Sensex Prediction for Monday, May 4 by experts: The Indian equity markets are likely to witness a pivotal session as they reopen after a holiday-shortened week on Monday, May 4. The benchmark indices closed in the red last week, as persistent selling from the foreign institutional investors (FIIs) and higher crude prices weighed on market sentiment. Stock markets were closed on Friday, May 1, for Maharashtra Day.
However, new catalysts, ranging from assembly elections in five states – West Bengal, Assam, Tamil Nadu, Kerala and Puducherry – to a retreat in Wall Street’s main indices, giving up some of last week’s strong gains as renewed tensions between the United States and Iran dampened investor sentiment and raised concerns over the fragile ceasefire, will set the stage for a an expected volatile start tomorrow.
Sectoral performance remained broadly negative, with Metal, Capital Goods, Consumer Durables, PSU Banks, and Realty witnessing notable selling pressure, while Information Technology and selective Telecom segments showed mild resilience, indicating defensive buying in select pockets, Tailor stated.
Sensex Prediction for Monday, May 4 by experts
Experts said the near-term outlook for Sensex remains cautiously optimistic, with the index likely to trade within a defined range unless a strong trigger emerges.
Sensex Prediction for Monday, May 4 by Vipin Dixena
According to SEBI-registered analyst, Vipin Dixena, the Sensex continues to remain trapped in a broad sideways range between 77,450 resistance and 76,450 support, with price currently hovering near the midpoint and getting resistance from the 50 EMA.
“The recent bounce from the lower band shows short-term buying interest, but repeated rejection near 77,400–77,500 suggests supply remains active on rallies. RSI is oscillating around the mid-zone,” he said.
“As long as the index stays below 77,450, the structure remains range-bound to slightly weak with chances of another retest of 76,450; a breakdown below this can extend towards 76,000. Only a decisive breakout and hold above 77,500–77,600 can shift momentum back in favour of bulls,” Dixena suggested.
Sensex Prediction for Monday, May 4 by Hitesh Tailor
From a technical perspective, Tailor said the index continues to trade in a volatile consolidation range, reflecting lack of clear directional momentum.
“Immediate support is placed in the 76,000–76,200 zone, which may act as a crucial demand area on declines. On the upside, resistance is seen around 77,500–77,700, where selling pressure is likely to emerge and cap further upside,” the analyst stated.
The near-term outlook remains cautious with a slight negative bias, as persistent volatility and global uncertainties continue to influence sentiment, he said.
“While intermittent recoveries are visible, the broader trend suggests a wait-and-watch approach, with markets likely to remain range-bound in the short term,” Tailor concluded.
Key levels to watch on Monday, May 4
- Support: 76,000–76,450
- Resistance: 77,500–77,700
Broader markets, indices performance on Thursday, April 30
In broader markets, the BSE MidCap Select index dropped 0.84 per cent and the BSE SmallCap Select index declined 0.58 per cent. Among sectoral indices, metal tanked the most by 2.13 per cent, followed by PSU Bank (1.66 per cent), Realty (1.44 per cent), Commodities (1.36 per cent), FMCG (1.13 per cent), Financial Services (1.08 per cent) and Industrials (1.05 per cent).
A total of 2,532 stocks declined, while 1,649 advanced and 156 remained unchanged on the BSE.
(Disclaimer: The above article is meant for informational purposes only and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money-related decisions)
