Market witnesses range bound activites

Mumbai, May 3: In today's market outlook, largely propelled by Federal Reserve Chairman Jerome Powell's reassuring stance on interest rates. Positive indicators include heightened buying activity from both FIIs and DIIs, coupled with WTI oil's decline below $81 per barrel. The removal of restrictions on Bajaj Finance's eCOM adds to the upbeat market sentiment.

“Investors are eagerly awaiting the U.S. jobs report for April and keeping an eye on Q4 corporate earnings from India Inc The recommended trades along with optimistic sentiments regarding select stocks like COAL INDIA and TATA MOTORS,” says Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.

Also, IRCTC emerges as a standout pick due to its promising momentum prospects.

On Thursday, the benchmark indices witnessed range range-bound trading session the Sensex was up by 128 points.

“Among Sectors, buying was seen in Metal, Energy and Auto stocks while the Media index corrected the most shedding over 1.5 percent Technically, the market has been witnessing range-bound activity levels,” says Shrikant Chouhan, Head Equity Research, Kotak Securities.

Reduce long positions around 49800 levels while breaching the level of 49000 could trigger further weakness.