Nifty 50, Sensex today: What to expect from Indian stock market in trade on May 27
Sensex eased 7.65 points, or 0.01%, to close at 75,410.39, while the Nifty 50 settled 10.55 points, or 0.05%, lower at 22,957.10.Nifty 50 formed a doji candle on the daily timeframe after a big bull candle on the previous day.“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 67.5 is rising and not overbought, which is encouraging.
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 volatile movements in the coming week," said Subash Gangadharan, Senior Technical/Derivative Analyst at HDFC Securities.Also Read: Indian stock market: 7 key things that changed for market over weekend - Gift Nifty, Nasdaq at record high to oil pricesAccording to him, crucial supports to watch for resumption of weakness are at 22,795 - 22,630.Here’s what to expect from Nifty 50 and Bank Nifty today:The Nifty 50 index ended flat on May 24 and a ‘Marubozu’ pattern at the weekly timeframe, reflecting the buying pressure.“The Nifty remained sideways during the day after crossing above 23,000. Sentiment might remain subdued in the next few days, with the index ranging between 22,950 and 23,050.
Heavy call and put writing activity at 23,000 suggests a possible range-bound trade in the near term. Only a decisive fall below 22,950 might take the index towards 22,800," said Rupak De, Senior Technical Analyst, LKP Securities.On the other hand, he believes a sustained movement above 23,050 might lead to a meaningful rally.Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — May 27V.L.A.
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