Nifty 50, Sensex today: What to expect from Indian stock market in trade on May 10
Sensex tanked 1,062.22 points, or 1.45%, to end at 72,404.17, while the Nifty 50 settled 345.00 points, or 1.55%, lower at 21,957.50. Nifty 50 formed a long negative candle on the daily chart, which is reflecting a sharp downside momentum in the market.
Also Read: Indian stock market: 7 key things that changed for market overnight - Gift Nifty, BoE policy to US jobless claims “Having broken decisively below the immediate support of 22,300 levels on Thursday, Nifty is expected to slide down further in the short term. 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," said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities.
He believes 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. Here’s what to expect from Nifty 50 and Bank Nifty today: Analysis of Nifty put options reveals a concentration of Open Interest (OI) at the 21,500 level, indicating potential support.
On the Call side, significant OI concentrations are observed at the 22,200 and 22,300 levels, nearing all-time highs, said Mandar Bhojane, Research Analyst at Choice Broking. Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — May 10 The Nifty 50 index witnessed a steep decline on May 9 and closed the day lower by 345 points near the day lows.
“Bears remained at the helm as the index fell sharply following a breakdown below 22,200, where significant Put writing had been visible. On the day of mayhem, the index kept breaking the supports as buyers did
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