Stock market today: Nifty and Sensex open with declines

NSE Nifty was down by 0.1 per cent or 22.25 points to 22,479, while the BSE Sensex was at 73,878 down by 0.17 per cent or 128.98 points.

NSE Nifty was down by 0.1 per cent or 22.25 points to 22,479, while the BSE Sensex was at 73,878 down by 0.17 per cent or 128.98 points.

Also read:SIP inflows drop by 5% in April amid market uncertainty and election concernsA total of 3,418 stocks were actively traded, 1,544 advanced, while 1,713 declined, and 161 stocks remained unchanged, where, 169 stocks hit a 52 week high and 19 stocks hit a 52 week low at 9.30 am on the BSE.

Deven Mehata, Research analyst, Choice Broking, said, “The benchmark Sensex and Nifty indices, are expected to open flat, with a negative bias on May 21, as GIFT Nifty trend, indicates a loss of around 40 points for the index. Nifty can find support at 22,400 followed by 22,350 and 22,300. On the higher side, 22,600 can be an immediate resistance, followed by 22,650 and 22,700.

The charts of Bank Nifty indicate that it may get support at 48,000, followed by 47,900 and 47,700. If the index advances, 48,350 would be the initial key resistance, followed by 48,500 and 48,600. INDIAVIX was positive on Saturday by 3.67 per cent, and is currently trading at 20.5250. Yesterday, global markets traded positively.

Indian markets, are poised to open with a positive gap. Traders with long positions, can maintain a trailing stop loss of 22,350 on a closing basis. On the upside, if the Nifty reaches 22,650, traders can take profits and wait for dips to open new long bets.”

Major gainers on the NSE at 9.30 am include, Coal India (2.31%), BPCL (1.46%), Hindalco (1.38%), Apollo Hospitals (1.17%), Tata Steel (1.04%). Major losers include, Nestle India (-2.19%), Axis Bank (-0.99%), M&M (-0.94%), SBI Life (-0.84%), TCS (-0.81%)

BSE Smallcap was down by 0.26 per cent, and Midcap down by 0.028 per cent.

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