Stock market today: Trade setup for Nifty 50 to Sensex, five stocks to buy or sell on Monday — May 6
Stock market today: Despite strong global market sentiments, the Indian stock market ended lower on Friday. The Nifty 50 index ended 172 points lower after reaching a new peak of 22,794, and the BSE Sensex dropped 732 points from its lifetime high of 75,124.
The Bank Nifty index also saw a significant decline of 307 points, closing at 48,923. In the broader market, the small-cap index finished 0.55 per cent lower after reaching a new peak of 47,678, and the mid-cap index ended 0.21 per cent lower after touching a new high of 42,774.
On the outlook for the Nifty 50 today, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said, "The short-term trend of the Nifty 50 index seems to have reversed. The higher top of the bullish pattern will likely be completed on Friday at the swing high of 22,794 levels, and a short-term downward correction is expected in the coming sessions.
Immediate resistance for Nifty today is placed at 22,600, and the following downside levels are to be watched around 22,120 levels. Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — May 6 On the outlook for the Bank Nifty today, Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities, said, "The BankNifty index faced selling pressure from higher levels but maintained its uptrend, closing near the immediate support of 49,000.
Immediate resistance is at 49,200, and a break above could trigger short-covering moves towards 49,500 levels. Conversely, immediate support lies at 48,800-48,700, and a breach might lead to further downside towards the 48,400 mark, where the 20DMA is situated." Unveiling intraday trading strategy and factors that may dominate the Indian stock market today, Aditya Gaggar,
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