After The Bell: Nifty at fresh closing high, what should investors do on Friday?

Market Outlook

Indian markets remained volatile on the F&O expiry day on May 27 but a bull charge in the last 30 minutes pushed the Nifty above 15,300 to a record closing high.

The S&P BSE Sensex rose 97 points to 51,115 and the Nifty50 closed with gains of 36 points at 15,337.

Sectorally, financials lifted the market, with the Nifty Bank gaining more than 1 percent followed by consumer durables, power, utilities and IT.

On the broader markets front, the BSE midcap index rose 0.54 percent and the smallcap index 0.34 percent.

“Market gained its momentum in the opening hours on hopes of a state-wise unlocking due to declining COVID cases. However, RBI’s warning of the risk of a bubble in the equity market in its annual report made the market cautious, forcing it to end flat on the day of the monthly F&O expiry,” Vinod Nair, Head of Research at Geojit Financial Services said.

The RBI has noted a disconnect between the market and economy due to COVID. The equity market valued is based on its future earnings growth proposition, which is solid for India today. “High liquidity does help the market and RBI has reaffirmed its supportive stance till the economy recovers,” he said.

Here’s what experts think that investors should do on May 28:

Chandan Taparia, Vice President | Analyst-Derivatives, Motilal Oswal Financial Services Limited

Technically, the Nifty formed a small-bodied Bullish candle on a daily scale and continued forming higher highs, higher lows from the last five sessions.

Now, the index has to hold above 15,250 to witness an up move towards the lifetime high of 15431 and 15500. On the downside, support exists at 15,200 and 15,150 zones.

Rohit Singre, Senior Technical Analyst at LKP Securities.

Another positive session and the Nifty gave a close at 15,338 with minimal gains of 36 points and formed a Doji candle on the daily chart.

On an immediate basis, the index has formed support near 14,275. A break below it will lead to more profit-booking towards 15,200, which is another support on the downside. The 15,430-15,470 remains a stiff hurdle.

Ajit Mishra, VP-Research, Religare Broking Ltd

Markets traded volatile and settled marginally in the green on monthly expiry day. Markets are now waiting for unlocking of restrictions by the states, which is fuelling the recovery.

Besides, stability in the global markets after the Fed assurance is also helping the index to sustain at higher levels. Most sectors, barring metal, are participating in the move and the trend is expected to continue. Participants should continue with the “buy on dips” with focus on sector and stock selection.

Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

The Nifty managed to stay above 15,300, which should allow the index to move higher towards 15,600.

Any intraday correction or dip can be utilised to accumulate long positions. There is good support at 15,000 and as long as the index doesn’t close below it, we are in the bull territory.

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