Today is the first trading session of the May series, and GIFT NIFTY is down 16 points, indicating a flat start for the market. On Tuesday, Nifty fell 97 points to close at 23,995. Talking about other key market factors, there are mixed signals from global markets. Crude oil prices continue their uptrend, and have now crossed the $111 level. Rising crude oil prices are a major negative factor for both the Indian economy and the stock market. Yesterday, FIIs sold ₹2,103 crore, while DIIs bought ₹1,712 crore. The Q4 results season is currently underway, and its impact is clearly visible.
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Category Share Name Action Target (₹) Stoploss (₹) CASH Garden Reach Shipbuilders Buy 3140 2753 FUTURES NHPC Buy 91 83 OPTIONS Sona BLW (600 CE) Buy 45 21 TECHNO BSE Buy 3850 3518 FUNDA Fedbank Financial Buy 165 145 IPL AWL Agri Business Buy 230 193 NEWS Canara HSBC Buy 214 200 MY CHOICE Go Digit Buy 327 312 MY CHOICE KEI Industries Buy 5100 4905 MY CHOICE Zydus Life Buy 930 902
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Category Share Name Action Target (₹) Stoploss (₹) CASH CEAT Buy 3586 3481 FUTURE Bandhan Bank Buy 188 175 OPTION ONGC (299 CE) Buy 10 2 TECHNO Hind Zinc Buy 628 609 FUNDA Voltas Buy 1600 (for 6 months) INVEST Bharti Airtel Buy 2100 (for 12 months) NEWS Dr Reddy’s Buy 1381 1340 MY CHOICE Star Health Buy 527 511 MY CHOICE Solara Active Buy 488 473 MY CHOICE Oil India Buy 508 492
Strong stir since the first day of May series
The series starts with a long weekend and a lot of excitement.
April 29 (today): Exit polls will be released from 6:00 pm onwards.
April 29 (today): Decision on US interest rates expected tonight
April 30 (Thursday): Monthly expiry of Sensex
May 1 (Friday): Market holiday
2-3 May: Weekend Holidays (Saturday and Sunday)
May 4 (Monday): Election results of 5 states
(West Bengal, Tamil Nadu, Assam, Kerala and Puducherry)
May 4 (Monday): Market reaction to the results announced over the weekend.
April series did wonders
In the April series, Nifty rose 1,664 points, and Bank Nifty gained 5,125 points.
Based on the data available to us from January 2022…
…This is the largest surge (in points) seen in any single series since that time.
At the beginning of the April series, we expected a strong uptrend.
4 times in the last 10 years, whenever the March series closed with a decline…
…So after that, a strong uptrend was seen every time in the April series. In March this year, Nifty fell 12.2% and Bank Nifty fell 17.6%.
And in April, the Nifty rose 7.5% and the Bank Nifty gained 10%.
Nifty is getting support in the range of 23,800–23,750.
Technical Research Analyst Om Mehra of Samco Securities said that after not being able to stay in the range of 24,200, the trend of decline in Nifty is continuing. Momentum indicators are showing a neutral trend, which suggests that there is not going to be any major directional movement in the market. There is pressure on the rupee, which is negatively impacting the entire market. For Nifty, immediate support lies in the range of 23800-23750, while resistance is seen in the range of 24200-24300.
