Indian Stock Market Outlook for April 29, 2024
Indian equity markets are likely to open on a positive note on Monday, April 29, 2024, supported by strong Q4 earnings reported by several companies. The market will be closed on Wednesday, May 1, for Maharashtra Day.
Global markets have been volatile recently, and investors should remain cautious. The upcoming US Federal Reserve policy meeting on May 1 could significantly impact global markets.
Several companies, including ICICI Bank, Can Fin Homes, eMudhra, Gillette India, and Jana Small Finance Bank, are scheduled to announce their March quarter earnings on Monday. Investors will closely watch these results for further market direction.
Analysts expect the Nifty and Sensex to trade in the range of 22,000 – 22,800 and 72,500 – 75,000 this week. The bias remains positive as long as the Nifty sustains above its 50-DEMA level of 22,150.
Technical analysts recommend a 'buy on dip' strategy, with immediate support for the Nifty around 22,300 and the pivotal support of the bullish gap around 22,200.
Foreign Institutional Investors (FIIs) have been net sellers of stocks in recent weeks, while Domestic Institutional Investors (DIIs) have been net buyers. This trend could continue in the near term.
Asian markets were mixed on Monday morning, with Taiwan and Kospi up, while Straits Times was down. Japan's Nikkei was closed for a trading holiday. US markets ended higher on Friday, with Nasdaq leading the gains.
Gold futures consolidated around $2,330 levels, and Brent Crude Oil around $87.50 levels.
This information is for general knowledge only and should not be considered investment advice. Please consult a financial advisor before making any investment decisions.