Nifty 50, Sensex today: What to expect from Indian stock market in trade on May 23
Sensex rose 267.75 points to end at 74,221.06, while the Nifty 50 settled 68.75 points, or 0.31%, higher at 22,597.80.Nifty 50 formed a bullish candlestick pattern with a long lower shadow on the daily charts. This pattern indicates support-based buying interest.“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 59.83 is rising and not overbought, which is encouraging. With the near-term uptrend intact, Nifty could now head towards the life highs of 22,795 in the coming sessions," said Subash Gangadharan, Senior Technical/Derivative Analyst at HDFC Securities.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 22,500 level, implying potential support at this level.
On the call side, significant OI concentrations are observed at the 23,000 and 23,100 levels, nearing all-time highs, said Mandar Bhojane, Research Analyst at Choice Broking.The Nifty 50 index ended a range-bound session on May 22 higher by 68 points at 22,598.“Nifty continues to trend bullishly, finding support at 22,500. The index has been moving higher within a rising channel.
The trend is likely to remain strong as long as it stays above 22,500. On the higher end, the index might move towards 22,800 in the short term, with immediate support at 22,600," said Rupak De, Senior Technical Analyst, LKP Securities.He believes a dip below 22,600 might briefly take the index towards 22,500.V.L.A.
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