Stock market today: Trade setup for Nifty 50 to India VIX, five stocks to buy or sell on Wednesday — June 5
Stock market today: Following the sell-off trigger after the disappointing Lok Sabha Election results, the Indian stock market crashed heavily on Tuesday. The Nifty 50 index tumbled to its worst-ever session in over four years. The 50-stock index crashed 1379 points and finished at 21,884.
The BSE Sensex tanked 4,389 points and ended at 72,079. The Bank Nifty index nosedived 4,051 points and closed at 46,928. Cash market volumes on the NSE rose to a record high of ₹2.71 lakh crore.
The broad market indices fell more than the frontline Indian indices even as the advance-decline ratio touched a low of 0.10:1 – the lowest since March 13, 2024.On the outlook for Nifty today, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said, "The short-term trend of Nifty is highly volatile with negative bias. Immediate support is placed for Nifty around 21250 levels (20-day EMA). Once election result volatility settles down, the market could find direction for the near term.
There is a possibility of an upside bounce in the Nifty from near 21,250 to 21,000 levels."Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — June 5On the outlook for the Bank Nifty today, Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas, said, "Bank Nifty has also broken down from the rising channel, indicating a change in trend. We expect the Bank Nifty to correct towards 46150 – 44000, which is the 200-day moving average and the 38.2% Fibonacci retracement level of the rise from 32300 – 51100. On the upside, 48600 – 49200 shall act as an immediate hurdle."Expecting the volatility in the Indian stock market to continue, Sumeet Bagadia, Executive Director at Choice Broking, said, " The India VIX
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