Nifty:22200.55/-17.3/-0.08%;Candle:OGU,Short day red; Bank Nifty:47687.45/172/0.36% Candle:OGU,Short day red ; HB:OGU,1441,short day red,
Nifty :Supp Rest
Banknifty:Supp Rest .
Gift Nifty:% FII Long28%FutCash;-2833;Opt88%
OI data Nifty ( max pain W22200M)
OI data Bank Nifty Nifty(max pain W M)
News:
Events/Results:Mahindra and Mahindra, GAIL (India), Vodafone Idea, Biocon, CONCOR, Crompton Greaves Consumer Electricals, Hindustan Aeronautics, KIMS, Info Edge
The NSE has added Biocon, Granules India, India Cements, and LIC Housing Finance to the F&O ban list for May 16, while retaining Balrampur Chini Mills, Birlasoft, GMR Airports Infrastructure, Hindustan Copper, Vodafone Idea, Piramal Enterprises, SAIL, and Zee Entertainment Enterprises to the said list. Canara Bank was removed from the said list.
Market wrap up(DWM,T,N,E):The market is expected to remain consolidative unless and until it decisively surpasses 22,300, the key hurdle for the Nifty 50, in the coming sessions, but the mood at broader markets remain strong. The index is likely to march towards 22,500-22,600 area if it gives a strong close above 22,300 and manages to sustain above the same for few more days, while the 22,000 is going to be key support area and is unlikely to get broken in an immediate term, experts said. On May 15, the BSE Sensex ended the volatile session on a negative note, falling 118 points to 72,987, while the Nifty 50 was down 17 points at 22,201 and formed bearish candlestick pattern with minor upper and lower shadows on the daily timeframe, indicating the choppy trade in the index. Both the indices had maintained upward journey in the previous three straight sessions. “One is required to have a pragmatic approach of the ‘buy on dips’ and ‘sell on the rise’ until we see a decisive participation of the bulls in carrying momentum,” Simultaneously, he feels the resilience of 20 DEMA (days exponential moving average placed at 22,300) is expected to act as a daunting task for the bulls in the near period, and an authoritative breach could only dictate the next leg of rally in the index. On the lower end of the spectrum, the support lies around 22,150-22,100, which is expected to cushion any intraday blips, followed by the sacrosanct support at 22,000 mark, he said. the Nifty is in a pullback mode and has witnessed a brief pause around 22,308 levels where the 50 percent Fibonacci retracement level of the recent fall is placed. the pullback has more steam left and in case of a dip towards 22,130 – 22,100 it should be used as a buying opportunity. On the upside immediate resistance is placed at 22,308 – 22,422, he said. Meanwhile, on the broader markets front, the Nifty Midcap 100 and Smallcap 100 indices gained 1 percent and 0.6 percent respectively on positive breadth
Nifty:22217.85/113.8/0.51%;Candle:OF,Long day green; Bank Nifty:47859.45/105.35/0.22% Candle:OF,Doji ; HB:OF,1461,Short day green,
Nifty :Supp Rest
Banknifty:Supp Rest .
Gift Nifty:% FII Long30%FutCash;-4066;Opt89%
OI data Nifty ( max pain W22200M)
OI data Bank Nifty Nifty(max pain W M)
News:
Events/Results:
The NSE has added Birlasoft to the F&O ban list for May 15, while retaining Balrampur Chini Mills, Canara Bank, GMR Airports Infrastructure, Hindustan Copper, Vodafone Idea, Piramal Enterprises, SAIL, and Zee Entertainment Enterprises to the said list. Punjab National Bank was removed from the said list.
Market wrap up(DWM,T,N,E):The momentum, which has picked up pace, especially after hitting the low around 21,800 and continued for three days in a row, is expected to be seen in the coming sessions too. The Nifty 50 inched closer to 22,300 on May 14 and the same is expected to be a hurdle on the higher side as closing above the same can take the index to 22,400-22,500, with support at 22,100-22,000 levels, experts said. The higher high, higher low formation, defending the rising support trendline and the uptrend in momentum indicator RSI (relative strength index rising to 47 from 38 levels on May 9) are some of key factors that supported the momentum. On May 14, the BSE Sensex rallied 328 points to 73,105, while the Nifty 50 rose 114 points to 22,218 and formed a bullish candlestick pattern on the daily charts. “On intraday charts, it is holding higher bottom formation, which is largely positive. We are of the view that the index has completed one leg of pullback rally and now 50-day SMA or 22,300 would act as key resistance areas for the bulls,” For traders, he feels above 22,300, the next hurdle would be 22,400-22,425. On the flip side, fresh selloff is possible only after dismissal of 22,100 as below which, the index could retest the level of 22,050-22,000, he said. Jatin Gedia, technical research analyst at Sharekhan by BNP Paribas also feels the upmove is likely to continue till 22,308 – 22,423 which is the 50 percent and 61.82 percent Fibonacci retracement level of the previous fall. On the downside, 22,040 – 22,000 is a crucial support from short-term perspective, he said. The broader markets outperformed the benchmark indices as the Nifty Midcap 100 and Smallcap 100 indices gained 1 percent and 2 percent respectively.
Nifty:22104.05/48.85/0.22%;Candle:OF,Short day green; Bank Nifty:47754.1/333/0.7% Candle:OF,Long day green ; HB:OF,1457,Long day green,
Nifty :Supp Rest
Banknifty:Supp Rest .
Gift Nifty:% FII Long34%FutCash;-4498;Opt88%
OI data Nifty ( max pain W22100M)
OI data Bank Nifty Nifty(max pain W M)
News:
Events/Results:Bharti Airtel, Shree Cement, Siemens, Apollo Tyres, Bajaj Electricals, Colgate-Palmolive (India), Bharti Hexacom, PVR Inox, BLS International Services, Devyani International, Ideaforge Technology, Oberoi Realty, Patanjali Foods, and V-Mart Retail will release March quarter earnings on May 14.
The NSE has added Piramal Enterprises to the F&O ban list for May 14, while retaining Balrampur Chini Mills, Canara Bank, GMR Airports Infrastructure, Hindustan Copper, Vodafone Idea, Punjab National Bank, SAIL, and Zee Entertainment Enterprises to the said list.
Market wrap up(DWM,T,N,E):
The market is expected to continue its upward journey considering the formation of Bullish Hammer candlestick pattern (the bullish reversal pattern formed at the downtrend) on the daily charts and strong intraday trend reversal in the previous session. Hence, the Nifty 50 may face hurdle at 22,200-22,300 on the higher side and if the index manages to decisively close above 22,300 then northward journey towards 22,500-22,600 is possible, with support at 22,000-21,900 levels, experts said. On May 13, the benchmark indices extended uptrend for yet another session. The BSE Sensex was up 112 points at 72,776, while the Nifty 50 climbed 49 points to close at 22,104 after a 283-points recovery from the day’s low. “On the higher side, band 22,300-22,320 could act as a resistance, while low of 21,821, registered on May 13 would remain support for the Nifty in the short term,” According to Osho Krishan, senior analyst – technical & derivative research at Angel One, the formation of Hammer candlestick on the daily chart after a series of sell-offs is signaling a reversal pattern, but it would be early to claim, and a follow-up session is required to confirm the same. On the level-specific front, he said a series of supports can be seen from 22,000-21,900, followed by the sacrosanct support of the 89 DEMA around 21,800 zone. On the higher end, “22,200-22,300 is likely to act as intermediate resistance, and a sustainable surpass could only trigger a fresh round of longs in the system,” he said. Going ahead, Osho would likely to remain cautious amidst the rise in volatility, which may be deceptive and could trap traders on either side. The India VIX, the fear gauge, more than doubled to 20.6 levels on May 13, from 10.2 on April 23, which indicates that the trend seems still in favour of bears and bulls are at uncomfortable position now.
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.
Nifty:21957.5/-345/-1.55%;Candle:OGD,Long day red; Bank Nifty:47487.9/-533.2/-1.11% Candle:OGD,Long day red ; HB:OGD,Long day red,1451,
Nifty :Supp Rest
Banknifty:Supp Rest .
Gift Nifty:% FII Long%FutCash;;Opt%
OI data Nifty ( max pain W22000M)
OI data Bank Nifty Nifty(max pain W M)
News:
Events/Results:Tata Motors, Eicher Motors, Cipla, Union Bank of India, Bank of Baroda, Bank of India, ABB India, Bajaj Hindusthan Sugar, Dilip Buildcon, Aarti Industries, Finolex Industries, Kalyan Jewellers India, Dr Lal PathLabs, Polycab India, The Investment Trust Of India, and Thermax will release March quarter earnings on May 10.
The NSE has retained Aditya Birla Fashion & Retail, Balrampur Chini Mills, Canara Bank, GMR Airports Infrastructure, Vodafone Idea, Piramal Enterprises, Punjab National Bank, SAIL, and Zee Entertainment Enterprises to the F&O ban list for May 10. Biocon was removed from the said list.
Market wrap up(DWM,T,N,E):Bears seem to be not ready to easily give up the charge to bulls considering the decisive breakdown of 22,300 levels followed by 22,000 mark as well during the day and formation of long bearish candlestick pattern on the daily charts. Hence, the Nifty 50 is likely to see further correction up to 21,800-21,750 levels (which coincides around 100-day EMA (exponential moving average) and the low of April month, in the coming sessions, and if those levels get broken, then 21,500 is the next level to watch on the downside, but if it manages to hold those levels, then the index may face hurdle at around 22,100-22,200 levels, experts said. On May 9, the BSE Sensex plunged 1,062 points or 1.45 percent to 72,404, while the Nifty 50 tanked 345 points or 1.55 percent to 21,958 on the weekly F&O expiry day. “Having broken decisively below the immediate support of 22,300 levels on Thursday, Nifty is expected to slide down further in the short term,” Nagaraj Shetti, senior technical research analyst at HDFC Securities said. Rupak De, senior technical analyst at LKP Securities also feels the trend looks extremely weak with a possibility of a further fall in the near term. But overall, the Nifty has been in a larger range movement of around 22,800-21,750 levels in the last couple of months and is currently nearing a lower range and also a crucial support around 21,750 levels for the short term. Having bounced back decently from this support in the past, there is a higher probability of minor upside bounce from this lower support in the coming sessions, Nagaraj feels. “Immediate resistance is at 22,100 levels.” On the higher end, Rupak feels immediate resistance is visible at 22,200. “The market might remain sell on rise until it stays below 22,200. The broader markets also hit hard on Thursday with disappointing breadth. The Nifty Midcap 100 and Smallcap 100 indices dropped 1.9 percent and 2.8 percent, respectively, while six shares declined for every rising share on the NSE. Meanwhile, the volatility has consistently been on rising path, which ultimately making the trend more favourable and putting the bulls at uncomfortable position. India VIX, the fear index, jumped 6.55 percent to 18.2 levels, the highest closing level since October 17, 2022, and taking the total uptrend to 78.5 percent in the past 11 consecutive sessions.
Nifty:22302.5/0/0%;Candle:OGD,Short day Green; Bank Nifty:48021.1/-264.25/-0.55% Candle:OGD, ; HB:OGD,Short day red,1484,
Nifty :Supp Rest
Banknifty:Supp Rest .
Gift Nifty:% FII Long39%FutCash;-6669;Opt88%
OI data Nifty ( max pain W22350M)
OI data Bank Nifty Nifty(max pain W M)
News:
Events/Results:Tata Motors, Eicher Motors, Cipla, ABB India, Bank of Baroda, Bank of India, Union Bank of India, Aarti Industries, Dilip Buildcon, Finolex Industries, Kalyan Jewellers India, Dr Lal PathLabs, Polycab India, Sundaram-Clayton, and Thermax will release January-March quarter earnings on May 9.
The NSE has added Canara Bank, and Piramal Enterprises to the F&O ban list for May 9, while retaining Aditya Birla Fashion & Retail, Balrampur Chini Mills, Biocon, GMR Airports Infrastructure, Vodafone Idea, Punjab National Bank, SAIL, and Zee Entertainment Enterprises to the said list.
Market wrap up(DWM,T,N,E):The market still strongly held above the lower end of rising channel (placed around 22,150), which can act as a key support for the Nifty 50 in immediate term. In fact, the index went closer to the same levels during the day, but bounced back and closed above 50-day EMA (exponential moving average placed at 22,243). Hence, the index is likely to consolidate above the support (22,150) levels and may face resistance at 22,400-22,500 levels in the coming days, but if it breaks the said support, then the fall may extend up to 22,000 mark, experts said. On May 8, the BSE Sensex was down 45 points at 73,466, while the Nifty 50 was unchanged at 22,302.5 and formed small bullish candlestick pattern with minor upper and lower shadows, which resembles high wave kind of pattern (though not identical one) on the daily charts, indicating the possibility of rebound. “Technically, there’s no change, but a positive note that can be considered is the price holding at a crucial support level, coinciding with a bullish gap and 61.8 percent retracement of the rally seen from April lows. The oversold intra-day conditions prompted prices to defend these key levels,” Going ahead, he feels the focus is on how prices react around 22,150 – 22,100 levels; a breach could signal a ‘Rising Channel’ breakdown, potentially leading to further decline towards 22,000 and testing April lows of 21,800 in the near term. Although a break of this support sooner or later is not expected, short-term consolidation or a relief bounce from current levels due to oversold conditions cannot be ruled out, he said. In such a scenario, Bhosale advises that intraday traders can emphasize stock-specific movements, considering the improved broader market conditions seen on Wednesday, while positional traders might view this bounce as an opportunity to trim long positions, especially as the market approaches Lok-Sabha election results. On the broader markets front, the Nifty Midcap 100 and Smallcap 100 indices outperformed, rising 0.7 percent and 0.6 percent, respectively. Meanwhile, the India VIX, the fear index, rose 0.42 percent to 17.08, from 17.01 levels, continuing uptrend for 10th consecutive day. In 10 days, it rallied nearly 67 percent, keeping the bulls at uncomfortable position.
Nifty22302.5/-140.2/-0.62:%;Candle:OGU,Long day bred; Bank Nifty:42285.35/-609.95/-1.25% Candle:OF,Long day red ; HB:OF,Long day red,1505,
Nifty :Supp Rest
Banknifty:Supp Rest .
Gift Nifty:% FII Long42%FutCash;-3669;Opt88%
OI data Nifty ( max pain WM)
OI data Bank Nifty Nifty(max pain W M)
News:
Events/Results:Larsen & Toubro, Hero MotoCorp, Canara Bank, Tata Power Company, TVS Motor Company, Bajaj Consumer Care, Balaji Amines, Bharat Forge, ESAF Small Finance Bank, Gujarat State Petronet, Home First Finance Company India, India Shelter Finance Corporation, Kalpataru Projects International, and Piramal Enterprises will release March quarter earnings on May 8.
The NSE has added Punjab National Bank, and Zee Entertainment Enterprises to the F&O ban list for May 8, while retaining Aditya Birla Fashion & Retail, Balrampur Chini Mills, Biocon, GMR Airports Infrastructure, Vodafone Idea, and SAIL to the said list.
Market wrap up(DWM,T,N,E):The ongoing consolidation is expected to continue in the coming sessions with immediate support at 22,150, the lower end of rising channel, and key support at 22,000 mark, but in case the Nifty 50 manages to defend 22,300, then 22,400 is likely to be immediate hurdle on the higher side and then 22,500 levels, experts said. The market participants also need to keep an eye on the rising volatility that put bulls at uncomfortable position, which is not a good sign. India VIX, the fear index, jumped 2.5 percent to 17.01 levels on Tuesday, and surged nearly 67 percent in the last nine consecutive sessions. On May 7, the BSE Sensex fell 384 points to 73,512, while the Nifty 50 dropped 140 points to 22,303 and formed long bearish candlestick pattern on the daily charts with a minor lower shadow. This market action indicates an ongoing downward correction in the market. “We observe overlapping negative candles on the downside in the last couple of sessions as per the daily chart which signals the absence of sharp selling momentum in the market,” The lower tops and bottoms on the daily chart are intact and the present weakness could be in line with the new higher bottom formation of the pattern. The higher bottom reversal needs to be confirmed with an upside bounce from the lows. “Immediate resistance is at 22,400 levels and the next lower levels are to be watched around 22,100-22,000,” According to Rupak De, senior technical analyst at LKP Securities, further selling pressure is anticipated, possibly extending towards 21,980-22,000 in the short term, as long as it remains below 22,400.
Nifty:22442.7/-33.15/-0.15%;Candle:OGU,Short day red; Bank Nifty:48895.3/-28.25/-
% Candle:OGU,Short day red ; HB:OGU,Short day red,1525,
Nifty :Supp Rest
Banknifty:Supp Rest .
Gift Nifty:% FII Long45%FutCash;-2816;Opt90%
OI data Nifty ( max pain W22500M)
OI data Bank Nifty Nifty(max pain W M)
News:
Events/Results:Dr Reddy’s Laboratories, PB Fintech, JSW Energy, Voltas, Delta Corp, Graphite India, Indraprastha Gas, IRB Infrastructure, Jindal Saw, KEC International, Max Financial Services, Navin Fluorine International, Pidilite Industries, Sonata Software, and United Breweries will release quarterly earnings on May 7.
The NSE has added SAIL to the F&O ban list for May 7, while retaining Aditya Birla Fashion & Retail, Balrampur Chini Mills, Biocon, GMR Airports Infrastructure, and Vodafone Idea to the said list.
Market wrap up(DWM,T,N,E):The market trend turned in favour of bears with consistently significantly rising volatility and the formation of yet another bearish candle on the daily charts. As long as the Nifty 50 holds 22,300, the low of the long bull candle of April 25, the consolidation may continue in the coming sessions with hurdles on the higher side at 22,600 levels, but the breaking of 22,300 can raise the chance of weakness in the short term, experts said. On May 6, the BSE Sensex rose 17 points to 73,896, while the Nifty 50 fell 33 points to 22,443 and formed a bearish candlestick pattern on the daily timeframe besides a long bear candle, with lower highs formation. This chart pattern indicates sell on rise opportunity amidst rangebound action, Nagaraj Shetti, senior technical research analyst at HDFC Securities said.
Market wrap up(DWM,T,N,E):The market trend turned in favour of bears with consistently significantly rising volatility and the formation of yet another bearish candle on the daily charts. As long as the Nifty 50 holds 22,300, the low of the long bull candle of April 25, the consolidation may continue in the coming sessions with hurdles on the higher side at 22,600 levels, but the breaking of 22,300 can raise the chance of weakness in the short term, experts said. On May 6, the BSE Sensex rose 17 points to 73,896, while the Nifty 50 fell 33 points to 22,443 and formed a bearish candlestick pattern on the daily timeframe besides a long bear candle, with lower highs formation. This chart pattern indicates sell on rise opportunity amidst rangebound action, Nagaraj Shetti, senior technical research analyst at HDFC Securities said. He further said having declined sharply from the new higher top of 22,794 levels last Friday, Nifty showing weakness down to a formation of a new higher bottom of the pattern, but still higher bottom reversal is not confirmed. He feels the short-term trend of Nifty remains negative. “As long as the support of 22,300 holds, there is a possibility of an upside bounce in the market. A move below the support could open more weakness in the short term.” The daily RSI (relative strength index) also indicates weakness and is skewed towards the lower end. Hence, “key levels to watch include immediate support at 22,300 while resistance is placed at 22,550 followed by 22,600. Until the index attains 22,600, it would be better to employ a sell-on-rise strategy,” Om Mehra, technical analyst at Samco Securities said. The broader markets were also under pressure, with the Nifty Midcap 100 index falling half a percent and Smallcap 100 index declining 1.5 percent. Meanwhile, the volatility increased for the eighth consecutive session, putting the bulls in an uncomfortable position and favouring bears. India VIX, the fear index, jumped 13.56 percent to 16.6, the highest closing level since February 1, 2023, and surged nearly 63 percent in eight days.
Nifty:22475.85/-172.35/-0.76%;Candle:OGU,Long day red; Bank Nifty:48923.55/-307.5/-0.62% Candle:OGU,Long day red ; HB:OGU,Short day red,1516,
Nifty :Supp Rest
Banknifty:Supp Rest .
Gift Nifty:% FII Long44%FutCash;-2392;Opt88%
OI data Nifty ( max pain W22500M)
OI data Bank Nifty Nifty(max pain W M)
News:
Events/Results:Lupin, Marico, Arvind, CarTrade Tech, CG Power and Industrial Solutions, DCM Shriram, Godrej Consumer Products, Gujarat Gas, Happiest Minds Technologies, Indian Bank, Route Mobile, and Suven Life Sciences will release March FY24 quarter earnings on May 6.
The NSE has added Balrampur Chini Mills, and GMR Airports Infrastructure to the F&O ban list for May 6, while retaining Aditya Birla Fashion & Retail, Biocon and Vodafone Idea to the said list.
Nifty:22648.2/43.35/0.19%;Candle:OGD,Short day green; Bank Nifty:49231.05/-165.7’/-0.34% Candle: ;OGD,Doji, HB:OGD,Doji,1532,
Nifty :Supp Rest
Banknifty:Supp Rest .
Gift Nifty:% FII Long53%FutCash;-965;Opt87%
OI data Nifty ( max pain W22650M)
OI data Bank Nifty Nifty(max pain W M)
News:
Events/Results:
Titan Company, Britannia Industries, Tata Technologies, Aarti Drugs, Adani Green Energy, Aptus Value Housing Finance India, Godrej Properties, Inox Green Energy Services, Inox Wind, JSW Infrastructure, MRF, and Raymond will release March FY24 quarter earnings on May 3.
Kotak Mahindra Bank, Mahindra & Mahindra Financial Services, Avenue Supermarts, IDBI Bank, Birla Corporation, Jammu & Kashmir Bank, Kansai Nerolac Paints, Nagarjuna Fertilizers and Chemicals, and Zen Technologies will announce January-March quarter earnings on May 4.
The NSE has added Aditya Birla Fashion & Retail to the F&O ban list for May 3, while retaining Biocon and Vodafone Idea to the said list.
Market wrap up(DWM,T,N,E):The market, after hitting a record high, entered into rangebound trade and is expected to remain ranged for few more sessions given the chart patterns. The hurdle on the higher side for Nifty 50 is expected to be 22,800, and the support on the lower side is likely to be 22,500-22,400, which coincides with 10-day and 21-day EMAs (exponential moving average) respectively, hence the breaking of this range on either side can give firm direction to the index in coming days, experts said. On May 2, the benchmark indices closed the rangebound session on a positive note. The BSE Sensex rose 128 points to 74,611, while the Nifty 50 climbed 43 points to 22,648 and formed bullish candlestick pattern with minor upper shadow on the daily charts. “This chart pattern indicates a rangebound action in the market near crucial resistance around 22,800 levels,” said Nagaraj Shetti, senior technical research analyst at HDFC Securities. Similar range movements have been formed at the hurdle for few occasions in the past and that have eventually resulted in a short-term downward correction in the market. He feels the short-term trend of Nifty is choppy with rangebound action. “Any upside from here could encounter strong resistance around 22,800 levels. Immediate support is at 22,550 levels and a slide below the support could trigger some more weakness ahead,” Nagaraj said. Rupak De, senior technical analyst at LKP Securities, also feels, in the short term, the trend may continue sideways with potential to fluctuate within the range of 22,500-22,800. Meanwhile, volatility maintained upward journey and if it keeps increasing, then it may make the bulls uncomfortable in coming sessions. India VIX, the fear gauge, jumped 4.47 percent to 13.45 on May 2 and surged nearly 32 percent in last six consecutive sessions.
