Mumbai, May 3 (IANS). The benchmark index closed with a slight lead in the highly unstable session on the last trading day last Friday. Market experts said on Saturday that geopolitical tension, tariff related developments, fourth quarter income session and major US economic data could lead to instability in the market.
The Nifty opened strong on Friday and reached the first part of the session at Intrade High of 24,589. However, profits at high levels ended the profit, causing the index to close almost flat.
The Nifty finished the day’s turnover of 12.50 points or 0.05 percent at 24,346.70.
A note of Bajaj Broking Research states, “This week the BSE Sensex increased by 1.6 percent, while the Nifty increased by 1.2 percent. The BSE midcap index declined by 0.4 percent and the smallcap index was flat.”
Media, Energy, IT and Oil & Gas registered a growth of 0.3–0.7 percent on the sectoral front. On the other hand, Power, Metal, Telecom, Pharma, Reality and Consumer Durables sector recorded a decline of 0.5 to 2 percent.
According to SAMCO Securities derivatives Research Analyst Dhupesh Dhemeja, the Nifty is continuously indicating hedging at high levels, repeatedly retreating from significant resistance areas and creating intraday fake-outs, indicating a period of consolidation between faded speeds.
This is the seventh consecutive season when the Nifty has been locked in the unstable range. The index has failed to remove overhead resistance, which outlines the constant supply pressure and caution in the wider market mood.
According to Bajaj Broking Research, proceeding, the Nifty is expected to carry forward the consolidation in the 24,550–23,800 range. 23,800 is the low -foul level of the previous week and the recent breakout sector meeting point. While 24,550 levels are 61.8 percent retracement of complete decline (26,277-21,744).
On behalf of Bajaj Broking Research, it said, “We believe that the existing consolidation index will help in dealing with the overbott situation developed after a recent strong rally. Stock will be focused on special action as well as proceeding in the fourth quarter income session.”
After a strong rally of 5,500 points or 11 percent in the last 6 sessions, the Bank Nifty Index is seen consolidating in the 2,000 points range in the last 6 sessions.
Analysts said, “The continuous move above the recent high level of only 56,098 can move towards the level of 56,800 in the coming weeks. At the bottom, the main support between 54,000-53,500 is being seen.”
-IANS
SKT/KR
