Daily Markets - May 27, 2021 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Indian benchmark equity indices rose for the fifth consecutive session on May 27 after a mildly volatile day in terms of indices. The Nifty opened lower and made a morning bottom in the first few minutes of trade. Another bout of fall happened post 1335 Hrs. This fall was quickly reversed and the Nifty ended marginally higher. At close, the Nifty was up 36.40 points or 0.24% at 15337.90.

Volumes on the NSE were unusually higher than the recent averages due to F&O expiry and MSCI rebalancing trades. Among sectors, Metals, Consumer Durables, Banks and IT indices did well while Realty was the main loser. BSE Midcap and Smallcap indices ended in the green.

Asian shares reversed early losses on Thursday and hovered near two-week highs as traders await data from the US. Stocks in Europe had a muted start to the day on Thursday, amid concerns of rising COVID cases in Europe.

The monthly U.S. personal consumption report is due out on Friday while U.S. gross domestic product and jobless claims numbers are expected later in the day on May 27. U.S. weekly jobless claims data also comes out Thursday morning.

Nifty continues its gradual march upwards. The high low range of Nifty was less than 100 points and that too on an F&O expiry day. High volumes and lower volatility on the F&O expiry day suggest that the top of this move is yet to happen. 15432, the earlier all time high is the next resistance for the Nifty while 15257 is the support in the near term.

Source : Equity Bulls

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