Stock market today: Trade setup for Nifty 50 to India VIX, five stocks to buy or sell on Friday — May 31

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Stock market today: Despite strong buying in banking stocks, the Indian stock market ended lower for the fifth straight session on Thursday. The Nifty 50 index lost 216 points and closed at 22,488, while the BSE Sensex shed 617 points and ended at 73,885. However, the Bank Nifty index gained 181 points and closed at 48,682.

The mid-cap index crashed 1.21 percent in the broad market, whereas the small-cap index nosedived 1.33 percent.On the outlook for the Nifty 50 index, Rupak De, Senior Technical Analyst at LKP Securities, said, "The Nifty 50 index has remained volatile during the session with predominant bearishness. The sentiment for the short term remains weak as the index slipped below the critical 21-day Exponential Moving Average (21EMA). Call writing activity was significant at 22,500.

Therefore, Nifty needs to sustain above 22,500 to witness a meaningful recovery. However, failure to move above 22,500 might attract fresh selling in the market, potentially driving the index towards 22,300/22,100."Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — May 31On the outlook for Bank Nifty today, Neeraj Sharma, AVP Technical and Derivatives Research at Asit C Mehta, said, "The Bank Nifty index opened on a negative note but after that witnessed a strong recovery, finally settling the day on a positive note at 48,682. As we mentioned, the index defended the support at 48,000 levels and witnessed a recovery.