Nifty 50, Sensex Price Outlook: Indian Stock Market Projections for May 4

Indian Stock Market Expected to Open Higher on Monday

The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open higher on Monday, tracking upbeat cues from global markets. The sentiment improved after US President Donald Trump announced an effort to free up ships stranded in the Strait of Hormuz to aid neutral countries in the US-Iran war.

The trends on Gift Nifty also indicate a positive start for the Indian benchmark index. The Gift Nifty was trading around 24,240 level, a premium of nearly 142 points from the Nifty futures' previous close. The Indian stock market was closed for trading on Friday for Maharashtra Day.

Recent Market Performance

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On Thursday, the Indian stock market ended lower, with the benchmark Nifty 50 closing below 24,000 level. The Sensex cracked 582.86 points, or 0.75%, to close at 76,913.50, while the Nifty 50 settled 180.10 points, or 0.74%, lower at 23,997.55.

Predictions for Sensex, Nifty 50, and Bank Nifty

Sensex continues to trade in a volatile consolidation range, reflecting lack of clear directional momentum. As long as Sensex is trading within this range, non-directional activity is likely to continue. If Sensex succeeds in trading above 78,300, the chances of reaching 79,200 would increase. However, while below 76,700, selling pressure is likely to accelerate.

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Nifty 50 formed a doji candle with shadows in either direction, highlighting intraday volatility as the index continues to consolidate around the 20 days EMA. For the week, Nifty 50 gained 0.42%. A small candle was formed at the lows on the daily chart with small upper and long lower shadow, indicating an emergence of buying from the supports.

Bank Nifty index ended 540.25 points, or 0.98%, lower at 54,863.35 on Thursday, forming a thin-body candle with a prominent lower wick on the daily chart, highlighting accumulation at lower levels. For the week, the index dropped 2.19% amid heavy selling pressure.

Key Takeaways

• The Indian stock market is expected to open higher on Monday, tracking upbeat cues from global markets.
• Sensex continues to trade in a volatile consolidation range, reflecting lack of clear directional momentum.
• Nifty 50 formed a doji candle with shadows in either direction, highlighting intraday volatility as the index continues to consolidate around the 20 days EMA.
• Bank Nifty index is trading below both its 21-day and 55-day EMAs, signaling that the broader technical posture remains under pressure.