Nifty:22648.2/43.35/0.19%;Candle:OGD,Short day green; Bank Nifty:49231.05/-165.7’/-0.34% Candle: ;OGD,Doji, HB:OGD,Doji,1532,
Nifty :Supp Rest
Banknifty:Supp Rest .
Gift Nifty:% FII Long53%FutCash;-965;Opt87%
OI data Nifty ( max pain W22650M)
OI data Bank Nifty Nifty(max pain W M)
News:
Events/Results:
Titan Company, Britannia Industries, Tata Technologies, Aarti Drugs, Adani Green Energy, Aptus Value Housing Finance India, Godrej Properties, Inox Green Energy Services, Inox Wind, JSW Infrastructure, MRF, and Raymond will release March FY24 quarter earnings on May 3.
Kotak Mahindra Bank, Mahindra & Mahindra Financial Services, Avenue Supermarts, IDBI Bank, Birla Corporation, Jammu & Kashmir Bank, Kansai Nerolac Paints, Nagarjuna Fertilizers and Chemicals, and Zen Technologies will announce January-March quarter earnings on May 4.
The NSE has added Aditya Birla Fashion & Retail to the F&O ban list for May 3, while retaining Biocon and Vodafone Idea to the said list.
Market wrap up(DWM,T,N,E):The market, after hitting a record high, entered into rangebound trade and is expected to remain ranged for few more sessions given the chart patterns. The hurdle on the higher side for Nifty 50 is expected to be 22,800, and the support on the lower side is likely to be 22,500-22,400, which coincides with 10-day and 21-day EMAs (exponential moving average) respectively, hence the breaking of this range on either side can give firm direction to the index in coming days, experts said. On May 2, the benchmark indices closed the rangebound session on a positive note. The BSE Sensex rose 128 points to 74,611, while the Nifty 50 climbed 43 points to 22,648 and formed bullish candlestick pattern with minor upper shadow on the daily charts. “This chart pattern indicates a rangebound action in the market near crucial resistance around 22,800 levels,” said Nagaraj Shetti, senior technical research analyst at HDFC Securities. Similar range movements have been formed at the hurdle for few occasions in the past and that have eventually resulted in a short-term downward correction in the market. He feels the short-term trend of Nifty is choppy with rangebound action. “Any upside from here could encounter strong resistance around 22,800 levels. Immediate support is at 22,550 levels and a slide below the support could trigger some more weakness ahead,” Nagaraj said. Rupak De, senior technical analyst at LKP Securities, also feels, in the short term, the trend may continue sideways with potential to fluctuate within the range of 22,500-22,800. Meanwhile, volatility maintained upward journey and if it keeps increasing, then it may make the bulls uncomfortable in coming sessions. India VIX, the fear gauge, jumped 4.47 percent to 13.45 on May 2 and surged nearly 32 percent in last six consecutive sessions.
