Nifty Needs Breakout Above 24,350 As Traders Eye May 4 Opening Bell

he Nifty 50 closed April at 23,997.55, down 0.74%, while the Sensex ended at 76,913.50. Analysts suggest consolidation is likely unless Nifty breaks above 24,350. Traders will closely watch domestic political developments and global energy prices for cues.

Technical Outlook

Experts highlight that Nifty must sustain above 24,350 to move toward 24,600. Support levels are seen at 23,800 and 23,670, with deeper support at 23,500. The Bank Nifty closed at 54,863.35, down 0.98%, with near-term support at 53,500 and resistance at 55,550–56,000.

Sectoral Trends

Banking and financial stocks dragged indices lower, while IT and pharma provided partial support. Bajaj Auto (+5.19%), Sun Pharma (+1.76%), and Infosys (+1.29%) were notable gainers. Metals and FMCG stocks remained weak.

Global And Domestic Triggers

Crude oil prices surged to $114 per barrel, raising inflation concerns.

The rupee hit a record low of 95.33 against the US dollar, impacting import costs.

FIIs sold ₹13,771 crore in the cash segment last week, while DIIs bought ₹11,585 crore.

Five-state election results today could sway investor sentiment.

Key Highlights

•⁠  ⁠Nifty closed at 23,997.55; Sensex at 76,913.50

•⁠  ⁠Resistance at 24,350–24,600; support at 23,800–23,670

•⁠  ⁠Bank Nifty support at 53,500; resistance at 55,550–56,000

•⁠  ⁠Crude oil surged to $114/barrel; rupee at record low 95.33/USD

•⁠  ⁠FIIs net sellers, DIIs provided support

•⁠  ⁠State election results and Q4 earnings to guide near-term direction

Sources: MoneyControl, The Hindu BusinessLine, Goodreturns, 5paisa