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Live: Will Nifty’s struggle for direction continue amid VIX spike? DRL & GCPL in focus| Opening Bell

Indian equity market trend turned in favour of bears with consistent rise in volatility and the formation of yet another bearish candle on the daily charts. As long as the Nifty 50 holds 22,300, the low of long bull candle of April 25, the consolidation may continue in the coming sessions with hurdle on the higher side at 22,600 levels, but the breaking of 22,300 can raise the chance of weakness in the short term, experts said. On May 6, the BSE Sensex rose 17 points to 73,896, while the Nifty 50 fell 33 points to 22,443. The broader markets were also under pressure, with the Nifty Midcap 100 index falling half a percent and Smallcap 100 index declining 1.5 percent. Meanwhile, the volatility increased for the eighth consecutive session, putting the bulls at uncomfortable position and favouring bears. India VIX, the fear index, jumped 13.56 percent to 16.6, the highest closing level since February 1, 2023, and surged nearly 63 percent in eight days. Among stocks in news, Godrej Consumer, Marico, Lupin and Dr Reddy’s will be in focus among others. Catch Nandita Khemka decode the cues for trade with Asutosh Mishra, head research - inst equity, Ashika Stock Broking and Aamar Deo Singh, senior vice president, Angelone.

first published: May 7, 2024 10:51 am