The Indian equity indices remained subdued on May 28. The Nifty 50 closed 44.30 points or 0.19% lower at 22,888.15. Similarly, the BSE Sensex settled down 220 points or 0.29% lower at 75,170.45. Realty and energy stocks were the major draggers. Adani Ports, Power Grid Corp, BPCL, Coal India, and Adani Enterprises were the major losers in the Nifty 50 on May 28.

Sectoral indices lower

The Nifty Midcap 100 dipped 467 points or 0.89% to settle at 52,294.80. Nifty Bank closed 140 points or 0.28% at 49,142.15. In the broader market, smallcap and midcap stocks closed in the red. 

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“It was a subdued session as expected, with the Nifty fluctuating within a narrow range and closing slightly lower. Most sectors experienced pressure, with realty and energy being the top losers. The broader indices followed a similar pattern, with both midcap and smallcap indices losing nearly a percent each,” said Ajit Mishra, Senior Vice President of Research at Religare Broking.

“Indications suggest that the ongoing consolidation will persist, keeping the Nifty within the 22,700-23,100 range. Given the overall bullish trend, traders should use dips toward the lower end of this range to accumulate quality largecap and large midcap stocks. Sector-wise, traders should closely monitor IT and FMCG for cues, as other sectors have already performed well,” Mishra said.

Nifty’s Technical Side

“The current correction/consolidation looks like a normal pullback and the index has done nothing yet to negate the underlying uptrend. The broader set-up continues to be bullish and hence, post some consolidation/correction, we should see more upside. Support for the Nifty is now seen at 22,750-800 and 22,500 levels. On the higher side, the psychological resistance is at 23,000 Mark and the next resistance zone is at 23,150-200 levels. Overall, the bulls should continue to have the upper hand going forward,” said Tejas Shah, Technical Research, JM Financial & BlinkX.