Market wrap - 28th may

Hi guys, welcome to Market wrap Today we'll see how the market performed — index movement, sector performance, and upcoming trend. Starting with Nifty: it was down 0.3% (around 70 points), trading within yesterday’s range. Tomorrow is monthly expiry, so some volatility can be expected. Still, Nifty is trading above its 21-day moving average. The market is a bit sideways, but we follow the ongoing positive trend. Sector-wise, small caps were up 0.4%, mid caps were flat. Large caps (Nifty and Next 50) were down around 0.33%. Overall market was 0.16% negative. Among sectors, Nifty Media was up 1.1%, PSU Banks and Defence were also up around 1%. FMCG fell 1.5% mainly because BAT sold a $1.3 billion stake in ITC, leading ITC to drop 3%. This also pulled the Consumption index down 0.9%, as ITC has a major weightage. In advance-decline ratio: large caps were negative, mid caps were flat, and small caps were positive. Overall, 2.35% stocks advanced, 2.65% declined. Nifty heat map was slightly negative. Auto stocks like Eicher, Mahindra, Maruti, and Bajaj Auto were down. ITC dropped 3%, Reliance was down 0.6%. Banking was flat to slightly positive. Cement was also down. Overall, Nifty closed 0.3% lower. Now the broader trend: mid caps crossed the 20 May level but couldn’t sustain — still sideways, but the trend remains positive. Small caps showed the most strength. Next 50, like Nifty, has been sideways for the last 7-8 days. The overall market (Nifty 500) is sideways too, due to large-cap weight. Still, the overall trend is bullish. No interest in shorts now — we’ll look for bullish setups in strong stocks.