Nifty 50, Sensex today: What to expect from Indian stock market in trade on May 24

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Sensex jumped 1,196.98 points, or 1.61%, to close at 22,967.65, while the Nifty 50 settled 369.85 points, or 1.64%, higher at 75,418.04.Nifty 50 formed a long bullish candlestick pattern on the daily charts, signaling strong buying interest.Also Read: Indian stock market: 8 key things that changed for market overnight - Gift Nifty to Nvidia share price rally“The 20-period moving average (MA) remains above the 50-period MA indicating that the positive MA crossover is intact. This augurs well for the near-term uptrend to continue.

On the Daily chart, Nifty continues to hold above the 20-day and 50-day SMA, which is a positive signal. The 14-day RSI at 68.23 is rising and not overbought, which is encouraging," said Subash Gangadharan, Senior Technical/Derivative Analyst at HDFC Securities.

While we expect further upsides and new life highs in the coming sessions in the run up to the election results, we remain open to short term consolidations, he added.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 22,700 level, implying potential support at this level. On the Call side, significant OI concentrations are observed at the 23,500 and 24,000 levels, said Mandar Bhojane, Research Analyst, Choice Broking.Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today - May 24The Nifty 50 index rallied 1.64% on May 23 to end at record closing high just below the 23,000 mark.

“Nifty witnessed a clean breakout above its prolonged consolidation on the daily timeframe, suggesting a sudden surge of renewed optimism. The index has moved smartly towards 23,000, falling short by just 7 points.