Nifty, Sensex to see muted start as tariff pressures weigh; key levels to watch on August 8

Despite global tariff-related developments, implied volatility remains subdued and anchored near neutral territory

Equity benchmarks Nifty 50 and Sensex could open mildly in the red on Friday, August 8, as President Donald Trump decision to double tariffs on Indian goods to 50 percent could pressure the bulls.

At 7.30 am, the GIFT Nifty index was trading lower by 0.2 percent or 50 points at 24,644.

In the previous session, Nifty 50 and Sensex staged a smart recovery in the last hour of trade, erasing sharp intraday losses, to eke out minor gains as possibilities of talks between U.S. and Russia lifted sentiment. Earlier in the session, the market took a sharp fall as U.S. President Donald Trump announced an additional 25 percent tariff on Indian goods, taking the total tariff rate to 50 percent.

Trump's move comes in response to New Delhi’s continued purchases of Russian oil and defence equipment. After the order, the total tariff on Indian goods, barring a small exemption list, will be 50 percent.

Here are the key levels to watch out for in today's session

Yesterday's intraday pullback and strong close indicate possible short-term momentum building up for the sessions ahead, as concerns over tariff impositions failed to dent overall market sentiment. The 24,500 level continues to act as a pivotal support zone, reflecting resilience among buyers.

Immediate support lies at 24,450, aligning with a previous demand zone. Unless breached decisively, any dip is likely to attract fresh buying interest. The Relative Strength Index (RSI) on the daily chart hovers around 40 but has started showing a positive divergence, hinting at easing bearish momentum. Intraday indicators also signal a reversal from oversold territory.

"The overall structure remains oversold, suggesting that any pullbacks may offer opportunities to initiate fresh long positions as optimism gradually returns," said Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities.

India VIX edged lower by 2.28 percent, closing at 11.68. Despite global tariff-related developments, implied volatility remains subdued and anchored near neutral territory. The persistent low VIX suggests the broader market is expecting consolidation rather than sharp downside risks, indicating that caution exists without panic.

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