Sensex up 330 pts, Nifty holds 22,200; M&M, L&T, JSW Steel, NTPC top gainers

Market up1


May 14, 2024 / 04:09 PM IST

Sensex Today | Mandar Bhojane, Research Analyst, Choice Broking

On May 14, Indian benchmark indices concluded a volatile session with gains, primarily fueled by buying activity across sectors. The Nifty Metal sector led the upswing, followed by Nifty Realty and Nifty Auto, each posting gains of 1.5 percent. The Sensex closed up by 328.48 points or 0.45 percent at 73104.61, while the Nifty surged by 118.55 points or 0.51 percent to reach 22,217.85.

Nifty exhibits signs of a potential reversal from its daily trendline, supported by robust volume, suggesting a bullish reversal. 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 22,600 and 22,800 levels in the forthcoming sessions. The Relative Strength Index (RSI) stands at 47.30, indicating an uptick from oversold territory, signaling a growing bullish momentum. Conversely, the levels of 22,000 and 21,850 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.



This article was originally published by a www.moneycontrol.com

Read it HERE

Share

Similar Posts

Leave a Reply

Your email address will not be published. Required fields are marked *