Indian Stock Market witnessed a choppy day of trade as the indices traded in a narrow range throughout the day owing to the monthly F&O expiry day. Nifty metal index was up around 4.5% as its major heavyweights closed with strong gains. While other major indices closed almost flat in yesterday’s trading session. Now, Nifty 50 has to continue to hold above 14,800 zones to witness an up move towards 15,000 and 15,150 zones in coming days.
Stock Market Summary
Barometers traded sideways with modest gains in mid-afternoon trade. S&P BSE Sensex, jumped 32.10 points or 0.06% at 49,765.94. The Nifty 50 index gained 30.35 points or 0.20% at 14,894. Bank Nifty close -0.02% at 33714.50.
Trading was volatile as traders roll over positions in the F&O segment from the near month of April series to the May series. The April 2021 F&O contracts expired yesterday.
The broader market underperformed the benchmark indices. The S&P BSE Mid-Cap index fell 0.11% while the S&P BSE Small-Cap index added 0.65%.
Sellers outnumbered buyers. On BSE, 1,340 shares rose and 1,544 shares fell. A total of 177 shares were unchanged.
The Nifty PSU Bank slipped 1.32% to 2,072.90, snapping its five-day winning run. The index rallied nearly 8% in the past five days.
Canara Bank (down 2.66%), PSB (down 2.14%), Central Bank of India (down 1.51%), Bank of India (down 1.17%), Punjab National Bank (down 1.82%), SBI (down 1.64%) and Indian Bank (down 1.50%) were top losers in PSU Bank space.
JSW STEEL (up 9.59%), TATA STEEL (up 6.55%), BAJAJFINSV (up 6.54%), BAJFINANCE (up 3.68%) were major gainers of the day.
HEROMOTOCO (- 2.37%), EICHERMOT (-2.31), BAJAJ AUTO (-1.82) were major losers f yesterday.
Stocks to keep an eye on : Today Marico, IndusInd Bank and Yes Bank will publish their quarterly results. So traders should keep an eye on these stocks and stay safely in it. We have published.
technical view on above mentioned stock. Kindly click here to read the same.
Technical View on Indices
Nifty saw an explosive run-up from the past three days, which may have triggered market participants to book profit, leading to a slow downtrend. As seen on the 4-hourly chart, Nifty is trading above its first demand zone that ranges from 14755—14830 and also above the 50 four-hour simple moving average. All in all, the Nifty price looks bullish in the short term and could test an upside level of 15200 in coming days.
If the buyers produce a decisive close above 15050, it would signal a breakout and project up to 15200—15300. And if the sellers overwhelm the bulls, leading to a breakdown of 14700, then it will signal for the downside target of 15600—15500.
Long unwinding was seen in Nifty futures, with the decrease in the Nifty Open Interest Put Call ratio. Maximum CE open interest stand at 15000 followed by 15100 and maximum PE at 14800 indicates a range of trading in the upcoming session.
Nifty Futures strategy for the day
Resistance comes at 15050 and support lays down at 14800.
Fresh sell below 14800 for the target of 14700—14650 or else it could test its resistance level of 15050—15150 on the upside.
Bank Nifty faces steep resistance around 34200, a range-bound was seen throughout the day. Although unlikely in the short term, the bank’s nifty price is holding above its key moving averages. And it would signal breakout on the decisive close above the resistance level for the upside of 35000—35500. Invalidation of the bullish thesis will arrive upon the breakdown of 33200 and this could take the index to 31200 levels.
Nifty Bank Futures strategy for the day
Resistance at 34200 and Support at 33200
Strategy – Either buy above 34200 for the target of 34600—35030 or sell below 33200 for the downside target of 31500.
Top Stocks Recommendations for Today (30th April 2021)
Catch this counter around 160. On the upper side it can go up to 170 and then to 175 levels in the days to come.
Support and stop loss below 153.
The stock looks positive and closed above its resistance on the daily chart. Traders can buy on dip around 5450 for the upside move till 5600 and then to 5680 levels in days to come.
Support and stop loss below 5300 on a closing basis.
Traders can trade safely in above mentioned stocks and indices with levels only. More will update during the market hours to our WhatsApp and Telegram followers.
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