Quote on Market Wrap 29 May 2025 by Mr. Ajit Mishra - SVP, Research, Religare Broking Ltd
Below the Quote on Market Wrap 29 May 2025 by Mr. Ajit Mishra - SVP, Research, Religare Broking Ltd
Today, the benchmark indices witnessed a volatile trading session. After a roller-coaster activity, the Nifty ends 81 points higher, while the Sensex was up by 320 points. Among sectors, Metal, Reality, and Digital indices rallied over 1 percent, whereas intraday profit booking was seen in selective FMCG stocks. Technically, after an early morning intraday correction, the market took support near 24,675/81100 and bounced back sharply. Additionally, on daily charts, it has formed a reversal formation near the 20-day SMA (Simple Moving Average), which is largely positive.
We are of the view that 24,700/81200 and 24,650/80900 would act as key support zones for traders. If the market sustains above these levels, the chances of hitting 25,000/82200–25,100/82600 would become brighter. However, a break below 24,650/80900 could change the sentiment. Below this level, traders may prefer to exit their long positions
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