gift Nifty was trading around 24,594, indicating a nearly 40-point discount from the Nifty futures’ previous close, signaling a negative start to the trading session.

Trump Tariffs Add Pressure to Market Mood

Trump's decision stems from India's alleged direct and indirect oil imports from Russia. The trade penalty, combined with Wednesday's RBI policy outcome, has left Indian equities under pressure. Although the Reserve Bank of India kept the repo rate unchanged and maintained a 'neutral' stance, markets reacted cautiously.

On Wednesday:

• Sensex fell by 166.26 points to close at 80,543.99
• Nifty 50 slipped 75.35 points to end at 24,574.20

What to Expect Today: Technical Outlook

Sensex

• Continues to form a lower top with a small bearish candle.
• Support: 80,300
• Resistance: 81,000 to 81,600
• A break below 80,300 could push the index toward 79,700.

Nifty 50

• Formed a bearish candle for the second day in a row.
• Crucial support at 24,500; a break could lead to 24,200.
• Resistance: 24,600 to 24,800

Option Chain Analysis:

• Highest Call OI at 24,600 and 24,700 (resistance zones)
• Highest Put OI at 24,500 and 24,400 (support zones)

Nagaraj Shetti of HDFC Securities warned that the current range-bound movement near 24,500 isn't promising and may result in a decisive downside break. SAMCO’s Om Mehra added that moving averages are turning into resistance, with 24,450 acting as a possible short-term cushion.

However, Hedged.in's Dr. Praveen Dwarakanath sees potential for a bounce if short covering occurs, especially with oversold momentum indicators showing signs of reversal.

Bank Nifty Outlook

• Closed at 55,411.15 on Wednesday, up 50.90 points
• Formed a small-bodied candle, indicating consolidation

Sudeep Shah from SBI Securities notes that the index trades below its 20- and 50-day EMAs, signaling short-term weakness. If it breaks 54,900, further correction towards 54,400 is likely. On the upside, 55,800–55,900 remains a hurdle.

Hrishikesh Yedve of Asit C. Mehta suggests that holding above 55,150 could fuel a rally toward 56,000, but a drop below it could spark fresh selling.

According to Bajaj Broking, Bank Nifty is expected to remain range-bound between 54,900 and 56,400, with a breakout needed for clear direction.

In Summary:

Indian markets expected to open lower on August 7

Tariffs from the U.S. and domestic policy stance driving cautious sentiment

Watch key support and resistance levels for trading cues