May 2, 2023
If you're planning to trade in the stock market, it is essential to be informed about the latest market trends and news. Here are the top 15 things you need to know before the opening bell:
83 stocks including Aarti Industries, Syngene International, IndiaMART InterMESH, Laurus Labs, and IDFC First Bank, saw long build-ups based on the OI percentage.
Equity benchmarks showed a strong uptrend on April 28, with the BSE Sensex rising above 61,000 levels, and Nifty above the 18,000 mark for the fifth straight session.
Gains were seen across sectors with IT leading with a 1% rally.
A long bull candle was formed on the daily chart with a minor lower shadow, indicating a continuation of upside momentum with strength.
After the formation of the higher bottom on April 21, the market is on an upward journey. This signals the negation of the previous bearish pattern like lower tops and bottoms and the resumption of a positive pattern like higher tops and bottoms.
The short-term uptrend of Nifty remains intact, and the market is expected to reach up to the next resistance of 18,200-18,300 levels in the next week.
For the week, both these benchmark indices gained 2.5% each.
The Nifty Midcap 100 and Smallcap 100 indices remained strong on positive breadth, rising 1.2% and 0.8% respectively.
India VIX reached a 40-month low of 10.95 levels, down 4.17% from 11.43 levels.
The market was shut on May 1 for Maharashtra Day.
Key support and resistance levels on Nifty indicate that the Nifty may get support at 17,935, followed by 17,887 and 17,809. If the index advances, 18,091 is the initial key resistance level to watch out for, followed by 18,139 and 18,217.
The Bank Nifty maintained its upward journey for five days in a row, climbing half a percent to 43,234 and forming a bullish candlestick pattern on the daily scale, making higher highs formation for the seventh consecutive session.
On the higher end, Bank Nifty might move towards 43,300-43,500 over the near term.
On the weekly options front, the maximum Call open interest (OI) was at 18,000 strike, with 62.09 lakh contracts, followed by 18,200 strike, comprising 61.98 lakh contracts, and 18,300 strike, with more than 61.2 lakh contracts.
The maximum Put open interest was at 18,000 strike with 93.6 lakh contracts, followed by the 17,800 strike, comprising 80.59 lakh contracts, and the 17,900 strike where there were 70.11 lakh contracts.
In summary, the stock market has been showing positive trends, and investors should consider key resistance and support levels on the Nifty and Bank Nifty. Additionally, keeping an eye on the weekly options front and stocks with a high delivery percentage can help make profitable trades.
Disclaimer: The information provided is for educational and informational purposes only and should not be construed as financial or investment advice.
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