Closing Bell | Sensex ends 118 points lower, Nifty holds 22200; BSE MidCap up

1715773482 Market up1

May 15, 2024 / 03:58 PM IST

Sensex Today | Mandar Bhojane, Research Analyst, Choice Broking

On May 15th, the Nifty index experienced a volatile trading session, oscillating within a 140-point range. Despite the fluctuations, the market ultimately exhibited sideways momentum, closing with a neutral candlestick on the daily chart.

Should the Nifty index manage to sustain a close above the 22,300 level, where the 20-day Exponential Moving Average (EMA) resides, it may extend its upward trajectory towards the 22,600 and 22,800 levels in the forthcoming sessions. The Relative Strength Index (RSI) stands at 46.6, indicating an uptick from oversold territory and signaling growing bullish momentum. Conversely, the levels of 22,000 and 21,900 are anticipated to act as support levels.

An analysis of Nifty put options reveals a concentration of Open Interest (OI) at the 22,000 level, implying potential support at this level. On the call side, significant OI concentrations are observed at the 22,500 and 22,600 levels, nearing all-time highs.

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