Nifty:22055.2/97.7/0.44%;Candle:OGU,Doji; Bank Nifty:47421.1/-66.8/-0.14% Candle:OGU,Doji ; HB:OGU,1440,doji
Nifty :Supp Rest
Banknifty:Supp Rest .
Gift Nifty:% FII Long34%FutCash;-2118;Opt84%
OI data Nifty ( max pain W22100M)
OI data Bank Nifty Nifty(max pain W M)
News:
Events/Results:UPL, DLF, Zomato, Jindal Steel & Power, Varun Beverages, Aditya Birla Capital, BLS E-Services, Chalet Hotels, GIC Housing Finance, Ind-Swift Laboratories, INOX India, C E Info Systems, and Tube Investments of India will release March quarter earnings on May 13.
The NSE has added Hindustan Copper to the F&O ban list for May 13, while retaining Balrampur Chini Mills, Canara Bank, GMR Airports Infrastructure, Vodafone Idea, Punjab National Bank, SAIL, and Zee Entertainment Enterprises to the said list. Aditya Birla Fashion & Retail, and Piramal Enterprises were removed from the said list
Market wrap up(DWM,T,N,E):The market is not out of woods yet, though there was a rebound on May 10 after consistent correction since hitting all-time high in the previous week. As long as the Nifty holds 21,900, the low of long bearish candle of May 9 and which also coincides with the rising support trendline, the consolidation is expected to continue and the index may face resistance at 22,200-22,300 levels, but the breaking of 21,900 can drag it towards 21,775, the low of April month, experts said. On May 10, the BSE Sensex climbed 260 points to 72,665, while the Nifty 50 rose 98 points to 22,055 and formed small bullish candlestick pattern with minor upper and lower shadow on the daily charts. Technically, this pattern indicates temporary pause in the market after a sharp decline. Nifty placed at the crucial trendline support around 21,900 and still there is no indication of any higher bottom reversal pattern forming at the lows, Nagaraj Shetti, senior technical research analyst at HDFC Securities said. Nifty on the weekly chart formed a long bearish candle with minor lower shadow. After the formation of Long Legged Doji at new highs in the previous week, Nifty forming a long bear candle during the last week indicates negative bias. Shetti feels having placed at the key trendline support, there is a possibility of minor upside bounce in the short term, but the market could eventually break down the present support of 21,900-21,850 levels and could slide down to 22,700-22,600 in the near term. “Immediate resistance is at 22,300 levels.” Meanwhile, the elevated volatility also seems to be keeping the bears in action against bulls. India VIX, the fear gauge, rallied 81 percent in the past 12 consecutive sessions, to 18.47 levels, the highest closing level since October 13, 2022.
