Stock market today: Trade setup for Nifty 50 to India VIX, six stocks to buy or sell on Tuesday — May 21

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Stock market today: The domestic benchmark indices, Sensex and Nifty 50, are probably going to open higher on Tuesday's trading session, amidst mixed global cues. The Indian benchmark indices is off to a solid start, based on Gift Nifty's trends. The Gift Nifty was trading at a premium of around 70 points from the previous closing of the Nifty futures, at 22,610.

The benchmark Nifty 50 closed the special trading session on Saturday over the 22,500 mark, while the domestic market indices finished with modest gains. The Nifty 50 closed 35.90 points, or 0.16%, higher at 22,502.00, while the Sensex increased 88.91 points, or 0.12%, to conclude at 74,005.94. Due to the Lok Sabha elections in Mumbai on Monday, the Indian stock market was closed.

Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today - May 21 The Nifty 50 is still in the channel and closed over 22,500 for the first time in a few days, according to Rupak De, Senior Technical Analyst at LKP Securities. On the daily chart, a small-bodied candle, however, offers very little information about the direction the price will go in the future. Furthermore, there is noticeable inflection around the 22,500 strike, as seen by the thick writing in both the call and put.

To confirm any directional shift, traders must thus exercise caution throughout the first hour of trading. At 22,400, support is evident. On the plus side, a strong advance might push the index in the near future towards 22,600 and beyond.