Stock market today: The domestic equity benchmarks, Nifty 50 and BSE Sensex, opened higher on Monday, May 4, supported by gains in auto stocks such as Maruti Suzuki and Hero MotoCorp following upbeat monthly sales data. Sentiment was also aided by a pullback in crude oil prices after U.S. President Donald Trump said the U.S. would begin efforts to help free ships stranded in the Gulf.
By 11:43 IST, the Nifty 50 was up 1% at 24,236 .60, while the Sensex also gained 1% to 77,690.67.
In the last session on Thursday, both indices fell by approximately 0.7%, amid rising crude oil prices and geopolitical tensions that weighed on overall sentiment, while the rupee also dropped to an all-time low.
Since then, worries have eased somewhat following Trump’s comments about maritime navigation in the Strait of Hormuz, which helped to stabilise global risk sentiment. Brent crude, which had skyrocketed to a four-year peak of $126.41 per barrel last week, has since adjusted to about $109 per barrel.
Market Views – Vinay Rajani, Senior Technical and Derivative Analyst, HDFC Securities
Nifty 50 Outlook
From 2 April 2026 to 21 April 2026, Nifty 50 rallied by nearly 2,400 points. Following this strong upmove, profit booking set in, leading to an 800-point correction, which amounted to a 33% retracement of the prior advance. The index found support near 23,800, formed aDojicandlestick on the daily chart, and then resumed its upward trajectory.
However, Nifty 50 has so far been unable to sustain decisively above its 50 DEMA, currently placed near 24,200. Above this level, a key resistance is seen at 24,600, which also marks the swing high on the daily chart.
Given the recent price action, Nifty 50 appears to have entered a consolidation phase between 23,800 and 24,600. Unless this range is decisively broken, stock-specific and sector-specific moves are likely to dominate the market. In April, Nifty 50 gained 11%, while the Microcap250 index surged 23%. After such a sharp rise, broader markets may need time to consolidate before the next directional move.
2 stocks to buy in the near-term
Buy Tata Steel 214| Target ₹229 | Stop-loss ₹204
Tata Steel share price has broken out from “Flag” pattern on the daily chart. Stock price is on the verge of breakout from its 52-week and all-time high. The stock is trading above all important moving averages. Indicators and oscillators have turned bullish on the short to medium-term charts.
Buy Linde India 7,490 | Target ₹8,200 | Stop-loss ₹6,900
Linde India share price has recently broken out from medium term consolidation. The primary trend of the stock has been bullish, with the price holding above all key moving averages. Indicators and oscillators have been showing strength on the weekly and monthly charts.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
