Domestic benchmark indices open higher on Friday’s trade. BSE Sensex trader at 75,066.38, higher by 455.27 pts or 0.61 per cent as of 9.27 am; and Nifty 50 traded at 22,782.05, up 133.85 pts or 0.59 per cent.
Nifty scaled to a new high at 22,787.
- Also read: Day trading guide for May 03, 2024: Intraday supports, resistances for Nifty50 stocks
All sectoral indices except IT traded in green. Nifty IT slipped 0.16 per cent to trade at 33,149.15 as of 9.21 am. Nifty financial services rose over 1 per cent. Nifty bank was up 0.66 per cent at 49,557.50.
Shrikant Chouhan, Head Equity Research, Kotak Securities, said that the market has been witnessing range-bound activity between 22300 and 22800 levels. “However, crossing 22800 will be positive for the market. Below 22500, it would find support at 22400 and 22300 levels. The strategy should be to reduce long positions between 22700 and 22800 levels. Fresh buying is advisable either above 22800, which could lift the index to 23000 levels or if it falls to 22450-22500 levels,” Chouhan stated.
For bank nifty, he said that the resistance would be at the 49500 and 49800 levels.
Stocks to watch
Major stocks that gained on the NSE as of 9.23 am were Bajaj Finance (5.99 per cent higher), Bajaj Finserv (4.74%), NTPC (2.52%), Shriram Finance (2.11%), and ONGC (1.79%). Meanwhile, Adani Enterprises (-0.87%), Bharti Airtel (-0.44%), Tech Mahindra (-0.42%), HDFC Life (-0.36%), and L& T (-0.33%) were the major laggards.
The major stocks that hit a 52-week high on the NSE include Ajanta Pharma (10.51%), Arrow Green (8.28%), Max Estates (5.37%), DB International (4.96%), Sobha (4.77%), and Cholamandalam Investment (2.95%).
