Stock Market Overview: The Nifty-50 index concluded the week ending May 2 at 24,346.70, reflecting a positive weekly increase of 1.3%. The Bank Nifty reached 55,115.35, up by 0.8%. Meanwhile, sectors such as Realty, Pharma, and Autos were among the top performers, while Metals, FMCG, and Utilities saw the most declines. Overall, broader markets dipped slightly.
Monday’s Trade Setup
Nifty’s critical support level is at 24,200. If it remains above this, positive momentum may extend to 24,600-24,800. Conversely, falling below this threshold raises the likelihood of testing the 200-day SMA at 24,050, noted Amol Athawale, VP of Technical Research at Kotak Securities.
For Bank Nifty, the immediate breakout point is 55,800; a breach could lead to movement towards 56,100-56,500, Athawale added.
Global Market Insights and Q4 Earnings
The upcoming week is vital, with significant domestic and global events on the horizon. Investors will closely monitor tariff developments and geopolitical tensions with Pakistan. Macro data such as the HSBC Composite PMI and Services PMI Final will also be important. Furthermore, the Federal Reserve’s interest rate decision on May 7 will highlight discussions about future rate cuts, according to Ajit Mishra, SVP of Research at Religare Broking Ltd.
Prominent companies like M&M, Coal India, Asian Paints, L&T, Titan, Coforge, One 97 Communication, Pidilite Industries, and Dr. Reddy’s Labs will announce their quarterly results. Updates on global tariffs and trade will be closely monitored as well.
Stock Recommendations
Sumeet Bagadia, Executive Director at Choice Broking, has put forward two stock recommendations for today. Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi, has suggested three stocks, while Shiju Koothupalakkal, Senior Manager at Prabhudas Lilladher, has also presented three stock picks.
Sumeet Bagadia’s Stock Picks
- CarTrade Tech Ltd – Bagadia suggests buying at ₹1,768.2 with a stop-loss at ₹1,700 and a target of ₹1,900. The stock has demonstrated a strong bullish reversal, indicating a significant uptrend and a potential breakout.
CreditAccess Grameen Ltd – Recommended purchase at approximately ₹1,162.9, with a stop-loss at ₹1,125 and a target of ₹1,250. The stock is poised for a medium- to long-term uptrend.
