The initial few sessions of May series could be volatile based on the rising cases. Experts suggest Nifty could trade in a range of 14,300–15,400.
For the NIfty, supports for the May series are placed at 14,200 & 13,500. If the Nifty breaches and closes above 15,000, it may touch an all-time high very soon, says Nigam.
We witnessed a good amount of long rollovers seen in Dr. Lal Path Lab, Navin Fluorine, Pfizer, Cadila Healthcare, Bajaj Finserv, SRF, National Aluminium, Glenmark, Tata Steel, Deepak Nitrate, Hindalco, Aarti Inds, etc., says Purohit.
Technically, the index may find resistance at around 14,950, which is a 61.8 percent retracement level of its prior trend. Hence, the monthly expiry is expected between 14,800 and 14,860 levels, say experts.
If the index sustains above 15,100, it may head higher above 15,250. The key support levels to watch out for in the short term are 14550 followed by 14,400 levels.
Index rollovers were also on the lowest side (81%), which shows traders were not comfortable when the market was hitting the levels of 9900 on the day of expiry.
Investors’ wealth rose by nearly Rs 16 lakh cr in a month. The average market capitalisation of the BSE-listed companies grew from Rs 113.48 lakh cr as on March 31 to Rs 129.41 lakh cr recorded on April 30.
The up-move was supported by FIIs long positions in the derivatives segment as they continued to buy the index futures and also did a good amount of short covering.
Bulls have taken complete control over Dalal Street on Thursday, the expiry day for May Nifty derivative contracts. Value buying in infra and banks helped the Sensex (that rallied more than 500 points intraday) and Nifty end at fresh 2016 closing high.
The Call and Put writing both that has brought down the volatility and this is where there maybe some consolidation left in the market till expiry.
Investors are advised to remain short in May series as the remaining last few days will have a very dull trade.
In an interview with CNBC-TV18, Ambareesh Baliga, Managing Partner-Global Wealth Management, Edelweiss Financial Services, shares his views on the market and gives his call on various stocks.
It was a fabulous close for our market and the April series yesterfay.. The Nifty closed above 5900 with a gain of around 80 points. So we start the May series with a style.
After a green April series that pulled the Nifty to close to four percent, Siddharth Bhamre of Angel Broking believes the May series, beginning tomorrow, could have Nifty at 6000 in store.
In an interview to CNBC-TV18, Sudarshan Sukhani of s2analytics.com says an expiry day usually creates some volatility so it's wise to step aside.
Today is expiry for the June series. It has been a good series for the market and a good comeback from the disappointment of May, says CNBC-TV18's managing editor Udayan Mukherjee.
According to Jai Bala of cashthechaos.com, the best the market can do in the May series is 5450-5500 on the Nifty.
VK Sharma of HDFC Securities tells CNBC-TV18 that the Nifty is unlikely to fall below 4950 in the May series, and may infact work its way higher.
Yesterday was a very strange day and an even stranger April series as far as the Nifty is concerned, says Anil Manghnani of Modern Shares & Stock Brokers.
Sudarshan Sukhani of s2analystics.com believes the market will start the May series on a volatile note.