Stock market today: Trade setup for Nifty 50 to India VIX today, eight stocks to buy or sell on Tuesday — May 14
Stock market today: Despite a downturn in morning session, the Indian stock market showcased its resilience by demonstrating a significant recovery, closing higher on Monday. The Nifty 50 index concluded 48 points higher at 22,104, while the BSE Sensex ended 111 points higher at 72,776. The Bank Nifty index surged 333 points and settled at 47,754.
Notably, cash market volumes on the NSE escalated to Rs.0.98 lakh crore. Although the small-cap index ended slightly lower and the advance-decline ratio fell to 0.70:1, the overall market recovery is a promising sign for potential trades, underlining the market's resilience. On the outlook for the Nifty 50 index, Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi said, "The Nifty 50 index closed near the support level of 21800–21900 zone.
If the 50-stock index holds this support level, then upward movement can be seen for the Nifty in the upcoming days. Now the next resistance for the frontline index will be at 22,300. In the previous session, we have seen the gap down opening and then continuously Nifty has seen upward movement in the market for the rest of the day.
After this, majorly all the indices closed in positive territory except oil and gas, textile and automobile sector at the end of the day. So, we may see further short covering in upcoming trading sessions, if Nifty holds its support at 21800-21900 level." Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — May 14 "On the Bank Nifty front, the frontline index witnessed short covering in the second half of the trading session and closed in positive territory. So, immediate resistance for Bank Nifty today stands at 48,500 and support at 47,000 to 47,300 level," said Dongre.
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