Asia-Pacific markets extended rally on Friday as US Federal Reserve officials’ comments gave hopes for rate cuts, and on positive development in the trade side. The Nikkei 225 and KOSPI were trading 1.61% and 0.86% higher, respectively.

On Thursday, US share indices ended higher as White House indicated that the country will be able to conclude deals with important trading partners. The Dow Jones Industrial Average and S&P 500 ended 1.23% and 2.03% higher, respectively. The Nasdaq Composite ended 2.74% higher at 17,166.04.

The Bloomberg dollar index was trading 0.23% higher at 99.61. The Bloomberg spot gold was trading 0.33% higher at $3,360.44 an ounce.

The brent crude was trading 0.41% higher at $66.82 a barrel as of 6:41 a.m.

The GIFT Nifty was trading 0.05% or 12.50 points higher at 24,534.00

The NSE Nifty 50’s key resistance will likely be in the 24,350 range, while 23,800 will act as a major support, according to analysts.

The short-term market texture is bullish, but a fresh uptrend rally is only possible after the dismissal of the 24,350-resistance zone. Above this level, the market can move up to 24,450–24,500, according to Shrikant Chouhan, head of equity research at Kotak Securities.

“If the market falls below 24,200, we could see a quick intraday correction down to 24,100. Further downside may also continue, which could drag the market down to 24,000,” Chouhan said.

Bajaj Broking expects the Nifty to head towards 24,550, being the 61.8% retracement of the entire decline at 26,277–21743 levels, and then towards December 2024 high of 24,850 in the upcoming weeks. “Only a breach below Wednesday low at 24,120 will signal a pause in the current up-trend.”

“A breach below Wednesday low can lead to some consolidation in the range of 24,350–23,800. The major support is placed at 23,800 levels,” it said.

Bajaj Broking said the Bank Nifty’s key support base was placed at 54,000–53,500 levels, being the Monday’s gap area and the recent major breakout area.

FII/DII Activity

Foreign portfolio investors continued to remain net buyers of Indian equities for the seventh straight session on Thursday as they acquired stocks worth Rs 8,250.5 crore — the highest buying activity since March 27.

Domestic institutional investors remained net sellers for the third consecutive day as they sold equities worth Rs 534.5 crore, according to provisional data from the National Stock Exchange.

F&O Action

  • Nifty May Futures down by 0.3% to 24,375 at a premium of 129 points.

  • Nifty May futures open interest up by 26%.

  • Nifty Options April 30 Expiry: Maximum call open interest at 25,500 and maximum put open interest at 24,000.

  • Put-Call ratio at 0.72, with highest change in call open interest at 24,250.

Market Recap

The NSE Nifty 50 and BSE Sensex snapped a seven-session winning streak on Thursday. The NSE Nifty 50 closed 0.34% higher at 24,246.7, while the BSE Sensex ended 0.39% up at 79,801.43

Major Stocks In News

  • RBL Bank: The bank approved the re-appointment of Deepak Kumar as chief risk officer for one year from May 1.

  • Power Grid Corp: 85 MW Solar PV Power Plant in Madhya Pradesh starts commercial operation.

  • Container Corp: The company signed MoU with the Railways Ministry, Petroleum Ministry and GAIL to develop LNG infrastructure at various terminals of the company.

Currency Market

The Indian rupee closed 15 paise stronger at 85.27 against the US dollar on Thursday, compared to its previous close of 85.42 a dollar on Wednesday, according to Bloomberg.

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