Domestic markets are expected to open positively on the last day of April as global stocks maintain bullish momentum. Analysts expect the trend to continue at the open. With the market closed on Wednesday (May 1), analysts expect profit taking in the later part of the day. 

According to Prashanth Tapse, Senior VP (Research), Mehta Equities, optimism due to cooling of US bond yields and letdown in West Asia conflict coupled with a drop in crude oil prices. “With the polling season on, the market is hoping for a clear mandate in favour of the ruling party. The two-day Fed’s monetary policy meeting starting Tuesday will be closely watched by global investors, although markets doesn’t expect any change in the policy outcome,” he added. 

Gift Nifty at 22,800 suggests that Nifty may see a gap-up opening of about 50 points.  

Siddhartha Khemka, Head of Retail Research, Motilal Oswal Financial Services Ltd, said: “We expect Nifty to continue its positive trend, on the back of a healthy earning season and macro data. Investors will watch out for European consumer Confidence data & China Manufacturing & Non-Manufacturing data on the economic front.” 

Equities across Asia-Pacific region are up in the region of 0.3-2.5 per cent. 

Mandar Bhojane, Research Analyst, Choice Broking, said: Looking ahead to May, historical data indicates that Nifty has closed positively in 7 out of 10 instances in the past decade, with an average return of 2.3 per cent.  

“Current technical and derivative analyses support the idea of Nifty reaching all-time highs of 23,000 and potentially 23,500 in the upcoming month. The Relative Strength Index hovering around 60 suggests strong momentum in the index. Moreover, the price is finding support from the 20-day Exponential Moving Average (EMA) and is trading above all key EMAs, indicating bullish sentiment,” he added. 

He said that analysis of Nifty Put options reveals a concentration of Open Interest (OI) at the 22,500 level, suggesting potential support during the ongoing expiry. Conversely, significant OI concentrations on the Call side are observed at the 23,000 level.

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