Market Outlook for 02 May 2024

Nifty traded with a positive bias ahead of the mid-week holiday and registered a new record high of 22783. The Bank Nifty too rallied higher and was marginally short of touching the 50000 mark for the first time. However, we suddenly witnessed a sharp correction in the last hour of the trade and both the indices gave up the intraday gains and ended marginally negative.

Nifty Today:

Nifty registered a new record high in Tuesday’s session along with the banking index which remained marginally short of touching the 50000 mark for the first time ever. However, owing to the mid-week holiday and the US Fed meet, we witnessed profit booking before market closing. The broader trend continues to be positive, but the RSI oscillator on the lower time frame chart on Nifty has given a negative crossover which hints at a possible correction within an uptrend. It would be crucial to see how the market reacts post the mid-week holiday and in case of any correction, it could approach the immediate support which is placed around 22450. On the higher side, Tuesday’s high coincides with the previous swing high and a move above the same (22784) will result in a continuation of the trend towards 23000 mark. Traders are advised to trade with a positive bias, but also prefer some profit booking at higher levels.

 

                                            Nifty turns lower ahead of weak global cues

Nifty, Bank Nifty Levels and  FINNIFTY Levels: