Overview
On May 31, the market exhibited extreme volatility ahead of the GDP data announcement expected later in the day and the Lok Sabha general election 'Exit Poll' results scheduled for June 1. Despite this volatility, the market managed to close on a positive note, snapping a five-day losing streak.
Market Performance
Sensex: Closed up by 75 points, ending at 73961.
Nifty: Closed up by 42 points, ending at 22530.
Weekly Performance
For the week, both the BSE Sensex and Nifty50 shed nearly 2 percent each, reflecting the overall market uncertainty and volatility.
Intraday Movement
Nifty: The market opened positive, starting the June F&O series above 22,550. It experienced rangebound movement throughout the day but ended higher.
Top Nifty Gainers: Adani Enterprises, Adani Ports, Shriram Finance, Coal India, Tata Steel.
Top Nifty Losers: Divis Labs, Nestle India, LTIMindtree, Maruti Suzuki, TCS.
Sectoral Performance
Positive Performers: Metal, power, telecom, and realty sectors were up by 1-2 percent.
Negative Performers: Media, FMCG, healthcare, and IT sectors were down by 0.3-1 percent.
Midcap and Smallcap Indices
BSE Midcap Index: Ended flat.
BSE Smallcap Index: Gained 0.8 percent.
52-Week Highs
130 stocks touched their 52-week highs on the BSE. Notable among them were Blue Star, Coromandel International, Emami, Fortis Healthcare, GlaxoSmithKline Pharmaceuticals, Godawari Power, J Kumar Infra, Jindal Stainless, Jupiter Wagons, KNR Construction, Samvardhana Motherson International, Oberoi Realty, and TVS Holdings.
Nifty Analysis
The Nifty remained volatile within a narrow range as investors awaited the election results. The highest call writing is visible at 23000, while significant put writing is at 22500. This suggests that the Nifty might oscillate between 22500 and 23000 in the next few days. A fall below 22500 could trigger a correction towards 22000.
Crucial Levels:
Support: 22420-22313
Resistance: 22820-22900
Bank Nifty Analysis
Bank Nifty saw a sharp recovery from its 21-day EMA, closing near the resistance level of 49000. The RSI is making higher lows and heading towards a bullish crossover. A buy-on-dips strategy is advisable with a stop loss at the 21-day EMA, placed at 48500. Therefore, 48500 is strong support and 49200 is the first resistance. If Bank Nifty breaks 49200 on the daily chart, it could soon reach 50000.
Crucial Levels:
Support: 48600-48500
Resistance: 49700-49800
Conclusion
The market managed to close positively despite the high volatility, largely driven by mixed global cues and anticipation of significant upcoming events. Investors are advised to watch crucial levels closely as breakouts or breakdowns from these levels could determine the short-term direction of the market.
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