Mumbai./The country’s stock market opened with an increase on the first day of the trading week (16 May 2022, Monday) after six consecutive days of decline. During this, both Sensex and Nifty remained on the green mark. The 30-share sensitive index Sensex of the Bombay Stock Exchange (BSE) opened at 52,872 with a gain of 78.13 points, or 0.15 per cent.

On the other hand, the 50-share Sensitive Index Nifty of the National Stock Exchange (NSE) opened at 15,796 with a gain of 14 points, or 0.09.

Let us tell you that in the last session (May 13, 2022, Friday), the market was open with an edge. During this, the Sensex opened at the level of 53410.54 with a gain of 480.23 points. At the same time, the Nifty opened at the level of 15972.30 with a gain of 164.30 points i.e. 1.04%.

Whereas in the evening there was a decline in the market. During this, the Sensex lost 136.69 points and closed at the level of 52,793.62. On the other hand, Nifty closed at 15,782.15, down 25.85 points.

Mumbai. Indian stock markets fell sharply for the second consecutive week of May. It seems that the bulls may lose their grip further in the coming days. The index has diverged sharply during the past week under the influence of Indian and global factors. Higher oil prices, uncertainty in the Russia-Ukraine war, rising inflation, the possibility of an aggressive currency contraction policy by the US Fed, all weighed on the sentiment.

Unquestionably, the most negative sentiment is the steady rise in inflation across the globe. Sensex fell by 2041.96 ie 3.72% this week. Nifty fell by 629.10 i.e. 3.83%. At the same time, Bank Nifty also got bearish due to the dominance of the bears.

No particular sector gave a quick finish. Nifty Energy remained the leading loser index for the entire week with a fall of 10.56%, followed by Nifty PSE, Nifty Reality falling 5-6 per cent. Among Nifty shares, Bajaj Auto was up 4.07%, Tata Steel fell 14.54%. India Wicks closed at 23.48, indicating no respite from the sharp volatility.

Whenever the market falls 20% from its high, it is technically considered a sign of a bearish market. Right now the Indian market is around 15% down. Technically, a long bearish candle has formed in Nifty on the weekly chart which confirms the change of trend from positive to negative. Nifty continued to face resistance at 16300 throughout the week. RSI still remains in oversold territory.

MACD is also indicating that there is no possibility of an immediate reversal. Lower low, lower high formations on the daily chart are ruling out the possibility of a major bullish return. In Monthly Open Interest Data the highest Open Interest in Calls is at 16000 and then at 16500 Strikes. Highest Open Interest in Puts is at 15500 and then at 15000.

Overall, Nifty’s support is 15500. If an upward move comes, 16100 then 16300 levels can act as immediate resistance. Bank Nifty’s support is 32200 and resistance is 34300 in the weekly chart.