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Stock market news: The Indian stock market remains closed on Thursday, May 1, to commemorate Maharashtra Day. Trading has been halted for both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). Equity benchmark indices Sensex and Nifty 50 traded within a limited range for the second straight session, finishing flat on Wednesday in a highly volatile environment due to increased geopolitical tensions and selling pressure on the Bajaj twins. Nevertheless, continued foreign fund inflows helped to limit the market's downturn.

The 30-share BSE benchmark index dropped by 46.14 points or 0.06 percent, concluding at 80,242.24. During the trading session, it reached a peak of 80,525.61 and fell to a low of 79,879.15, experiencing a fluctuation of 646.46 points. The Nifty 50 saw a slight dip, losing 1.75 points or 0.01 percent to settle at 24,334.20.

Vinod Nair, Head of Research at Geojit Investments, noted that the broader market has performed well this month, fueled by decreased tariff risks, a potential trade agreement between the US and India, and robust foreign institutional investor (FII) inflows. However, the upward momentum is being restrained by escalating tensions between India and Pakistan, as well as lackluster Q4 results.

This negative sentiment is likely to continue in the short term, but the long-term outlook remains optimistic due to the limited financial repercussions from the conflict. As a result, any consolidation in the market is expected to be seen as a chance for investment.

Nifty 50 has had a sharp run up but now it has taken a pause near 24,350-24,400 range indicating that now till this range is not taken off there can be some consolidation in the near term in the range of 24,000 to 24,000 levels. The FIIs has turned positive since last 11 trading sessions and they have bought up to 37,350 crores in the Indian Equities and this is a positive sign from the positional point of view.

Today, it’s a weekly expiry of Nifty 50 and 24,300 puts have highest OI, hence that is an immediate support and below that it will be 24,000 levels. On the upside, the Index is unable to take off 24,400 on a closing basis, so the range is 24,000-24,400 levels. So, the strategy should be either buy above 24,400 for the targets of 24,800 levels or buy on dips near 24,000 levels for the targets of 24,500 and 24,800.

Support: 24,300, 24,000 and 23,800

Resistance: 24,500, 24,800 and 25,000

Action: Buy on dips near 24,000 or above 24,400

Positional Targets: 24,800

Jay Thakkar of ICICI Securities recommends Godrej Properties Futures, KPIT Technologies Futures, and SRF Futures.

Godrej Properties share price has formed a base after a sharp cut in the price which was mainly on account of short built up, however, now there is a higher probability of short covering which can help the prices to bounce back and retrace its previous fall. The stock is now trading above its crucial resistance level of 2200 wherein there is highest call OI, so above this level there is a higher chance of call unwinding which can help the stock to bounce back and retrace its previous decline.

KPIT Technologies share price has witnessed significant correction from the higher levels mainly due to short built up but now the prices are moving up indicating a fair chance of short covering. The overall trend in IT and IT sector has been negative mainly due to recession worries in US because of Tarriff uncertainty, however, now since there has been an overall relief announced for 3 months until June end so the chances of a bounce back can’t be ruled out.

SRF share price has provided a breakout from the sideways consolidation mainly on account of short covering as well as increase in volumes. The stock is trading well above its 20-day VWAP as well as its max pain levels, hence the upside probability is higher.

Disclaimer: The Research Analyst or his relatives or I-Sec do not have actual/beneficial ownership of 1% or more securities of the subject company, at the end of 30/04/2025 or have no other financial interest and do not have any material conflict of interest.

The views and recommendations provided in this analysis are those of individual analysts or broking companies, not Mint. We strongly advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.

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