Taking Stock | Nifty closes at record closing high on May expiry

Due to May being the day of F&O expiry today, ie on 27th of May, the market saw a lot of ups and downs and in the midst of this fluctuation, the Sensex and Nifty managed to close at the end of trading.

Cessanx closed at the level of 51,115.22 with a gain of 97.70 points, or 0.17 per cent, today. The Nifty closed at 15337.85 with a gain of 36.40 points, or 0.24 per cent.

Manish Hathiramani of Deen Dayal Investments Says that in today’s trade, the Nifty managed to stay above 15300, this is a good sign. In the Nifty, we can now see the level of 15600.

He further said that any intraday correction or any dip should now be seen as an opportunity for a long position in the Nifty. He further said that the Nifty has good support at the level of 15000. Until this level is broken on a closing basis, we are in the bull market.

In today’s business, except for pharma and energy, all sectoral indices have closed in the green mark. The Nifty Bank, IT and PSU Bank indices have seen a growth of 1-2 per cent. The mid-cap and smallcap indices of the BSE have also closed in the green mark.

Today, the BSE saw an increase of 1 percent in the bank index. Along with this, purchases in power, metal, IT and auto were also seen, while the realty index fell by 1 percent.

Taking a look at individual stocks, today the volume of PNB, Canara Bank and Cummins has seen an increase of more than 100 percent.

PNB, Tech Mahindra and ACC saw long buildups while BEL, Motherson Sumi and Maruti Suzuki saw short buildups.

More than 350 shares of Wipro, Coforge and TVS Motor hit their 52-week high on the BSE today.

Technical view

The Nifty today created a small bodied bullish candle on the daily scale and maintained the Higher and Higher Loss formations of the last 5 seasons.

Motilal Oswala’s Chandan Tapadia It says that the Nifty will have to stay above 15250 to go to its alltime high of 15431 and in the 15,500 zone above that. There is support for the Nifty at 15200 and then at 15150 at the bottom.

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