Top 5 stocks to monitor as Nifty set for Gap-down opening

Srinagar, Apr 3: Indian stock markets are poised for a gap-down opening on Tuesday, April 3rd. Early signals from the GIFT Nifty futures trading suggest the benchmark Nifty index could start the session with a significant loss of around 142 points, indicating a weak start for the broader market indexes.

This comes after the key equity barometers, the Sensex and Nifty, snapped a three-day gaining streak to end marginally lower on Monday. The Sensex declined 110.64 points, or 0.15%, to close at 73,903.91, while the Nifty slipped 8.70 points, or 0.04%, to settle at 22,453.30.

Technical indicators point to immediate support levels for the Nifty at 21,272, followed by 21,222 and 21,141, while potential resistance on the upside is pegged at 21,372, then 21,484 and 21,565.

U.S. stock markets experienced a sell-off on Tuesday as investors evaluated the possibility that the Federal Reserve might delay cutting interest rates. The Dow Jones Industrial Average fell 1% or 396.61 points to 39,170.24. The S&P 500 lost 0.72% or 37.96 points to close at 5,205.81, while the tech-heavy Nasdaq Composite declined 0.95% or 156.38 points to end at 16,240.45. Contributing to the market decline were shares of Tesla, which dropped after the electric vehicle maker reported its first quarterly delivery drop in nearly four years.

Asian equity markets were trading lower in early trade on Wednesday, with South Korea's Kospi down 1.5% and Japan's Nikkei shedding 1%.

In economic news, the World Bank raised its GDP growth forecast for India by 20 basis points to 6.6% for the fiscal year 2024-25. However, this projection is significantly lower than the estimated 7.5% real GDP growth for the current financial year 2023-24. The global agency expects growth to pick up in subsequent years, benefiting from a decade of robust public investment.

Separately, a report by rating agency CareEdge suggested that the Reserve Bank of India's Monetary Policy Committee may keep the repo rate unchanged when it meets on April 5, while maintaining an unchanged policy stance.

Five Stocks to watch out for intraday buying

1. Grasim
2. Recltd
3. Petronet
4. Jindal
5. Endurance Technologies