On the day of expiry of May derivatives contracts, BSE Sensex and Nifty 50 settled in the positive territory. BSE Sensex gained 98 points to finish at 51,115, when the broader Nifty 50 index added 36 points to settle at 15,338. The broader markets also performed in line with equity benchmarks. S&P BSE MidCap index jumped 116 points or .54 per cent to finish at 21,687, when S&P BSE SmallCap index gained 79 points or .34 per cent to settle at 23,591.49. Market breadth was positive as 1,751 stocks sophisticated when 1,381 scrips declined. While 141 shares remained unchanged.
Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
The Index has maintained above the 15,300 level today. This really should let the index to move larger to levels closer to 15,600. Any intra day correction or dip can be utilized to accumulate extended positions on the Nifty. We have a fantastic help at the 15,000 level and as extended as we do not break this on a closing basis we are in bull territory!
Jay Thakkar – VP and Head of Equity Research at Marwadi Shares and Finance
Nifty closed effectively in the positive territory on the expiry day at record higher levels. It was effectively supported by the Banknifty which managed to close above 35,000. The come back in the Nifty Pvt sector helped each the Nifty and Banknifty to move larger and close effectively in the positive territory. From hereon the Nifty has shifted its base to 15,150 levels for the June series and till these levels are held we can see 15,500 in the close to term and 15,750 in the June series. The Banknifty can surprise absolutely everyone positively as it is rather oversold and we can see fantastic brief covering there which can take it to 35,700/36,000 on quick basis whereas to all-time Highs positionally. The quick help is at 34,500 whereas June series help is 33,900 levels. The broader marketplace participation continues to be impressive and the money segment stocks are seeing fantastic worth obtaining action.
Vinod Nair, Head of Research at Geojit Financial Services
Market gained its momentum in the opening hours on hopes of a state-sensible unlocking due to declining covid situations. However, RBI’s warning of the threat of a bubble in the equity marketplace in its annual report made the marketplace cautious, forcing it to finish flat on the day of the month-to-month F&O expiry. RBI has noted a disconnect in between the marketplace and economy due to Covid. The equity marketplace is valued based on its future earnings development proposition, which is strong for India today. High liquidity does enable the marketplace and RBI has reaffirmed its supportive stance till the economy recovers.
Rohit Singre, Senior Technical Analyst at LKP Securities
One more positive session witnessed & index offered close at 15,338 with minimal gains of 36 points and formed a doji sort of candle pattern on day-to-day chart. on the quick basis index has formed help close to 14,275 zone any break beneath mentioned levels we may well see more profit booking in index towards 15,200 zone which is an additional help on the downside, stiff hurdle nonetheless at 15,430-15,470 zone.
Sumeet Bagadia, Executive Director, Choice Broking
On the technical front, the Nifty 50 continue to trade in larger higher and larger low formation which suggests additional upside movement in the counter. Moreover, the index has offered closing above 21*50 Hourly Moving Average with a positive crossover which points out strength in the counter. In addition, an indicator MACD & Stochastic witnessed positive crossover, which suggests a bull-run for upcoming sessions. At present, the nifty appears to have resistance at 15,450 levels when quick help is placed at about 15,140 levels.
Ajit Mishra, VP – Research, Religare Broking Ltd
Markets traded volatile and settled marginally in the green on the day of month-to-month expiry of May month contracts. The benchmark indices witnessed a firm commence but profit taking at larger levels capped the upside as the day progressed. Meanwhile, volatile swings witnessed across the board wherein banking showed tremendous resilience when oil & gas and realty traded subdued and ended decrease. Markets are now eyeing announcements on unlocking by the states which are fueling the recovery. Besides, stability in the worldwide markets right after the Fed assurance is also assisting the index to sustain at larger levels. We’re presently seeing most sectors, barring metal, participating in the move and anticipate this trend to continue. Participants really should continue with the “buy on dips” with focus on sector and stock choice.