Market Outlook for 03 May 2024

Ruchit Jain Ruchit Jain

Last Updated: 3rd May 2024 - 10:06 am

Listen icon

Nifty traded in narrow range with a positive bias in Thursday’s sessions while the banking index witnessed some correction. Nifty ended the day around 22650 with marginal gains, while the banking index corrected by about one-third of a percent.

Nifty Today:

Post the mid-week holiday, our markets witnessed a range bound move while stock specific momentum was seen on both the sides of the trade. FII’s have turned net buyers in the index futures segment and hence their long short ratio has improved to over 70 percent. The benchmark index is trading above its crucial supports while the RSI on the daily chart also is in buy mode. However, the momentum reading on the lower time frame chart is hinting at some correction within an uptrend which could be in form of a consolidation in the index. The immediate support for Nifty is placed in the range of 22500-22450, followed by short term support around 22300. On the higher side, a move above 22800 will lead to a continuation of this uptrend towards 23000 mark. Traders are advised to look for stock specific trading opportunities and trade with a positive bias. 
 

                                            Nifty turns lower ahead of weak global cues

Market Outlook for 03 May 2024

 

Nifty, Bank Nifty Levels and  FINNIFTY Levels:

  NIFTY Levels SENSEX Levels BANKNIFTY Levels FINNIFTY Levels
Support 1 22580 74380 49050 21770
Support 2 22500 74140 48880 21670
Resistance 1 22780 74830 49470 21970
Resistance 2 22860 75050 49700 22070
How do you rate this article?
Characters remaining (1500)

FREE Trading & Demat Account
+91
''
By proceeding, you agree T&C*
Mobile No. belongs to
hero_form

Market Outlook Related Articles

Market Outlook for 16 July 2024

by Ruchit Jain 13th Sep 2024

Market Outlook for 15 July 2024

by Ruchit Jain 15th Jul 2024

Market Outlook for 12 July 2024

by Ruchit Jain 12th Jul 2024

Market Outlook for 11 July 2024

by Sachin Gupta 11th Jul 2024

Market Outlook for 10 July 2024

by Sachin Gupta 10th Jul 2024

Disclaimer: Investment in securities market are subject to market risks, read all the related documents carefully before investing. For detailed disclaimer please Click here.

Want to Use 5paisa
Trading App?