Benchmark indices NSE Nifty 50 and BSE Sensex ended the monthly F&O expiry session in green. The NSE Nifty 50 ended near the day’s high, rising 35.75 points or 0.20% to 18,321.15 and BSE Sensex rose 98.84 points or 0.16% to 61,872.62. In sectoral indices, Bank Nifty ended flat at 43,681.40, Nifty FMCG rose 0.61%, Nifty Metal climbed 0.30%, Nifty Realty jumped 1.12% and Nifty PSU Bank fell 0.45%. The top gainers on Nifty 50 were Bajaj Auto, Adani Enterprises, Bharti Airtel, ITC and Divis Lab while the losers were Wipro, Tata Motors, IndusInd Bank, UPL and Hindalco.
“Global markets maintained their influence, exerting downward pressure on the domestic market in response to weaker cues from the US market and the recession in Germany. However, as US futures rose, propelled by a sharp increase in sales projections from chipmaker Nvidia, the domestic market was able to efficiently recoup its earlier losses,” said Vinod Nair, Head of Research at Geojit Financial Services.
Bank Nifty support at 43400, resistance at 44000
“The fight between the bulls and bears continues in the Bank Nifty Index. The bulls have been trying to push the index higher, but the bears have been successful in keeping it in check. The monthly expiry on May 25 witnessed volatile trading, but the index managed to hold the support of 43,400. This is a positive sign for the bulls, as it shows that there is still demand for the index at this level. The resistance is at 44,000, where the highest open interest is built up on the call side. This means that there is a lot of potential for the index to move higher if it can break through this resistance level,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.