Stock market today: Trade setup for Nifty 50 to India VIX, five stocks to buy or sell on Thursday — June 27

livemint.com:

Stock market today: The Indian stock market extended its upside movement for the third straight session on Wednesday. The Nifty 50 index finished 147 points higher at 23,868, whereas the BSE Sensex shot up 620 points and closed at 78,674. The Bank Nifty index ended 264 points higher at 52,870.

In the broad market, the small-cap index scaled 0.15 percent higher, while the mid-cap index ended 0.29 percent lower.Speaking on the outlook for Nifty today, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said, "After moving into a range bound action in the mid part of June month, Nifty is now witnessing a decisive upside breakout of the said range movement. The present upside momentum could find resistance at the highs of around 24000-24100 levels (1.786% Fibonacci extension of crucial bottom/top/bottom of 2020-2022). One may expect the next round of consolidation or minor weakness to emerge from the highs.

Immediate support is at 23650 levels."On today's outlook for the Bank Nifty, Om Mehra, Technical Analyst at SAMCO Securities, said, "Bank Nifty marked a new high of 52,988.30, settling at 52,870.50 with a gain of 0.50%. The index closed above a rising trendline connecting previous tops, indicating continued bullish momentum. Additionally, Bank Nifty consistently remains near the upper Bollinger band, signifying the strong bullish momentum.