Midday markets: Nifty down 0.06%, Sensex up 0.11%

NSE Nifty was down by 0.06 per cent or 12 points to 22,463.35, while the BSE sensex was at 73,959.20 up by 0.11 per cent or 99.05 points.

NSE Nifty was down by 0.06 per cent or 12 points to 22,463.35, while the BSE sensex was at 73,959.20 up by 0.11 per cent or 99.05 points.

A total of 3,986 stocks were actively traded, 1,257 advanced, while 2,562 declined and 167 stocks remained unchanged where 216 stocks hit a 52 week high and 23 stocks hit a 52 week low at 1.20 pm on the BSE.

Mandar Bhojane, Research Analyst, Choice Broking, said, “Recent market movements reveal a decline in the Nifty 50, dropping 172 points to 22,476 after hitting a record high intraday. Bearish signals are apparent, such as a bearish divergence on the daily timeframe with the RSI failing to surpass its previous swing high despite index surges. Additionally, there’s a formation of a Bearish Engulfing candlestick pattern on the daily charts, alongside Doji and Double Top patterns on the weekly charts.

Also Read: Services PMI drops a tad to 60.8 in AprilIn terms of investor activity, provisional data from the NSE reveals foreign institutional investors (FIIs) net sold ₹2,391.98 crore shares, contrasting with domestic institutional investors (DIIs) who injected ₹690.52 crore on May 3.

Considering these dynamics, traders and investors are advised to capitalize on buying opportunities during Nifty dips while implementing effective stop-loss strategies below the mentioned support levels. This cautious approach aims to mitigate risks and capitalize on potential gains in today’s trading session.”

Also Read: Bank Nifty prediction today—May 6, 2024: Bears to gain traction; sell futuresMajor gainers on the NSE include, Britannia (7.92%), Kotak Bank (5.50%), TCS (2.16%), JSW Steel (2.03%), Infosys (1.36%). Major losers include, Titan (-6.23%), Adani Enterprises (-3.49%), NTPC (-2.71%), SBI (-2.58%), Adani Ports (-2.26%).

BSE smallcap was down by 0.92 per cent and Midcap down by 1.09 per cent.

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