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Nervousness on Dalal Street as Nifty bulls debate 'Sell in May and go away'. Positive April returns trigger unease. US Fed meeting hints at rate cut projection. Analysts advise capitalizing on Nifty dips for buying opportunities.
Indian shares rose on Monday as gains in the second-largest private lender ICICI Bank on better-than-expected quarterly profit spurred a rise in heavyweight financials.
Analysis of Nifty Put options indicates a concentration of Open Interest (OI) at the 22,500 level, suggesting potential support. On the Call side, significant OI concentrations are observed at the 22,900 and 23,000 levels, nearing all-time highs.
Sensex on Thursday surged 487 points to settle at 74,339. NSE Nifty advanced 168 points to close at 22,570. Nifty formed a bullish engulfing candle following a series of small candles
Going ahead, 22,500 level remains a significant resistance on the monthly expiry day, but a sustained trade above 22,500-22,550 could trigger further upward movement, potentially driven by contract adjustments.