Share market in April: M&M, Axis Bank among top 5 gainers as Nifty gains 1%; HCL Tech, Kotak Bank among top 5 losers
RECord high of 75,124.28 on April 9 and the Nifty 50 scaled its fresh peak of 22,783.35 on April 30. The overall market capitalisation of firms listed on BSE rose to nearly ₹406.56 lakh crore on April 30 from nearly ₹386.97 lakh crore on March 28, making investors richer by nearly ₹20 lakh crore in a month. The undercurrent of the Indian stock market remains positive due to the bright outlook of the nation's economy, the prospects of political stability after the Lok Sabha election and the strong influx of domestic investors.
In the near term, geopolitical trends, macroeconomic numbers, and rate-cut expectations will influence the market movement. "Going ahead, the outcome of the US Fed meeting will likely set the intermediate market trend; hence, one must stay watchful of the key event. We remain sanguine with the near-term view, but a pragmatic approach would be prudent in the current scenario.
Also, avoid complacency and maintain exclusivity in the stock selection to achieve outperformance," said Osho Krishan, Sr. Analyst - Technical & Derivative Research, Angel One. Also Read: Zerodha’s Nithin Kamath hails Sebi’s move that boosts retail participation in bond market Krishan advises investors to maintain a positive stance and view dips as potential buying opportunities.
"Immediate support for Nifty will likely shift towards the 22,500 mark, followed by 22,400, coinciding with 20 DEMA. On the contrary, the lifetime high zone around 22,775 - 22,800 is expected to serve as immediate resistance before the index heads toward the 23,000 mark," said Krishan. Also Read: General Elections 2024: Will Nifty50 extend gains for 4th straight month in May? What strategy should investors use? Shares of Divi's Labs rose about 16 per
. Read more on livemint.com
