Stock market today: Trade setup for Nifty 50 to India VIX, five stocks to buy or sell on Wednesday — May 29
Stock market today: Following weak global cues, the Indian stock market ended lower for the third straight session. The Nifty 50 index, which represents the performance of the 50 largest and most liquid Indian companies, went down 44 points and closed at 22,888, whereas the BSE Sensex, which is a benchmark index of the Bombay Stock Exchange, shed 220 points and closed at 75,170.
The Bank Nifty index, which represents the performance of the banking sector, lost 139 points and finished at 49,142. Cash market volumes on the NSE, which is the National Stock Exchange of India, fell nearly 16 percent compared to the previous day.
The broad market indices fell more than the Nifty, even as the advance-decline ratio, which measures the number of advancing stocks to the number of declining stocks, dropped sharply to 0.4:1, indicating a bearish market sentiment."Providing his expert analysis on the Nifty 50 index, Osho Krishan, a seasoned Sr. Analyst in Technical & Derivative Research at Angel One, stated, "From a technical standpoint, there has been a subtle shift in the price chart for Nifty, but the recent small-bodied candlestick formations clearly indicated the exhaustion of the bullish strength and could trigger a price-wise correction post-rally.
In terms of levels, 22800-22700 is likely to be seen as immediate support. Conversely, 23000 poses a significant hurdle, followed by the lifetime high zone around 23100."Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — May 29On the outlook for Bank Nifty today, Om Mehra, Technical Analyst at SAMCO Securities, said, "Bank Nifty halted its gaining streak, ending the session at 49,142.15, down 0.28%.
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