Market Outlook for 03 May 2024

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

Nifty, Bank Nifty Levels and  FINNIFTY Levels: