Are Nifty bulls out of the bullpen?

Nifty Trader • May 27, 2022

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Index	Price	Change	% Chg
NIFTY 50	16352.45	182.3	1.13
NIFTY BANK	35613.30	518.4	1.48
BSE SENSEX	54884.66	632.13	1.17

Daily closing price, change and % change of benchmark indices.

Are Nifty bulls out of the bullpen?

Today the market took the clues from the global benchmarks. Nifty bulls staged a decent show to end, both the day and the week in green. Recently announced good Q4 results and short covering in battered sectors IT, Auto Banks and Financial services contributed to gains.

The Nifty 50 was up 182.30 points or 1.13 per cent before closing at 16352.45. Further, it recorded an intraday high of 16370.60 and a low of 16221.95. Nifty opened with a gap up, made higher-high and a higher-low and closed near the day’s high price. Further, it has formed a bullish hammer candle for the two consecutive days showing a positive bias and strength of bulls.

Candle Stick bullish hammer candle for two consecutive days in Nifty 50. — *Bullish hammer candle for two consecutive days.*

The market breadth continued to be positive on the NSE, and the advance-decline ratio was a healthy 2.44. Further, the volatility index softened 5.44 per cent and closed at 21.48.

Nifty Market Action
Advancers – 1528
Decliners – 627
52Wk High – 11
52Wk Low – 33
High Band Hitters – 133
Low Band Hitters – 67
200d SMA – 17261
50d SMA – 16918
20d SMA – 16277

Nifty Top Gainers and Losers

Apollo Hospitals, Tech Mahindra, HDFC Life, IndusInd Bank, and Wipro were the top gainers, while ONGC, NTPC, Power Grid, Bharti Airtel, and Tata Steel were the top losers.

Apollo Hospital is on the top gainer list for the last two trading sessions, while ONGC is on the loser list for the two trading sessions. Further, ONGC’s share price fell for almost four months and currently trading 27% down from a 52-week-high.

Meanwhile, the Bharti Airtel share price failed to capitalize on Moody’s rating upgrade to Baa3 – Investment grade and closed down by 1.25 per cent.
View the list of all the Nifty 50 contributors.

Top Gainers

Company	Price	Change	% Chg
APOLLOHOSP	3850.00	187	5.11
TECHM	1124.05	45	4.21
HDFCLIFE	597.5	19	3.36
INDUSINDBK	926	28	3.16
WIPRO	467.6	14	3.14

Top five gainers in Nifty 50.

Top Losers

Company	Price	Change	% Chg
ONGC	143.50	-8	-5.53
NTPC	149.90	-4	-2.76
POWERGRID	224.30	-3	-1.28
BHARTIARTL	685	-9	-1.25
TATASTEEL	1043.00	-9	-0.86

Top five losers in Nifty 50.

Nifty Sectors and Broader Indices

All sectoral indices closed in the green, except for the metal and oil & gas. However, Nifty Metal was marginally down by 0.06 per cent.
Meanwhile, IT staged smart recovery or maybe short-covering and closed up by 2.54 per cent. The IT sector, which has been under pressure, closed in green with decent gains for two consecutive days.
Broader indices also closed in green with health gains. The Nifty Midcap 50 was up 1.41 per cent, while the Small-cap 50 was up 1.98 per cent.

Nifty Sectors – Notable Action
IT +2.54%
Media +2.49%
Private Bank +1.84%
Oil & Gas -1.00%
Metal -0.06%

Looking Ahead – Nifty Bulls

On the economic data front, the release date of the GDP growth estimate for the fourth quarter and provisional annual estimate for the year 2021-22 is Tuesday, May 31.
Today the bulls continued the momentum and followed through on yesterday’s gains. The bulls were in control through the entire trading session and closed the day with a positive bias going into the upcoming week.

Read our previous -Daily Insights- here
Nifty Back in Green
More Curbs, Hikes, Export Ban and Exemptions
Rising Inflation, Interest Rate and Volatility

Given the fast-changing fiscal, monetary and geopolitical landscape, will the bulls come back from the bullpen next week or are today’s gains were just a relief rally in the ongoing consolidation phase?

This article is only for educational purposes and is not an investment advice.