Market outlook for May 24

Stock market: Indian benchmark indices closed at record high on 23 May. Nifty closed above 22,950 today.

At the end of the trading session, the Sensex closed at 75,418.04 with a gain of 1,196.98 points or 1.61 percent.

At the same time, Nifty closed at 22,967.70 with a gain of 369.90 points or 1.64 percent.

Today about 1577 shares have increased. At the same time, a decline was seen in 1761 shares. At the same time, there is no change in 112 shares.

Today the top gainers of Nifty included Adani Enterprises, Adani Ports, Axis Bank, L&T and M&M.

While the top losers of Nifty included Sun Pharma, Power Grid Corp, Hindalco, Coal India and NTPC. BSE Midcap index closed up 0.5 percent and Smallcap index closed up 0.3 percent.

In today's trading session, except metal and pharma, all other sectoral indices closed in the green. Auto, Bank and Capital Goods closed with a gain of 2 per cent each.

How can the market move on 24th May?

Nifty may move towards 23850: Aditya Gaggar of Progressive Shares

Aditya Gaggar of Progressive Shares said that on the daily chart, Nifty has given a breakout from the ascending triangle formation which is an indication of continuation of the uptrend with an estimated target of 23850.

But looking at today's sharp rise, there is a possibility of pullback in Nifty. In case of such a fall, the level of 22,780 is visible as immediate support for Nifty.

Support for Nifty at 22,600-22,800: Ajit Mishra of Religare Broking

Ajit Mishra feels that the current bullish trend in the market will continue. The return of momentum in the banking index will be seen increasing further.

Now we may see Nifty going into the zone of 23,100-23,400. In case of any pullback, immediate support for Nifty will be in the zone of 22,600-22,800.

Investors should focus more on heavyweight stocks at this time and bet only on selected stocks in the midcap and smallcap segments.