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There are higher possibility of the key sectors like banks, FMCG, IT, etc., continuing to relatively outperform or at least improve on their relative strength. While staying vigilant on existing profits, we recommend using trailing stop-loss to protect gains. A positive outlook is advised for the day.
While the highest Put OI stands at 15,200, maximum Call OI concentration was seen at 15,500 levels. This defines 15,200-15,300 as a broad range for the Nifty for expiry day.
Long periods of low volatility also reflect complacency of market participants. This may lead to an increase in volatility going ahead and one would need to guard against it.
Chase any Nifty bounce with caution now; Metals, Pharma, FMCG look better placed SECTIONS Chase any Nifty bounce with caution now; Metals, Pharma, FMCG look better placedBy Milan Vaishnav, CMT, MSTA, ET CONTRIBUTORS Last Updated: May 22, 2021, 12:27 PM IST Share Synopsis The headline index closed with net gains of 497 points (+3.39%) on a weekly basis to finish on a broadly strong note. Getty Images Nifty PSE Index has slipped inside the weakening quadrant. Despite intermittent hiccups, the week gone by turned out to be much better than expected for the Indian market. Nifty not only averted ...
In a disappointing session, Nifty slipped below its immediate key support and ended Wednesday’s session on a negative note. The market opened lower on the anticipated lines and stayed in the negative territory throughout the day. The opening level became the high point of the day, as the index spent the first half of the session trading with limited losses. While Nifty failed to recover beyond a point, the market came under intense corrective pressure the second half of the session. It went on to test the day’s lowest point before finally ending the day with a net loss of 154 points, or 1...