Market Outlook for 02 April 2024

After the extended weekend, Nifty started the new financial year on a positive note and it registered a new record high of 22530. The index then consolidated within a narrow range throughout the day and ended below 22500 with gains of six-tenths of a percent.

Nifty Today:

Markets have started the new Financial Year 2024-2025 on an optimistic note as the index registered a new record high. Even the stocks from the broader markets have witnessed good buying interest in last couple of trading sessions. During last week, lesser short positions were rolled over in the derivatives segment from the March series to April series. The RSI oscillator on major indices such as Nifty, Bank Nifty and the Midcap index are positive and hence, the broader trend remains positive.

In the options segment 22500 call option have the highest open interest amongst call options so far. One should keep a close watch on this as any significant build up could result in some range bound sessions. However, a continuation of the upmove above 22530 could result in a rally towards 22700-22750 as per the retracement theory. On the lower side, 22300-22250 is seen as the immediate support and incase of any intraday dips, traders are advised to look for buying opportunities.

                                 New Financial Year starts on an optimistic note, Nifty hits new record  

Amongst sectoral indices, the Metals and the Realty indices have formed new highs at the start of the new series and the trend seems to be positive. Thus, traders can look for stock specific buying opportunities from these sectors from a short term perspective.

Nifty, Bank Nifty Levels and  FINNIFTY Levels: