Daily Markets - May 24, 2021 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Indian benchmark equity indices ended mildly higher in a volatile session on May 24. Nifty opened higher and soon sold off in the first hour of trade. Another attempt to rise was cut short around 1450 Hrs with Nifty making almost a double top in the same day. At close, the Nifty was up 22.40 points or 0.15% at 15,197.70.

Volumes on the NSE were in line with recent averages. Among sectors, Power, Realty, Oil & Gas and Capital Goods were the main gainers while Telecom and Metals were the main losers. Midcap and smallcap indices rose more than the Nifty supported by positive advance decline ratio.

Global stocks struggled for momentum on Monday as investors awaited key U.S. inflation readings for guidance on monetary policy, despite news of China's clampdown on mining and trading of cryptocurrencies.

European stocks closed in on record highs on Monday as investors counted on continued economic recovery and strength in corporate earnings to keep the market momentum going. A lot of European markets are shut today.

Nifty has closed mildly higher on May 24, forming a doji after a rise, suggesting indecision at higher levels even as the Nifty approached past resistance levels. Largecaps are finding it difficult to rise as a group while the broader market still keeps doing well. 15256-15108 is the band for the Nifty for the near term.

Source : Equity Bulls

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