Stock market today: Trade setup for Nifty to Sensex, four stocks to buy or sell on Tuesday — May 7
Stock market today: Despite positive global market cues, the Indian stock market ended lower after a highly volatile session on Monday. The Nifty 50 index lost 33 points and finished at 22,442, while the BSE Sensex ended marginally higher at 73,895.
The Bank Nifty index went off 28 points and closed at 48,895. However, the broad market indices fell more than the frontline indices even as the advance-decline ratio fell sharply to 0.45:1.
On the outlook for Nifty today, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said, "The short-term trend of Nifty remains negative as long as the support of 22300 holds, an upside in the market is possible. A move below the support could open more weakness in the short term." Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — May 7 On the outlook for the Bank Nifty today, Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities, said, "The BankNifty index underwent a sideways trading session, with bulls successfully defending the support zone around 49000-48900.
Immediate resistance is noted at 49300, and a decisive breakthrough could trigger short-covering moves towards 49500. Conversely, a significant breach of the 48900 mark may induce further selling pressure towards 48400, where the 20DMA is positioned." Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, believes immediate support for Sensex/Nifty today is placed at 73400/22300, while the resistance is at 74300/22600.
The Bank Nifty would have a daily range of 48400–49400 levels. Asked about stocks to buy today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking, Ganesh Dongre, Senior Manager — Technical Research t Anand
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