Nifty 50, Sensex today: What to expect from Indian stock market in trade on March 4
Sensex gained 60.80 points, or 0.08%, to close at 73,806.15, while the Nifty 50 settled 39.65 points, or 0.18%, higher at 22,378.40. “The Nifty is resuming its bullish momentum after a period of two months of consolidation. 22,500 is an immediate target level, while 22,750 is the next target level.
Banknifty is gaining momentum and is likely to outperform from here. 47,500 is an immediate hurdle; above this, we can expect a move towards 48,000 / 48,800 levels," said Santosh Meena, Head of Research, Swastika Investmart Ltd. Also Read: Indian stock market: 8 key things that changed for market over weekend - Gift Nifty, Nikkei’s record high to oil prices Here’s what to expect from Nifty 50 and Bank Nifty today: The Nifty 50 index surpassed the 22,400 mark for the first time on March 2.
The index, however, closed marginally higher at 22,378. “The Nifty began on a positive note but struggled to withstand the selling pressure at higher levels, ultimately closing at the day's lowest point. Although the overall sentiment remains positive, the index must surpass the 22,400 mark to trigger a new rally.
A decisive breakthrough above 22,400 could propel the index towards 22,600," said Rupak De, Senior Technical Analyst, LKP Securities. On the downside, support is situated at 22,250 - 22,200, he added. Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — March 4 The Bank Nifty rose 11 points to close at 47,298 on Saturday.
“Bank Nifty remained range-bound throughout the day with low participation. Nevertheless, the overall sentiment remains positive as long as it stays above 42,000. A decisive breakthrough above 47,500 could potentially propel the index towards 48,200," De said.
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