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Early losses were largely a reaction to Wall Street's slump on Friday, but markets recouped most of their early losses as investors covered some short selling ahead of Tuesday's trading holiday. The robust GST collections for April also calmed the nerves of investors already facing the brunt of the ongoing war and volatile oil prices. Investors are also eagerly awaiting the outcome of the Federal Reserve's monetary policy announcement, scheduled for later this week. Benchmark Indies ended the volatile May 2nd session on a flat note, with selling seen in the capital goods, autos and IT indices. At the close, the Sensex was up 84 points to 56975 and the Nifty was up 33 points to 17069.
The Nifty is holding above the 16900 level, but at the
same time it is not showing sustained momentum. In short, the market is
consolidating within a broad trading range of 17300 and 17400. We may not see
any trending movement in the market unless it crosses above the 17500 level or
breaks through the 16900 level. A close below will become negative for the
market be. Also, the volatility index is well above the 20 level, which
suggests that the market will break the trading range in the near future.
Resistance: 17100, 17200, 17300
Support: 16900, 16800, 16700
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