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The Indian stock market ended lower on Friday, despite strong global market sentiments. The Nifty 50 index ended 172 points lower after reaching a new peak of 22,794, and the BSE Sensex dropped 732 points from its lifetime high of 75,124. The Bank Nifty index also saw a significant decline of 307 points, closing at 48,923.
On the outlook for the Nifty 50 today, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said, "The short-term trend of the Nifty 50 index seems to have reversed. The higher top of the bullish pattern will likely be completed on Friday at the swing high of 22,794 levels, and a short-term downward correction is expected in the coming sessions. Immediate resistance for Nifty today is placed at 22,600, and the following downside levels are to be watched around 22,120 levels."
On the outlook for the Bank Nifty today, Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities, said, "The BankNifty index faced selling pressure from higher levels but maintained its uptrend, closing near the immediate support of 49,000. Immediate resistance is at 49,200, and a break above could trigger short-covering moves towards 49,500 levels. Conversely, immediate support lies at 48,800-48,700, and a breach might lead to further downside towards the 48,400 mark, where the 20DMA is situated."
Unveiling intraday trading strategy and factors that may dominate the Indian stock market today, Aditya Gaggar, Director of Progressive Shares, said, "A strong outperformance can be expected from the Pharma sector once it gives a consolidation breakout. Extreme volatility can be anticipated due to result-oriented activities and the progress of the general election."
Regarding stocks to buy today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking, and Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher — recommended five buy or sell stocks today.
Source: Stock market today: Trade setup for Nifty 50 to Sensex, five stocks to buy or sell on Monday — May 6