The Nifty ends 114 points higher while the Sensex was up by 295 points
Shrikant Chouhan,
Head Equity Research,
Kotak Securities
Mumbai, May 5, 2025: Today, the benchmark indices continued positive momentum, the Nifty ends 114 points higher while the Sensex was up by 295 points. Among Sectors, Defense, Auto and tourism indices gained over 1 percent whereas selective Banking stocks witnessed intraday profit booking at higher levels. Technically, after a gap up open market registered range bound activity. On daily charts it has formed small bullish candle and on intraday charts it is holding uptrend continuation formation.
We are of the view that, 24375/80500 would act as a key support zone for the trend following traders. Above the same, the market could move up to 24600-24675/81000-81300. On the other side, dismissal of 24375/80500 could trigger a quick intraday correction. Below the same, market could retest the level of 24300-24250/80200-80000.
According to Satish Chandra Aluri, Lemonn Markets Desk, Benchmark indices closed higher on Monday, helped by positive global cues from trade deal optimism to falling crude oil prices along with persistent foreign buying.
Markets opened stronger and traded higher throughout the session as optimism continued on the domestic and global front. News of likely early trade deals with the US along with falling oil prices brought cheer on the global front while earnings continued to roll in except for a few misses.
Broader Mid and Small caps also posted strong gains while Adani group companies got a boost after Bloomberg reported that Group representatives met the US Department of Justice to seek a dismissal of bribery charges. Only Bank stocks were down among major sectors weighed down by Kotak Mahindra bank after posting higher than expected provisions.
On the technical front, Nifty 50 closed above 24450 level after facing resistance near 24500 level. On the upside, expect 24500 to continue to act as an immediate resistance zone while 24300 acts as immediate support on the downside.
