Sameet Chavan News Today

India VIX, a measure of market volatility, has surged from 10 to 24 over the past month amid election-related nervousness. Analysts believe that India VIX has more room to grow.

Analysts expect the bullish momentum in markets to continue and see Nifty clinching 23,150 soon

The domestic indices remained unfazed by US FOMC minutes released on May 22 which reinforced the likelihood of interest rates remaining higher for longer

Market experts believe that uncertainty over election results has caused a spike in volatility, and markets are expected to remain volatile until the election results are announced

IT and financial services stocks were the major laggards. Meanwhile, automobile and construction stocks were the major gainers.

With volatility increasing in the domestic market ahead of election results, a softer-than-expected US CPI data provided some relief to investors on May 16. Financial services and IT stocks were the major contributors to Nifty.

The market continues to show optimism, buoyed by expectations of political stability amidst the ongoing general elections, say analysts

The index is likely to find some resistance around the 22750-22800 levels while on the downside 22300 is likely to act as a crucial support.

For Nifty the immediate swing low of the 22350-22300 subzone is likely to provide a firm cushion for any intra-week blip, followed by the 50 DEMA of 22230 and the bullish gap around the 22200 zone.

A breach of the 22,550 spot Nifty support represents a negative/cautionary signal, which opens the doors for a downside target of 22,300. Recovery hopes are contingent upon the Nifty staging a comeback above 22,600.