Will Nifty touch 24,600 levels today as India expedites trade deal with US? Check what Anil Singhvi says

To expedite its trade deal with the US, Zee Business citing a Bloomberg news reported that India has proposed zero tariffs on steel, auto components and pharmaceuticals on a reciprocal basis for a certain quantity of imports.

Nonetheless, in a case when imports exceed the given threshold then regular duty will apply on the imported industrial goods.

So, amid such developments, will India and the US strike a trade deal soon? Answering this, Zee Business Managing Editor Anil Singhvi opines that a step in the direction of the trade deal is extremely positive. Further, he noted that if the deal is finalised, it will be very good for India. Also, India will be able to draw huge benefits in both the short and long term by becoming the first country to enter into a trade deal.

FII, DIIs bumper buying another positive

Foreign Institutional Investors (FIIs) have bought Indian equities for thirteen straight days after two years. Similarly, both DIIs and FIIs have been buying for six consecutive days after one year. Singhvi noted that their exuberance continues despite the ongoing India-Pakistan tensions.

Will Nifty50 rise to 24,600 levels today?

Singhvi stated that from the lows of April 7, both Nifty and Bank Nifty moved in one direction. And amid this recovery, Nifty50 scaled its highest closing of 24,461 on Monday (May 5, 2025). He added that technically, the market set-up is very strong and weakness will be seen only if the bluechip index closes below 24,000.

24650-24850 is the upper target range for Nifty, he added.

For the Bank Nifty, he said that new momentum will be seen only if Bank Nifty closes above 55650 and 54175-54400 will act as a a big support on Bank Nifty.