Stock Market Update: Nifty 50, Sensex Closed Today, Key Levels to Watch for May 29th

The Indian stock markets are closed today on the occasion of Bakri Eid; regular trading will start from tomorrow. The commodity markets will also remain closed for the morning session and will resume at 5 pm for the evening session.

On Wednesday, the Sensex declined 142 points or 0.19% to settle at 75,867.80, while the Nifty 50 fell 7 points or 0.03% to close at 23,907.15.

Meanwhile, the Indian rupee gained marginally by 1 paisa to end at Rs. 95.69 against the US dollar.

Sectorally, media, power, and capital goods rose 3% each, while auto, metal, telecom added 1% each, while sales were seen in the IT, FMCG, banking, oil & gas stocks.

Sensex Outlook

Technically, the Sensex faces resistance near the 76,200-76,400 zone. The index has managed to hold above the 75,700 level; a failure to sustain higher levels suggests cautious sentiment in the short term.

"Immediate support is now placed around 75,000-75,200, while resistance is seen near 76,400-76,500. Sustaining above support levels may keep the broader structure stable, while a decisive breakout above resistance could trigger fresh upside momentum in upcoming sessions," Hitesh Tailor, Technical Research Analyst at Choice Equity Broking.

Nifty 50 Outlook

Yesterday, the Nifty 50 traded in a narrow range after a muted open, and hovered between the 23,850 and 23,980, forming a small candle on the daily charts with non-directional activity on the intraday chart.

“We are of the view that the short-term market texture is positive, but a fresh uptrend rally is possible only after the dismissal of 24,000. Post a 24,000 breakout, the market could move up to 24,200-24,250. On the flip side, for Nifty, below the 20-day SMA (Simple Moving Average) or 23,850, selling pressure is likely to accelerate. Below this level, the market could retest the 50-day SMA or the 23,700-23,650 levels,” said Shrikant Chouhan, Head Equity Research, Kotak Securities.

Also Read: US Stock Market Today: Dow Sets Fresh Record While S&P 500 and NASDAQ Slip From Recent Highs

Bank Nifty Outlook

On Wednesday, Bank Nifty declined 0.43% to 54,854 amid profit booking at higher levels that dragged the index lower.

The index failed to hold above its 50-day EMA and ended the session below it. Additionally, the RSI has witnessed a mild correction, further indicating the absence of strong momentum. 

Going ahead, the immediate resistance for Bank Nifty is placed in the 55,200-55,300 zone. Any sustainable move above this zone could result in Bank Nifty extending its pullback towards 55,700, followed by 56,100 in the short term. On the downside, the immediate support is placed in the 54,400-54,300 zone.