Market Wrap Of 2 May 2025

 Domestic equity benchmarks opened on a strong note, buoyed by favorable global cues, but ended the session flat amid profit booking. The Nifty 50 closed marginally higher by 12.50 points at 24,346.70, while the Sensex gained 259.75 points to end at 80,501.99.

• Technical View:

  • Nifty: Formed a spinning top on the daily chart, indicating indecision at higher levels. A strong green candle on the weekly chart, however, suggests underlying strength.

    • Resistance: 24,590

    • Support: 24,050 (200-Day SMA)

    • A breakout above 24,590 may take it to 24,800–24,850.

  • Bank Nifty: Ended flat at 55,115.

    • Formed a doji on the daily and a shooting star on the weekly chart – signs of uncertainty.

    • Resistance: 56,000

    • Support: 54,450

    • A fall below 54,450 could invite fresh selling; otherwise, range-bound between 54,450–56,000.

• Broader Market:

  • BSE Midcap: -0.4%

  • Smallcap: Flat

  • Advance/Decline: 1672/2122 (indicating broad-based weakness)

• Sectoral Performance:

  • Gainers: Media, Energy, IT, Oil & Gas (+0.3% to +0.7%)

  • Losers: Power, Metal, Telecom, Pharma, Realty, Consumer Durables (-0.5% to -2%)

• Top Nifty Gainers: Adani Ports, IndusInd Bank, Bajaj Finance, Reliance Industries, SBI

• Top Nifty Losers: JSW Steel, Eicher Motors, Bajaj Auto, Hero MotoCorp, HDFC Life