Stock Market Today: Opening Higher, Key Levels for Nifty & Sen-sex, 6 Stocks in Focus

Stock Market Indian markets open positive! Get the latest trade setup for Nifty 50 and Sen-sex. Discover 6 hot stocks recommended by experts for buying or selling today – May 3rd, 2024.

Stock Market Today: Opening Bell Rings Positive, Key Levels for Nifty & Sensex, 6 Stocks to Watch

Indian stock markets opened higher on Friday, May 3rd, 2024, mirroring positive cues from global markets. The benchmark indices,Stock Market and Nifty 50, witnessed a positive opening, buoyed by gains in Asian peers.

Early Market Analysis

• Nifty 50: The Nifty 50 opened at 22,766.35, up 118.15 points (0.52%) from its previous close. Analysts predict the index to trade within the range of 22,500 and 23,000 for the day. A breakout above 23,000 could signal further upside potential.
• Sensex: The BSE Sensex jumped 406.71 points (0.55%) to 75,017.82 in the opening session. Experts anticipate the index to consolidate between 74,500 and 75,500. A decisive move above 75,500 could pave the way for further gains.

Trade Setup for Today

• Market Trend: Positive opening suggests a continuation of the recent uptrend.booking or any negative global cues could lead to volatility.
• Support & Resistance Levels:
  • Nifty 50: Support at 22,500, Resistance at 23,000
  • Sensex: Support at 74,500, Resistance at 75,500
• Focus on Sectors: Banking, FMCG, and select auto stocks are likely to remain in focus. Keep an eye on oil & gas and pharma sectors as well.

6 Stocks to Buy or Sell Today (as recommended by Experts)

Disclaimer: This information is provided by financial experts based on current market conditions. It should not be considered as investment advice. Please consult your financial advisor before making any investment decisions.

1. Bajaj Auto (Buy): Bajaj Auto is expected to benefit from the easing of supply chain disruptions and rising demand for two-wheelers.
2. Petronet LNG (Buy): Positive outlook for LNG prices and potential increase in import volumes could drive Petronet’s stock price.
3. NHPC (Buy): Focus on renewable energy and government initiatives could benefit NHPC.
4. Birla Corporation (Buy): The ongoing real estate upcycle is likely to favor Birla Corporation.
5. Jindal Steel & Power (Sell): Profit booking after recent gains and concerns over rising input costs might put pressure on JSPL’s stock.
6. BF Utilities (Sell): Valuation concerns and potential profit booking could lead to a correction in BF Utilities’ stock price.

Additional Factors to Consider

• Global Cues: Performance of US markets later today and global oil prices will influence domestic market sentiment.
• RBI Policy: Any further announcements or policy changes by the Reserve Bank of India (RBI) could impact market direction.
• F&O Expiry: The upcoming expiry of Futures & Options contracts on May 3rd could lead to increased volatility in the later part of the trading session.

Stay Updated Throughout the Day

This article provides a snapshot of the Indian on Stock Market the morning of May 3rd, 2024. Market conditions can change rapidly. It’s crucial to stay updated throughout the day by following reliable financial news sources and monitoring market movements.

Remember: Investing in the stock market carries inherent risks. Conduct thorough research, understand your risk tolerance, and consult a financial adviser before making any investment decisions.

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Additional Tips for Today’s

• Stay Updated: Keep yourself updated with the latest news and developments that might impact the market.
• Monitor Global Cues: Global market trends can significantly influence the Indian market.
• Manage Risk: Implement proper risk management strategies, such as stop-loss orders.
• Do Your Research: Conduct thorough research before investing in any stock.

By following these tips and staying informed, you can navigate the Indian stock market more effectively. Remember, the market is dynamic, and conditions can change rapidly. Always prioritise your own research and strategies before making any investment decisions.

Resource – Trade setup for stock market today: Experts say that the short-term trend of the Nifty 50 index is choppy with range-bound action