Due to the rebalancing of the FTSE index, the market remained heavily volatile on the day of monthly expiry of the F&O contracts. The Nifty once again gave buyers the opportunity to buy on dips.
Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities said the Nifty bounced from 15,280 to 15,380 in a row. The 15,430 level is the previous highest and as of today's formation, Nifty can show levels of 15,430 or 15,500. As the market has created a long legged doji, the Nifty will be even more volatile, he said.
"The 15,250/15,100 levels would be an excellent support in the coming expiry. If 15,430 is easily crossed then we can see the level of 16,000 (positional target) in the coming expiry. In that comparison, Bank-Nifty can show the level of 36,500," Chouhan added.
The Index continue to trade in higher high and higher low formation which suggest further upside movement in the counter. Moreover, the index has given closing above 21*50 Hourly Moving Average with a positive crossover which points out strength in the counter. In addition, an indicator MACD & Stochastic witnessed positive crossover, which suggests a bull-run for upcoming sessions. At present, the Nifty seems to have resistance at 15,450 levels while immediate support is placed at around 15,140 levels, said Sumeet Bagadia, Executive Director, Choice Broking.
The 30-share BSE index ended 97.70 points or 0.19 percent higher at 51,115.22, and the broader NSE Nifty rose 36.40 points or 0.24 percent to 15,337.85.
SBI was the top gainer in the Sensex pack, jumping around 3 percent, followed by Kotak Bank, Axis Bank, Bajaj Auto, Tech Mahindra, UltraTech Cement and PowerGrid.
On the other hand, HDFC, Bajaj Finance, ONGC and Bharti Airtel were among the laggards.
Markets ended the monthly expiry of May 2021 on levels above 15,340 after the little volatility seen in the day's trade. Markets ended the day at the record closing highs. The week's rally was mainly on back of the momentum seen in the bank stocks with Bank Nifty showing gains of over 1 percent in today's trade. With vaccinations picking up in the economy and the regular fall in COVID cases nationwide has made the market bet on better economic activity in the coming months. The market seems to continue the momentum to the higher levels but keeping a keen eye on the 15,200 levels as a support, a stock market analyst said.