Trade Setup For April 30: Nifty 50 Faces Key Resistance At 24,460–24,550 Levels
The NSE Nifty 50, which closed higher for a second day in a row on Tuesday, faces resistance at 24,460-24,550 levels, according to analysts.
The market may remain steady in the near term, as the Nifty 50 is yet to show a clear breakout above 24,550 levels, according to Rupak De, senior technical analyst at LKP Securities.
"On the lower end, support is placed at 24,250; a breach below this level could trigger increased selling pressure in the market," he said.
The frontline index created a "shooting star pattern on the daily chart", indicating selling pressure at higher levels, with 24,460 serving as a temporary resistance point, as per Hrishikesh Yedve, assistant vice president for technical and derivatives research at Asit C. Mehta Investment Interrmediates.
Sustaining above 24,460 level could lead to a rally toward 24,800–24,850, said Yedve, while adding that the key support lies at the 200-day simple moving average of around 24,050.
Bank Nifty, another keenly tracked index, has a strong supply near the 56,000 mark, while support is seen at 54,450, Yedve said. "The index is expected to consolidate between 54,450 and 56,000 in the near term, with a breakout on either side likely to determine the next directional move."
Market Recap
The Indian benchmark equity market indices ended higher for the second consecutive session on Tuesday. The NSE Nifty 50 closed 0.03% higher at 24,335.95 while the BSE Sensex ended 0.09% up at 80.288.38.
Reliance Industries Ltd.'s share price closed 2.26% higher at Rs 1,399.7 apiece, while Infosys Ltd. closed 1.04% higher at Rs 1,497.50 per share.
FII/DII Activity
Foreign portfolio investors stayed net buyers of Indian equities for the 10th straight session on Tuesday, as they obtained stocks worth Rs 2,385.61 crore.
Domestic institutional investors stayed net buyers for the second session in a row, mopping up equities worth Rs 1,369.19 crore, according to provisional data from the National Stock Exchange.
F&O Action
Nifty May Futures down by 0.1% to 24,429 at a premium of 94 points.
Nifty May futures open interest up by 3.5%.
Nifty Options April 30 Expiry: Maximum Call open interest at 24,500 and Maximum Put open interest at 24,300.
Put-Call ratio at 0.67, with highest change in Call open interest at24,400.
Securities in ban period: RBL Bank
Major Stocks In News
IndusInd Bank: Sumant Kathpalia resigned as the managing director and chief executive officer amid an accounting discrepancy row.
Praj Industries: The company partners with Thyssenkrupp Uhde to offer end-to-end integrated technology for production of Polylactic Acid.
State Bank of India: The bank will consider raising equity via qualified institutional placements, follow-on public offer and other modes on May 3.
Currency Market
The Indian rupee closed 22 paise weaker against the US dollar on Tuesday at 85.26, in contrast to a stronger close at 85.03 on Monday, according to Bloomberg.
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