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Published on 27-05-2026 10:22 am

Nifty

Nifty opened with a positive note but witnessed sideway movement in the first hour. However, selling in the second half led the index lower to close near day's low. Nifty closed at 24032 with a gain of 312 points. On the daily chart the index has formed a small Bearish candle with shadows on either side indicating indecisiveness amongst participants regarding the direction. The chart pattern suggests that if Nifty crosses and sustains above 24100 level it would witness buying which would lead the index towards 24150-24250 levels. Important Supports for the day is around 23880 However if index sustains below 23880 then it may witness profit booking which would take the index towards 23800- 23700 levels.

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Published on 27-05-2026 10:21 am

Market Outlook

The Nifty50 index witnessed a volatile session on the monthly expiry day, where profit booking emerged near the 24,100 zone, dragging the index lower towards the 23,900 mark. The benchmark erased all its early gains and settled the day with losses of half percent. For the next weekly expiry, derivative data witnessed fresh call writing at the 24,000 strike, indicating immediate resistance, while major put writing was placed at the 23,800 and 23,500 strikes, suggesting an immediate and strong downside support. Overall, the Indian market continues to remain in a broader consolidation phase; however, the undertone stays positive with a “buy on dips” approach as long as the key benchmark index sustains above the crucial 23,800 mark.

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Published on 27-05-2026 10:20 am

Intraday Rational:

• Trend- Higher high-low formation in daily time frame while basing in the vicinity of 50-day EMA, indicating bias remains positive

• Levels- Buy around 80% retracement of 3 days range

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Published on 27-05-2026 10:20 am

Technical Outlook:

• Index failed to sustain above opening highs and thereafter found supportive efforts emerging from 61.8% retracement of previous day up move. The daily price action resulted into high wave candle with higher high higher low indicating breather after rally.

• Key point to highlight is that, after two days up move index took breather neat its 50-day EMA. Despite breather Index maintained its higher high higher low indicating positive momentum in near term. Going ahead, we expect index to head towards 56500 being 80% retracement of recent decline

• Improvement in structure makes us revise support at 53800 being 61.8% retracement of current rally (52780-55405)

• Nifty PSU Bank maintained higher high higher low formation and close near its 200-day EMA. We expect Index to hold 7800 levels and gradually head towards sustainability above 8100 mark will lead Index towards 8600 levels being 61.8% retracement of current decline(9095-7800)

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Published on 27-05-2026 10:20 am

Nifty Bank : 55093

Day that was: Bank Nifty Index closed monthly expiry, marginally negative note at 55093 down 0.2% on back of mixed global cues. Nifty PSU Bank relatively underperformed losing 0.4%.

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