The Indian equity indices in the special session closed higher on May 18. The Nifty 50 advanced 36 points or 0.16% to finally settle the day’s trading at 22,502. Sensex inched up 89 points or 0.12% to close the day’s trading at 74,006. Nestle India, Power Grid Corp, Tata Motors, Hindalco, and ONGC were the significant gainers. The volatility index shot up 3.64%.
Sectoral indices higher
The Nifty Midcap 100 hit its all-time high of 51,916.45 during the special trading session and closed 264.35 points or 0.51% higher to finish the session at 51,869.25. However, Nifty Bank closed 83.85 points or 0.17% at 48,199.50.
On the sectoral front, media and realty stocks led the indices higher. In the broader market, smallcap and midcap stocks closed in the green.
“The benchmark indices experienced a dull special trading session but managed to end with marginal gains. After an initial rise, Nifty traded within a narrow range and eventually closed at 22,502. The sectoral performance was mixed, keeping traders engaged, with realty and pharma sectors posting modest gains, while banking and financial sectors remained subdued. Meanwhile, the broader market showed buoyancy, as midcap and smallcap indices increased between 0.4% and 0.8%,” said Ajit Mishra, Senior Vice President of Research at Religare Broking.
“Although the mixed performance among major stocks is limiting momentum in the index, the broader market’s strength and gains in select heavyweights are providing ample opportunities. Participants should adjust their positions accordingly and maintain a “buy on dips” strategy,” he said.
Nifty’s Technical Side
“Heavy writing is visible in both CALL and PUT at the 22,500 strike, indicating a sense of inflection. Therefore, traders need to be watchful in the initial hour to confirm any directional move. Support is visible at 22,400. On the higher end, a sustained move can take the index towards 22,600 and higher in the short term,” said Rupak De, Senior Technical Analyst at LKP Securities.
