The Indian market snapped its three-session losing streak on May 26 in a highly volatile session. Sensex went up 503 points to 54,252 and Nifty gained 144 points to 16,170.
Tata Steel SBI, HDFC Bank and Axis Bank were among the top Sensex gainers, rising to 5.27 percent. Sun Pharma, RIL, HUL, and L&T were the top Sensex losers, falling up to 1.16 percent.
BSE mid-cap and small-cap indices gained 314 points and 194 points, respectively. The top gainers were the banking, metal and sectoral indices, with their indices rising 854 points and 574 points, respectively.
The market breadth was positive with 1748 shares ending higher against 1552 stocks falling into the red. There were no changes to 129 shares.
Here's a look at what experts said about the outlook of the market in today's session.
Rating agency Moody's Investors Service has lowered its growth forecast for India for the current calendar year by 30 basis points from 9.1 percent to 8.8 per cent, said Deepak Jasani, Head of Retail Research, HDFC Securities. The agency has retained its forecast of 5.4 percent for the next year. A move above 16263 could result in an acceleration of the upside for the Nifty while the low of the day is i.e. Mohit Nigam, Head PMS, Hem Securities said: We believe that market volatility may remain at elevated levels and investors should maintain a cautious stance. These dips can be used to make new positions in good stocks, but in a staggered manner. We believe that the FED s and RBI actions in June will be an important factor that will determine the direction of the market in the short term. There are 16,000 and 16,400 immediate support and resistance for Nifty. The immediate support and resistance for the Bank Nifty are 34,500 and 35,500. On daily charts, Nifty has formed a long leg Hammer formation which supports further uptrend from the current levels, said Shrikant Chouhan, Head of Equity Research Retail Kotak Securities. The trend following traders would be 16,050 -- 16,000 as a key support zone. The index could rally up to 16300 -- 16375 by trading above the same. Uptrends would be vulnerable if uptrends were below 16000 on the flip side. The bulls may prefer to exit the long positions because of the close proximity to the trading long positions. The index could retest the level of 15,900 -- 15,850 if it was below 16000.