Nifty 50, Sensex today: What to expect from Indian stock market in trade on March 4

The trends on Gift Nifty indicate a flat-to-positive start for the Indian benchmark index. The Gift Nifty was trading around 22,510 level.

The domestic equity indices hit record highs on March 2 and ended the day marginally higher.

The Sensex gained 60.80 points, or 0.08%, to close at 73,806.15, while the Nifty 50 settled 39.65 points, or 0.18%, higher at 22,378.40.

“The Nifty is resuming its bullish momentum after a period of two months of consolidation. 22,500 is an immediate target level, while 22,750 is the next target level. Banknifty is gaining momentum and is likely to outperform from here. 47,500 is an immediate hurdle; above this, we can expect a move towards 48,000 / 48,800 levels,” said  Santosh Meena, Head of Research, Swastika Investmart Ltd.

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Here’s what to expect from Nifty 50 and Bank Nifty today:

Nifty 50 Prediction

The Nifty 50 index surpassed the 22,400 mark for the first time on March 2. The index, however, closed marginally higher at 22,378.

“The Nifty began on a positive note but struggled to withstand the selling pressure at higher levels, ultimately closing at the day’s lowest point. Although the overall sentiment remains positive, the index must surpass the 22,400 mark to trigger a new rally. A decisive breakthrough above 22,400 could propel the index towards 22,600,” said Rupak De, Senior Technical Analyst, LKP Securities.

On the downside, support is situated at 22,250 – 22,200, he added.

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Bank Nifty Prediction

The Bank Nifty rose 11 points to close at 47,298 on Saturday.

“Bank Nifty remained range-bound throughout the day with low participation. Nevertheless, the overall sentiment remains positive as long as it stays above 42,000. A decisive breakthrough above 47,500 could potentially propel the index towards 48,200,” De said.

According to him, support is identified at 47,000 on the downside.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.

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Published: 04 Mar 2024, 07:36 AM IST