Nifty 50, Sensex today: What to expect from Indian stock market in trade on May 3

The Indian stock market indices, Sensex and Nifty 50, are expected to open higher on Friday tracking positive global market cues.

The trends on Gift Nifty also indicate a positive start for the Indian benchmark index. The Gift Nifty was trading around 22,890 level, a premium of nearly 115 points from the Nifty futures’ previous close.

On Thursday, Indian stock market indices ended with modest gains amid mixed global cues after the US Federal Reserve’s monetary policy outcome.

The Sensex gained 128.33 points, or 0.17%, to close at 74,611.11, while the Nifty 50 settled 43.35 points, or 0.19%, higher at 22,648.20.

Nifty 50 formed a small positive candle on the daily chart with minor upper shadow.

“This chart pattern indicates a range bound action in the market near crucial resistance around 22,800 levels. Similar range movements have been formed at the hurdle on a few occasions in the past and that have eventually resulted in a short-term downward correction in the market," said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities.

He believes the short-term trend of Nifty is choppy with range bound action. Any upside from here could encounter strong resistance around 22,800 levels. Immediate support is at 22,550 levels and a slide below the support could trigger some more weakness ahead, he added.

Also Read: Indian stock market: 6 key things that changed for market overnight - Gift Nifty, Apple earnings to US jobless claims

Here’s what to expect from Nifty 50 and Bank Nifty today:

Nifty OI Data

Coming to the Nifty Open Interest (OI) Data, on the call side, the highest OI observed at 22,700 followed by 23,000 strike prices while on the put side, the highest OI is at 22,500 strike price, noted Deven Mehata, Research Analyst at Choice Broking.

Nifty 50 Prediction

The Nifty 50 index shifted into a range bound action with positive bias on May 2 and closed the day higher by 43 points.

“The Nifty closed marginally higher after a volatile trading session. On the hourly chart, it formed a lower peak, indicating a decrease in bullish sentiment. The momentum indicator has crossed into bearish territory, suggesting weak momentum," said Rupak De, Senior Technical Analyst, LKP Securities.

In the short term, he believes the trend may continue sideways with potential to fluctuate within the range of 22,500 - 22,800.

Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — May 3

Bank Nifty Prediction

The Bank Nifty index fell 166 points to close at 49,231 on Thursday.

“The Bank Nifty index experienced a sideways trading session, yet the overall sentiment remains bullish, supported by strong buying interest. Key support is noted at 49,000, where the highest open interest lies on the put side. Immediate resistance is seen at 49,600, and a decisive breakthrough would signal a continuation of the uptrend toward levels around 50,000 to 51,000," said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.

The index is maintaining a pattern of higher highs and higher lows on the daily chart, indicating the persistence of the uptrend, Shah added.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.

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