May 2, 2025 6:55 AM IST
Sensex Today | Editor’s Take: Prashant Nair’s View On Market
Last two days
SPX: +0.78%, Nasdaq +1.43%
US 10 year yield +5 bps to 4.22%
Dollar Index +0.92% to above 100
Brent Oil -3.8% to $61.86/bbl
TRADE SET UP
S&P500 reached its eighth consecutive day in the green
An eight-day rally in the S&P has only occurred seven times since 2004
ISM manufacturing (at 48.7) was stronger than expectations
US economy contracted in Q1 for the first time since 2022
On Wednesday: Earnings from Microsoft (+9%) & Meta (4%) were strong on their core underlying business
Last night: Amazon (-4%) posted in-line results, AWS +17%. Apple (-1.5%) posted a mixed set, China revs missed
Oil prices -9% in last 9 sessions as the Saudis pledge more supply
Market now shift focus to the NFP print tomorrow
Nifty resistance at the high of 24,457 & then 24,545 (61.8% retracement)
Nifty critical support level at 24,080
Bank Nifty closed negative for 2nd straight session
Bank Nifty resistance at 55,957 (Tuesday’s high)
Bank Nify support at 54,723 (Wednesday’s low)
