Mr. Deepak Jasani, Head of Retail Research, HDFC Securities
Nifty managed to end in the green on May 10 aided by last hour buying. At close, Nifty was up 0.27% or 49.15 points at 18315.1. Volumes on the NSE fell to much below recent averages. Broad market indices rose marginally more than the Nifty even as the advance decline ratio ended at 1.32:1.
Global stocks were sluggish on Wednesday ahead of U.S. consumer price data that could impact hopes for interest rate cuts later this year, while President Joe Biden's failure to break a deadlock on the debt ceiling also dampened markets.
Nifty formed a long legged doji on May 10, but failed to make a new high compared to the previous session. Nifty continues to remain in an uptrend but its pace has slowed dramatically. Outcome of exit polls for Karnataka state elections this evening could impact the opening of our markets on Thursday. A break of the 18180-18344 band could determine the direction of the markets in the near term.