Nifty 50, Sensex today: What to expect from Indian stock market in trade on May 28
Sensex eased 19.89 points to close at 75,390.50, while the Nifty 50 settled 24.65 points, or 0.11%, lower at 22,932.45.Nifty 50 formed a bearish candlestick pattern at the all-time high level on the daily charts, indicating profit booking.“Yesterday’s negative closing seems to be more of a breather after the recent sharp upmove. Nifty continues to hold above the 20 and 50 day SMA.
14-day RSI at 66.63 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 very near term," said Subash Gangadharan, Senior Technical/Derivative Analyst at HDFC Securities.According to him, crucial supports to watch for more weakness are at 22,908 - 22,871.Also Read: Indian stock market: 8 key things that changed for market overnight - Gift Nifty, Asian markets to oil pricesHere’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 23,200 and 23,500 levels, said Mandar Bhojane, Research Analyst at Choice Broking.Rahul Ghose, CEO of Hedged.in noted that the higher Call Open Interest (OI) build up at the 23,100 and above indicates limited upside, the PCR tested 1.09 in the mid-session however failed to sustain above 1.09, in the last hour of the trading session it dropped to 0.88. According to him, Increased VIX was the primary reason for drop in the Nifty 50 index and the PCR.Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — May 28The Nifty 50 index ended almost
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