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The Nifty 50 is likely to be rangebound with resistance at 23,100-23,200 and support at 22,800 in the coming sessions, while volatility is expected to be elevated ahead of the Lok Sabha election results.
The Nifty Realty index is not yet overbought on the charts. It has hit a fresh 52-week high following classical consolidation, said Milan Vaishnav.
Looking at the close of Smallcap and microcap indices, traders should remain cautious in those segments.
There are clear indications that some amount of volatility will be back on the street. First phase of the volatility is normally led by large cap stocks, and even today large caps from different sectors are witnessing pressure. But the other fact is that recovery in the market is also largely led by the large cap and they stabilized much before other segment of the market. The pattern of the sectoral correction is visible. Yesterday, it was banking which led the correction. Today it is metal stock which is leading the correction as the bank stabilizes. ET screener powered by Refinitiv’s...
Godrej Properties formed robust bullish candlestick pattern on the daily charts, with significantly higher volumes. The stock now traded above all key moving averages.