1 week Ago
Stock market news: The benchmark indices of the Indian stock market, Sensex and Nifty 50, are anticipated to open strongly on Monday, reflecting gains in global markets. The trends on Gift Nifty also suggest a positive opening for the Indian benchmark index. The Gift Nifty was hovering around the 24,259 level, indicating a premium of nearly 120 points compared to the Nifty futures’ previous closing.
On Friday, the domestic equity market concluded lower due to profit-taking, with the Nifty 50 maintaining the 24,000 level. The Sensex decreased by 588.90 points, or 0.
74%, finishing at 79,212.53, while the Nifty 50 closed down 207.35 points, or 0.
86%, at 24,039.35. Investors this week will focus on significant economic indicators, geopolitical issues, foreign institutional investor (FII) activities, and conversations regarding possible trade agreements between the US and its trading partners.
According to analysts, the period from April 28 to May 2, 2025, is expected to deliver another wave of important economic reports that may influence global market trends and investor confidence. Technical views by Rupak De, Senior Technical Analyst, LKP Securities on F&O market: Nifty 50 Nifty 50 has broken down after a period of consolidation on the daily chart, pointing to growing bearish pressure. The index slipping below its 200-DMA is another red flag, hinting at a possible shift back into a downtrend.
Sentiment remains fragile, with a clear risk-off mood ahead of the weekend amid rising India-Pakistan tensions. In the near term, sentiment is likely to steer the market lower. Key support levels to watch are 23,800 and 23,515.
Open Interest Analysis: Significant open interest additions were observed in 23,800 Puts and 24500 Calls; however, Put writing was relatively muted on Friday. Maximum OI build up was seen at 24,500 CE. Meanwhile, substantial put writing at the 24,000 strike.
Strategy: Weakness might increase below 24,000. Trade: Buy Nifty 50 30 Apr 23,900PE Above 160 TGT 220 SL 130. Sell Container Corporation of India Ltd (CONCOR) below ₹ 675 | Target: ₹ 650 | Stop-Loss: ₹ 690 CONCOR share price has broken down from a consolidation phase on the daily chart, indicating a rise in bearish sentiment.
Additionally, the price was rejected near the upper boundary of the previous consolidation range, reinforcing weakness. Overall sentiment appears negative, with scope for further downside. A short position may be initiated on a break below ₹ 675, with a downside target of ₹ 650.
A stop-loss is advised at ₹ 690. Buy Tata Consultancy Services (TCS) around ₹ 3,434 | Target: ₹ 3,700 | Stop-Loss: ₹ 3,200 TCS share price has recently exhibited a bullish breakout from a consolidation zone, suggesting a shift in trend following a prolonged corrective phase. Technical indicators such as the RSI show a bullish crossover and continue to strengthen.
The stock appears well-positioned for an upward move in the short term. A long position may be considered around ₹ 3,434, targeting ₹ 3,700, with a stop-loss at ₹ 3,200 to manage downside risk. Sell Bandhan Bank around ₹ 168 | Target: ₹ 160 | Stop-Loss: ₹ 173 Bandhan Bank share price has declined sharply after a consolidation phase on the daily chart, indicating heightened selling pressure.
The stock also faced rejection from the 200-day moving average, further confirming the bearish outlook. The RSI is displaying a bearish crossover and is emerging from oversold territory, suggesting the possibility of continued weakness. A short position may be considered around ₹ 168, with a target of ₹ 160 and a stop-loss at ₹ 173.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions..
