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Below the Coming week's market report from Arvinder Singh Nanda, Senior Vice President, of Master Capital Services Ltd.

The benchmark indices ended the week on a mixed note. Frontline Indices Nifty rose (+0.25%) ending the week above 22,450 while Sensex rose (+0.20%) ending the week above 73,850. Nifty and Bank Nifty hit their respective all time high at 22,794 and 49,974 respectively. Power, PSU, Auto indices were the top gainers rising 3.33%, 3.09% and 2.42% respectively. Media, IT and Realty were the top losers falling 3.13%, 2.25% and 0.66% respectively. M&M, Power Grid Corp, Grasim India was Top Nifty Gainers. Larsen & Toubro, Maruti Suzuki, Nestle India were Top Nifty Losers. FII were net sellers this week selling stocks worth Rs 2,115 cr and DII were net buyers buying this week stock worth Rs 2,121. Gold fell for the second consecutive week closing at 70,668 delivering a loss of (-1.16%) whereas crude fell  (-6.47%) closing at the 6546.
The crude oil inventory rose by 7.26 million barrels as compared to an expected a fall by 2.30 million barrels.

The Indian indices ended the week on a sideways note.  Nifty 50 majors Tata Chemicals Ltd, UltraTech Cement Ltd, Indian Oil Corporation Ltd, Adani Enterprises Ltd, Adani Ports & Special Economic Zone Ltd, Coal India, Dabur, Britannia Industries Ltd,MRF Ltd, Titan Company Ltd posted Q4FY24 results. India’s manufacturing activity witnessed a dip in April from the 16-year high in March. India’s manufacturing PMI fell to 58.8 in April from 59.1 in March. Infrastructure Output (YoY) (Mar) which describes the  growth rate of eight core sectors in India increased by 5.2 per cent as compared to 7.1 per cent in February.  

Global market indices mainly US and UK ended the week on a bullish note with Dow Jones and FTSE  rising (+1.14%) and (+0.90%). The  Federal Reserve held interest rates steady on May 1 citing limited progress on the inflation objective (to attain the 2 percent target).Nonfarm payrolls data which measures the change in the number of people employed came out to be 1,75,000 as compared to 3,15,000 in March easing concerns the Federal Reserve would keep interest rates higher for longer. The Nationwide HPI (YoY) (Apr) of the U.K. which is used to reflect the average change of house prices across the country came out at 0.6% as compared to 1.6% in previous year indicating fall in the housing prices in the U.K.

Throughout the week, the key benchmark indices, Nifty and Sensex, maintained a flat trajectory, marking the fourth consecutive week of little movement. At the close of trading, the Sensex recorded a marginal uptick of 147.99 points or 0.20 percent, reaching 73,878.15, while the Nifty edged up by 55 points or 0.25 percent to settle at 22,475.80.

The sector-wise performance showcased predominantly positive trends, with notable gains observed in PSU Banks, Metals, and Pharma sectors. Conversely, the IT and Media sectors experienced selling pressure over the week.

In Nifty, the immediate resistance is identified within the 22,600-22,700 range, characterized by notable call writing activity in the options market. Conversely, immediate support is observed at the 22,300 mark, with a breach below potentially amplifying downward momentum. Technically, the Nifty 50 has demonstrated resilience around the 22,300 level, suggesting a potential upward trajectory towards the 22,700-22,800 levels following the ongoing consolidation phase, provided the index maintains closure above this level. However, a break below 22,300 could lead to a downward movement towards the 22,000 level.
The Bank Nifty has recently slipped beneath the crucial 49,000 level and breached an upward sloping resistance trendline, which previously provided support over the last two sessions. This decline amounted to 308 points, bringing the index to 48,924. However, it managed to hold above the 10-day EMA at 48,683, serving as immediate support. Subsequently, the 21-day EMA at 48,270 is another level to watch, potentially offering support if tested. On the upside, immediate resistance is expected within the range of 49,200 to 49,300. Key support levels are positioned at 48,400 to 48,300, crucial areas to monitor for potential shifts in market sentiment

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