NIFTY OUTLOOK & OPTION CALL PUT TIPS FOR 02 APRIL 2024

FOR FUTURE/OPTION TRADING TIPS WHATSAPP ON 9039542248

Overview: The Indian stock market witnessed its third consecutive session of gains on April 1, with both the Sensex and Nifty reaching new highs. Investor sentiment remained bullish, fueled by strong global market performance and optimism surrounding India's reform path and political stability. Bargain hunting and positive momentum drove the indices higher, despite challenges such as delayed rate cuts and geopolitical tensions.

Key Metrics:

• Sensex: The Sensex closed at 74014, up 363 points or 0.49%.
• Nifty: The Nifty closed at 22462, up 135 points or 0.61%.
• Sectoral Performance: All sectoral indices saw gains, particularly in the metals sector. The BSE midcap index rose by 1.6%, and the smallcap index surged by nearly 3%.

Market Analysis:

• Nifty Outlook: The Nifty faces resistance between 22,601-22,750, with support levels at 22,201-22,000. The prevailing sentiment is bullish, with momentum aiming for 22,700. Investors are advised to adopt a "buy on dips" strategy.
• Technical Analysis: The Nifty registered a new all-time high of 22,529.95 and is expected to continue its upward momentum. A dip towards 22,400 – 22,350 could occur, presenting a buying opportunity.
• Bank Nifty: Bank Nifty broke out of sideways consolidation and is likely to continue momentum towards 47,850 – 48,000 in the short term. Minor pullbacks should be viewed as buying opportunities.

Conclusion: The onset of the new financial year marked a robust start in the Indian stock market, with the Sensex and Nifty reaching new highs. Investor optimism persists despite challenges, driven by strong global performance and domestic factors such as India's reform trajectory and political stability. The overall trend remains positive, with opportunities for further upside, particularly in sectors like metals and banking. Investors are advised to remain vigilant, utilize dips for buying, and closely monitor key support and resistance levels for trading decisions.

This report aims to provide insights into the market dynamics and assist investors in making informed decisions in the current scenario.