Nifty April expiry remained flat around the 5,200. Few pending positions in the Nifty 50 index components led to a flat expiry. Mid-cap stocks witnessed selling pressure on account of pending rollover positions. For the may series we expect the index to trade in the range of 5,100-5,500.
Initially some consolidation is expected in the range of 5,100-5,200 which should be followed by a rally to 5,500 levels. We remain positive on the Auto (4-wheeler) and Information Technology space. Banking stocks are expected to witness some selling pressure which can be used accumulate long positions. Sustain below 5,050-5,100 will result in selling pressure in the broader market.
Initially some consolidation is expected in the range of 5,100-5,200 which should be followed by a rally to 5,500 levels. We remain positive on the Auto (4-wheeler) and Information Technology space. Banking stocks are expected to witness some selling pressure which can be used accumulate long positions. Sustain below 5,050-5,100 will result in selling pressure in the broader market.
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