Stock market today: Trade setup for Nifty 50 to India VIX, eight stocks to buy or sell on Thursday — May 16
Stock market today: The Indian stock market, despite strong global cues, snapped a three-day winning streak on Wednesday. The Nifty 50 index closed at the 22,200 mark, the BSE Sensex closed at the 72,987 mark, and the Bank Nifty index finished at 47,687. Cash market volumes on the NSE rose about 9 percent to Rs.1.01 lakh crore.
The broad market indices ended positively, even as the advance-decline ratio remained firm at 1.46:1. On the outlook for Nifty today, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, expects a further upmove after a minor dip or consolidation. He sees a sustainable move above the immediate resistance of 22,300 levels opening the doors for the higher target of 22,600 soon.
Immediate support for Nifty today is placed at 22,070 levels. On the outlook for the Bank Nifty today, Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C Mehta, said, "The Bank Nifty opened on a positive note but was unable to sustain at higher levels, resulting in profit booking and settling the day on a negative note at 47,687. Technically, the index still respects a bullish engulfing candle, indicating strength.
The bullish momentum will continue as long as the index remains above 46,983. On the upside, the 21-DEMA is placed near 48,060, which will serve as the first hurdle for the index, followed by 48,500." Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — May 16 On the outlook for the Indian stock market today, Siddhartha Khemka, Head of Retail Research at Motilal Oswal, said, "The relentless FIIs selling and India VIX at elevated levels put pressure on the market. We expect the market to consolidate in a broader range as the election polling progresses and
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