Daily Markets - May 26, 2021 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Indian benchmark equity indices rose for the fourth consecutive session on May 26. Nifty opened flat and then rose till about 1100 Hrs. Later it went sideways. At close, the Nifty was up 93.00 points or 0.61% at 15,301.50.

Volumes on the NSE were below recent averages. Among sectors, IT and Realty gained the most and Metals and Power fell the most. BSE Midcap index ended flat, while smallcap index rose 0.7 percent.

Markets across Asia and Europe rose Wednesday as inflation worries ease, while vaccine and reopening optimism reinforce expectations for a strong global recovery. China stocks notched their highest close in three months on Wednesday as easing inflation worries and a strong yuan lifted risk appetite. On Wednesday, China's onshore and offshore yuan strengthened to near three-year highs against the dollar, with the onshore currency breaking through a key level that had prompted state banks to step in a day earlier. New Zealand central bank held interest rates at a record low on Wednesday, but hinted at a hike as early as September next year.

Nifty closed at the highest since Feb 16, 2021. It also closed at almost the day's high accompanied by a strongly positive advance decline ratio. IT sector witnessed rotational buying while Metals stocks came under pressure as metal prices continued to remain soft globally after a dream rally. 15336-15432 is the next resistance band for the Nifty while 15211-15256 is the support band for the near term.

Source : Equity Bulls

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