Chandan Taparia recommendations: How to trade Axis Bank, HPCL, PFC shares on May 28
Indian stock market: Both Nifty 50 and Sensex remained steady after reaching new peaks earlier in the trading day on Monday, May 27. However, they later retreated from these highs due to profit-taking at elevated levels, influenced by a mix of global signals.
Despite initially climbing to record levels with the Sensex touching 76,009.68 and the Nifty 50 reaching 23,110.80, both indices couldn't sustain the momentum, experiencing minor declines due to profit booking.“Nifty index opened positive above 23000 zones and touched a fresh all-time high of 23110 levels. It was followed by profit booking in the second half of the session and gave up its intraday gains.
It formed a small-bodied Bearish candle daily and has been making higher highs from the last eleven trading sessions. Now it has to hold above 22900 zones for an up move towards 23200 then 23350 zones whereas supports can be seen at 22850 then 22700 zones," said Chandan Taparia, Head – Equity Derivatives and Technicals, Broking and Distribution, MOFSL.Also read: Stock market today: Nifty 50, Sensex end flat after hitting fresh record highs; India VIX jumps 7%India VIX was down 6.82% from 21.71 to 23.19 levels.
Volatility spiked above 26 levels during the session and added momentum at the lifetime high levels. VIX needs to fall below 16-18 zones for stability and a smoother ride in the market.On the Option front, the Maximum Call OI is at 23500, then 23000 strike, while the Maximum Put OI is at 23000, then 22700 strike.
Call writing is seen at 23200, then 23100 strike, while minor Put writing is seen at 23000, then 22850 strike. Option data suggests a broader trading range in between 22500 to 23500 zones while an immediate range in between 22800 to 23200 levels.Bank
. Read more on livemint.com
