When the market opens on Monday, May 4, investors will keep an eye on the peace talks between America and Iran. Apart from this, factors like fourth quarter results of companies like Tata Tech and BHEL and buying and selling by foreign investors will also decide the market movement. Let us understand what can happen in the market this week… Support and Resistance Support Zone: 23,936 | 23,870 | 23,820 | 23,466 | 23,335 | 22,858 Support i.e., the level where the stock or index gets support from falling down. The price does not go down easily due to increase in purchasing here. There may be a buying opportunity here. Resistance Zone: 24,140 | 24,380 | 24,450 | 24,480 | 24,535 | 24,646 Resistance i.e., the level where there is a hindrance in the stock or index going up. This happens due to increase in sales. There is hope for an uptrend after crossing the resistance zone. Note: Support and resistance levels are as per the report of Wealth View Analytics. Now 5 factors which can decide the direction of the market… Last week was a day of huge ups and downs for the Indian stock market. On Thursday, Sensex and Nifty had fallen by more than 0.7%. The market remained closed on Friday due to Maharashtra Day, but during this period many big developments have taken place at the global level. 1. The market will depend on Trump’s stance on peace talks. On Saturday, Iran sent a new peace proposal to America, which includes 14 major points. US President Donald Trump said that he would review the proposal himself. Trump also said that Iran has not yet paid an adequate price for what it has done to humanity and the world in the last 47 years. His statement indicates that the deal will not be so easy. 2. Fourth quarter results of companies: Fourth quarter results of companies like Tata Technologies, Tata Chemicals, BHEL, Godrej Properties and Ather Energy will be announced. On Saturday, D Mart and Kotak Bank had declared the results. There may be movement in the shares of these two companies on Monday. 3. Selling by foreign investors Foreign institutional investors (FIIs) are continuously withdrawing money from the Indian market. In the month of April, he sold shares worth a total of Rs 70,135 crore. However, domestic investors (DIIs) are trying to support the market. He has purchased shares worth Rs 51,063 crore during this period. 4. Rupee crosses 95 against dollar On Thursday, the Indian rupee reached its lowest ever level of 95.33 against the dollar. The rising prices of crude oil have increased the concern of investors, due to which there is pressure on the rupee. Experts believe that if geopolitical tensions ease, the rupee may gain some strength. At present, the level of 94.50 will act as a support. 5. Technical View Akash Shah, Technical Research Analyst, Choice Broking said that looking at the price action, it seems that the market may remain in a range with a slight positive trend. On the upside, resistance is visible in the market at the levels of 24,350 and 24,600. On the downside, support is visible at 23,900 and 23,550. If the market falls below 23,500, selling pressure may increase further. In the current situation, traders should maintain discipline and strictly follow the stop-loss. Ponmudi R, CEO of Enrich Money. According to , the level of 77,500-78,000 still remains a major hurdle for the Sensex on the upside. At the same time, in case of a decline, the level of 76,300–76,000 will provide immediate support. The index is currently in a wait-and-watch situation. On Thursday, Sensex closed down by 583 points. Last week was a day of huge ups and downs for the Indian stock market. On Thursday, Sensex and Nifty had recorded a decline of more than 0.70%. In the business, there was maximum buying in IT shares, while there was maximum selling in metal and government bank shares. The market remained closed on Friday due to Maharashtra Day. Disclaimer: This article is for information only. The opinions and advice given above are of individual analysts or broking companies and not of Dainik Bhaskar. We advise investors to consult certified experts before taking any investment decision.
Source link
[ad_3]
Investors’ eyes fixed on US-Iran peace talks: 23,900 important support for Nifty; This week 5 factors will decide the market movement
