The market remained volatile on the monthly F&O contracts expiry day, May 25 and managed to report moderate gains due to buying in late trade. However, global markets remained under pressure amid ongoing negotiations for the US debt ceiling.
The BSE Sensex gained 99 points to close at 61,873, while the Nifty50 climbed 36 points to 18,321, and formed a bullish candlestick pattern with a long lower shadow on the daily charts, indicating buying at lower levels, though there were lower highs, lower lows formation.
"We observe that Nifty did move below the 20-day SMA (18,223), but it recovered and closed well above it, indicating the bulls remain in control after two sessions of weakness," Subash Gangandharan, Senior Technical and Derivative Analyst at HDFC Securities said.
Therefore, he expects the uptrend to continue in the coming sessions.
"Further upsides are likely once the immediate resistances of 18,393-18,420 are taken out. The immediate target is 18,459. Crucial support to watch for weakness is at 18,202," he said.
The broader markets also closed higher with the Nifty Midcap 100 and Smallcap 100 indices rising 0.4 percent and 0.1 percent, respectively, while the falling volatility gave comfort to bulls. The India VIX declined by 4.51 percent to 12.52 levels, from 13.11 levels.
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