Benchmark indices ended with marginal gains on May 27 amid volatility due to the May F&O expiry day. At close, the Sensex was up 97.70 points or 0.19% at 51,115.22, and the Nifty was up 36.40 points or 0.24% at 15,337.90.
“The Index stayed above the 15300 level today. This should allow the index to move higher to levels closer to 15600. Any intra-day correction or dip can be utilized to accumulate long positions on the Nifty,” said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.
“We have a good support at the 15000 level and as long as we do not break this on a closing basis we are in bull territory,” he added.
Except for pharma and energy, all other sectoral indices ended higher with Nifty Bank, IT and PSU Bank indices adding 1-2 percent. BSE Midcap and Smallcap indices also ended in the green.
Shree Cements, SBI, Axis Bank, Kotak Mahindra Bank and Wipro were among the top gainers on the Nifty, while losers included HDFC, ONGC, IOC, Bajaj Finance and HUL.
Stocks & sectors
On the BSE, Bank index added 1 percent, while buying was also seen in the power, metal, IT and auto indices. However, Realty index fell 1 percent.
Among individual stocks, a volume spike of more than 100 percent was seen in PNB, Canara Bank and Cummins.
Long buildup was seen in PNB, Tech Mahindra and ACC, while short buildup was seen in BEL, Motherson Sumi and Maruti Suzuki.
More than 350 stocks, including Wipro, Coforge and TVS Motor hit a fresh 52-week high on the BSE.
Technical View
The Nifty formed a small bodied bullish candle on the daily scale and continued its formation of higher highs – higher lows of the last five sessions
“Nifty has to hold above 15,250 zones to witness an up move towards life time high of 15,431 and 15,500 zones, while on the downside support exists at 15,200 and 15,150 zones,” said Chandan Taparia of Motilal Oswal Financial Services.
Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
