Stock market today: Trade setup for Nifty 50 to India VIX, five stocks to buy or sell on Friday — May 10
Stock market today: Following weak global sentiments, the Indian stock market ended lower for the fifth straight session on Thursday. The Nifty 50 index crashed 345 points and closed below the 22,000 mark at 21,957. The BSE Sensex tanked 1062 points and finished at 72,404, while the Bank Nifty index, which tracks the performance of the banking sector, nosedived 533 points and ended at a 47,487 level.
Cash market volumes on the NSE, which indicate the liquidity in the market, rose to ₹1.02 lakh crore. However, the broad market indices, which provide a more comprehensive view of the market, fell more than the Nifty 50 index even as the advance-decline ratio, which measures the number of advancing stocks to declining stocks, fell sharply to 0.17:1 (lowest since March 13, 2024). On the outlook for the Nifty 50 index, Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi, said, "On the Nifty front, the 50-stock index closed near the support level of 21800–21900 zone.
If Nifty holds this support level, then upward movement can be seen for the frontline index in the upcoming days. Now the next resistance for the Nifty spot will be 22500-22600. On Thursday, we saw the gap down opening, and the index witnessed profit booking for the rest of the day.
So, on the Nifty front, currently, Nifty is in an oversold zone. Hence, we may see short covering in upcoming trading sessions; the next nifty support stands at the 21800-21900 level." Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — May 10 "On the Bank Nifty front, we have seen profit booking today; Bank Nifty is also in the oversold zone. So upcoming Bank Nifty resistance stands at 48,500 and support at 47,500 level," said Dongre.
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