Market Outlook for 03 April 2024

The indices consolidated in a narrow range in Tuesday’s trading session after forming a new record high on the previous day. However, there was no negative sign as the index recovered from the intraday low and ended the day around 22450 with a negligible loss.

Nifty Today:

In last few trading sessions, Nifty has seen an upmove led by the index heavyweights. But it was now turn for the broader markets as the midcap and the small cap index were still away from their respective all-time highs which propelled stock specific buying interest. There are no negative signs as of now as the short term uptrend remains intact. It’s just that the yesterday’s record high is around the previous high of 22525 and there has been open interest addition seen in the 22500 call option. Thus, the index consolidated for the day and it could trade within a range for one or two sessions. On dips, 22300 would be seen as the immediate support while a move above 22530 could lead to a continuation of the upmove towards 22700-22750. Hence, traders are advised to trade with a positive bias and look for stock specific buying opportunities

                              Nifty consolidates while broader market shines

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Nifty, Bank Nifty Levels and  FINNIFTY Levels: