Trade setup for the date: A long build-up was seen in 71 stocks. The major players were Bosch, Dr. Reddy’s, Navin, REC, and IndaMart.
Trade setup for the day
After achieving a record high, the market began rangebound trade and is projected to stay rangebound for several sessions based on chart patterns. Experts say the Nifty 50’s higher hurdle is 22,800 and its lower support is 22,500-22,400, which coincide with 10-day and 21-day EMAs (exponential moving averages). Breaking this range on either side can give the index firm direction in the coming days.
Benchmark indices ended the rangebound session positively on May 2. The BSE Sensex surged 128 points to 74,611, while the Nifty 50 rose 43 points to 22,648 and produced a bullish candlestick pattern with little upper shadow on daily charts.
“This chart pattern indicates rangebound action in the market near crucial resistance around 22,800,” said HDFC Securities senior technical research analyst Nagaraj Shetti. Rarely, range moves at the barrier have caused a short-term market correction.
He thinks Nifty’s short-term trend is rangebound. “Upsides from here may face resistance around 22,800. Nagaraj suggested a drop below 22,550 support might trigger more deterioration.
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Stocks in news
Coal India
The country’s largest coal mining firm’s consolidated net profit rose 25.8% to Rs 8,640.5 crore for the quarter ended March FY24 despite sluggish topline due to good operating statistics and lower input costs and staff expenses. Operations revenue declined 1.9 percent to Rs 37,410.4 crore for the quarter.
Coforge
Weak operating results hurt Coforge’s March FY24 consolidated net profit of Rs 229.2 crore, down 5.6 percent from the previous quarter. Operating revenue rose 1.5 percent sequentially to Rs 2,358.5 crore for the quarter.
Jubilant Pharmova selected Harsher Singh as the radiopharma CEO.
Ajanta Pharma
The specialty pharmaceutical formulation company’s consolidated net profit rose 66% to Rs 203 crore in the March FY24 quarter. The same period saw operations revenue rise 20% at Rs 1,054 crore.
MOIL
The company’s manganese ore production rose 22% to 1.60 lakh tonnes in April 2024, while sales rose 17% to 1.15 lakh tonnes.
Read more: Adani group declares dividend
