03rd May 2024 | Nifty may look for sell side of 22,500-22,400

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NIFTY Prediction

Nifty started off in the red, it bounced back and steadied throughout the day, eventually finishing with a rise of about 43 points. This signals a period of consolidation following the selling pressure seen in the last trading session. Moving forward, the range between 22,700 and 22,800 marks a notable resistance level, while the zone spanning from 22,650 to 22,450 is a crucial support area in the short term. It’s expected that Nifty will likely remain within this range in the upcoming trading sessions.

BANK NIFTY Prediction

Bank Nifty witnessed follow-through selling pressure, leading to a decline of approximately 166 points and resulting in a red close. It is likely to undergo consolidation as well. Key support levels on the downside are positioned between 49,500 and 49,000, while resistance is anticipated in the range of 49,800 to 50,000. Overall, consolidation is expected in both indices.

CONCLUCSION

Opening may be decent, with some volatility (chances). Possibly Nifty may look for 22750 or so. Global cues may remain supportive. Today is last day before weekend.

Look forward for banks and financial institutions, space, aviation, IT (company wise), logistics, transport all the surfaces, power, automobile, automobile tyres, bakery and related segments may show some dips, chemicals, petroleum marketing companies, stock specific activities will be important, keep watch and trade/buy accordingly.

Crude oil may again remain around 80-85 USD. Which may give direct impact on Petroleum based segment like paints, automobile tyre, solvents, synthetic rubber, alcohol, sugar, textiles, leather, paper, and many more segments may remain active. Keep a watch on results of different companies.

Nifty may look for 22750. Buy on dips will be better.

Indian Currency

Indian Rupee may trade in between 83.00 to 83.70 per USD.

Stock Prediction

STOCK Good Above Weak Below
AARTIIND
 
 743 736
M&M 2205 2162
RELIANCE
 
 2950
 
 2925
SBIN
 
 834
 
 826
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