Stock market today: Trade setup for Nifty 50 to India VIX, five stocks to buy or sell on Friday — May 24

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Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today - May 24The headline index saw a record rise, according to Vinod Nair, Head of Research at Geojit Financial Services, with prominent industries like banking and autos outperforming. Bond rates should decrease as a result of the RBI's historic payout, which is comparable to an indirect rate drop.

Thanks in part to the robust increase shown by the composite HSBC PMI data for May, the broader market continued to be optimistic. The early arrival of the southwest monsoon has helped the domestic market, which has lagged behind other emerging markets in the previous two months.According to Rupak De, Senior Technical Analyst at LKP Securities, the Nifty 50 saw a clear breakthrough above its extended consolidation on the daily timeframe, indicating a sharp uptick in confidence.

The index is only 7 points shy of 23,000 after making a calculated move in that direction. After a sizable green candle formed on the daily chart, the trend seemed to be quite strong.

In the short run, the index may go towards 23,500 if it stays above 23,000. Support is placed at 22,800 on the bottom end; the strength may hold as long as it stays above 22,800.Also Read: Nifty 50, Sensex today: What to expect from Indian stock market in trade on May 24Buy or sell stocks for today comes from Sumeet Bagadia of Choice Broking and Shiju Koothupalakkal of Prabhudas Lilladher.