Nifty 50, Sensex today: What to expect from Indian stock market in trade on May 14

livemint.com:

Sensex gained 111.66 points, or 0.15%, to close at 72,776.13, while the Nifty 50 settled 48.85 points, or 0.22%, higher at 22,104.05. Nifty 50 formed a ‘Bullish Hammer’ candlestick pattern on the daily chart, which indicates short term bullish trend reversal. Also Read: Indian stock market: 7 key things that changed for market overnight - Gift Nifty, India inflation to GameStop rally “Hence, a move above Monday high could lead to positivity in the near term.

The low of 21,827, which coincides with the 100 DEMA (Exponential Moving Average) will be seen as an important support and should be seen as a key level for stop losses on long positions now. On a pullback move, the resistance will be seen around the 22,200 - 22,270 range followed by 22,310," said Ruchit Jain, Lead Research, 5paisa.com. He advises traders to look for stock specific buying opportunities, but avoid aggressive positions and keep Friday’s low as a reference level for stop-loss on long positions at Nifty level.

Here’s what to expect from Nifty 50 and Bank Nifty today: Coming to the Nifty Open Interest (OI) Data, on the call side, the highest OI is observed at 22,300 followed by 22,500 strike prices while on the put side, the highest OI is at 22,000 strike price, said Deven Mehata, Research Analyst, Choice Broking. Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — May 14 The Nifty 50 index gained 49 points to close above 22,100 level on May 13. “The Nifty has formed a hammer pattern on the daily chart, indicating a potential bullish reversal following a correction.