May 27, 2022

Bulls vs Bears: Here's what to expect on Dalal Street today  Sensex rose 503 points to 54,252 and Nifty gained 144 points to 16,170 in the previous session. Tata Steel SBI, HDFC Bank, and Axis Bank were among the top Sensex gainers, rising up to 5.27 percent. Updated May 27, 2022, 8:53 AM IST The Indian market snapped its three-session losing streak on May 26 in a highly volatile session. Sensex rose 503 points to 54,252 and Nifty gained 144 points to 16,170. Tata Steel SBI, HDFC Bank, and Axis Bank were among the top Sensex gainers, rising up to 5.27 percent. Sun Pharma, RIL, HUL, and L&T were the top Sensex losers, falling up to 1.16 percent. BSE mid-cap and small-cap indices gained 314 points and 194 points, respectively. Among BSE sectoral indices, banking and metal shares were the top gainers, with their indices rising 854 points and 574 points, respectively. The market breadth was positive with 1748 shares ending higher against 1552 stocks falling into the red. 129 shares were unchanged. Here's a look at what experts said about the outlook of the market in today's session. Deepak Jasani, Head of Retail Research, HDFC Securities said, "Rating agency Moody's Investors Service has lowered its growth forecast for India for the current calendar year by 30 basis points from 9.1 percent to 8.8 per cent. For the next year, the agency has retained its forecast of 5.4 percent. A move above 16263 could result in acceleration on the upside for the Nifty while the low of the day i.e. 15904 will be crucial to be protected." Mohit Nigam, Head - PMS, Hem Securities said, "We believe that market volatility may remain at elevated levels and investors should maintain a cautious stance. One can use these dips to start making new positions in fundamentally good stocks but in a staggered manner. We believe FED’s and RBI actions in June will be an important factor that may decide the direction of the market in the short term. Immediate support and resistance for Nifty are 16,000 and 16,400 respectively. Immediate support and resistance for Bank Nifty are 34,500 and 35,500, respectively." Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities said, "On daily charts, Nifty has formed a long leg Hammer formation which supports further uptrend from the current levels. For the trend following traders, 16,050-16,000 would act as a key support zone. Trading above the same, the index could rally up to 16300-16375. On the flip side, below 16000, uptrends would be vulnerable. Below which, bulls may prefer to exit out from the trading long positions. Below 16000, the index could retest the level of 15,900-15,850.” TAGS: