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Daily market commentary 26 May 2023 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Indian equities moved higher supported by positive handover from the US markets and strong upmove in Index heavyweights. Nifty opened higher and strengthen throughout the session to close with hefty gains of 185 points (+1%) at 18506. India VIX declined by 4% at 11.9 levels. Also Consistent FIIs buying supporting the overall positivity. All sectors ended in green with IT, FMCG, PSU Bank and Metals being top gainers up 1% each. After consolidating for the last few days, Nifty has managed to surpass the resistance of 18450 zones. We expect this momentum to continue and Nifty to touch its previous lifetime high in the coming weeks. The index is now just 380 points or 2% away from its lifetime high. With result season nearing its end, the focus will now shift to macro data, US debt negotiations and upcoming central bank policy meetings.

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