Stock market today: Trade setup for Nifty 50 to India VIX, four stocks to buy or sell on Thursday — May 9
Stock market today: Despite strong global sentiment on growing UK hopes of interest-rate cuts, the Indian stock market remained sideways throughout the Wednesday session. The Nifty 50 index finished flat at 22,302, the BSE Sensex ended 45 points lower at 73,466, whereas the Bank Nifty index corrected 264 points and closed at the 48,021 mark. The India VIX Index finished at 17.08 after climbing to a new 52-week high of 18.32.
However, the broad market witnessed buying interest of Dalal Street bulls. The BSE small-cap index finished 0.50 percent higher, whereas the mid-cap index shot up to 0.78 percent. The advance-decline ratio rose to 1.36:1.
On the outlook for Nifty today, Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi, said, "On the Nifty front, the 50-stock index closed near the support level of 22100–22200 zone. If the frontline index holds this support level, upward movement can be seen in the upcoming days. Now, the next resistance for the Nifty 50 index is placed at 22500-22600.
As per Wednesday's chart pattern, we have seen the gap down opening and the whole day, Nifty, remain in a choppy trend. After this, indices closed in negative territory at the end of the day. So, on the Nifty front, the 50-stock index is in an oversold zone.
Hence, we may see short covering in upcoming trading sessions. The next Nifty support stands at 22100-22200 level." "On the Bank Nifty front, we have seen profit booking today. Bank Nifty resistance stands at 49,000, and support is at the 47,500 level," the Anand Rathi expert added.
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