Nifty 50, Sensex today: What to expect from Indian stock market in trade on May 22
Sensex fell 52.63 points to close at 73,953.31, while the Nifty 50 settled 27.05 points, or 0.12%, higher at 22,529.05. Nifty 50 formed a bullish engulfing candlestick pattern with good volume on the daily chart, indicating strength in the index. Also Read: Indian stock market: 6 key things that changed for market overnight - Gift Nifty, US Fed to oil prices “On the 15-minutes chart, we can observe that the Nifty is now consolidating in a range between the 22,400 - 22,600 levels for the last two trading sessions.
The near-term uptrend however remains intact as the index recently cleared a trading range with big green candles on the 15-minute chart. The 20-period MA remains above the 50-period MA on the 15-mins chart, indicating the recent positive MA crossover is still holding," said Subash Gangadharan, Senior Technical Analyst at HDFC Securities. On the Daily chart, Nifty continues to hold above the 20 and 50-day SMA, which is a positive signal.
The 14-day RSI at 56.38 is rising and not overbought, which is encouraging. The uptrend is likely to resume once the 22,600 resistance levels are taken out, he added. Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — May 22 Here’s what to expect from Nifty 50 and Bank Nifty today: An analysis of Nifty put options reveals a concentration of Open Interest (OI) at the 22,400 level, implying potential support at this level.
On the Call side, significant OI concentrations are observed at the 23,000 and 23,200 levels, nearing all-time highs, said Mandar Bhojane, Research Analyst at Choice Broking. The Nifty 50 index ended Tuesday’s volatile session marginally higher with gains of 27 points, holding above the 22,500 level. “The index remained within the
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