Nifty 50, Sensex today: What to expect from Indian stock market in trade on May 30
Sensex declined 667.55 points, or 0.89%, to close at 74,502.90, while the Nifty 50 settled 183.45 points, or 0.8%, lower at 22,704.70.Nifty 50 formed a bearish candlestick pattern on the daily charts with an upper shadow.Also Read: Indian stock market: 6 key things that changed for market overnight - Gift Nifty, US stocks, to rise in Treasury yields“On the daily chart, the uptrend has weakened. Wednesday’s negative closing has led to the Nifty closing below the previous swing high of 22,795. Nifty nevertheless continues to hold above the 20 and 50-day SMA.
14-day RSI at 56.57 is falling and has now moved below its 9-day EMA. This indicates that momentum is weakening," said Subash Gangadharan, Senior Technical/Derivative Analyst at HDFC Securities.He believes further downsides are now likely once the immediate support of 22,685 is broken. Immediate resistance is now at 22,826.
Markets are likely to be volatile in the coming sessions as we approach the election result announcement, he added.The Nifty 50 index declined 183 points to close at 22,704 on May 29 as bears remained in control, leading to a sharp fall. “During the day, heavy call writing activities were seen at the 23,000 and 22,800 strikes, while put writing activities were visible at the 22,800 and 22,700 strikes. The option data suggests that Nifty might expire around 22,800.
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