Market wrap - 29th may

Hi guys, welcome to Market wrap. Today we will see how the market performed, the performance of indexes, which sectors were in trend, and what the market trend looks like in the coming days. So let's start with Nifty. Nifty was up 81 points, a gain of 0.33%. It continues to trade above its 21-day moving average, which is a positive sign for bulls. However, Nifty has been sideways for the past two weeks, with no clear momentum. Even today, being an expiry day, Nifty remained sideways and slightly negative throughout the day, except for a sharp 100-point move in the last half hour. You can see I’ve opened a 15-minute time frame chart—around 3 PM, there was a 100-point surge in Nifty. Now let's look at the performance of other indices. Nifty Mid Cap and Small Cap were both up around 0.5%. Nifty 50 gained 0.3%, and Nifty Next 50 gained 0.15%. Now let’s see which sectors were in trend. The top gainer was the Nifty Metal sector, with stocks like Welspun Corp, Jindal Stainless, and Shilpa among the top performers. The second best-performing sector was Realty, which has shown bullish momentum for a while. Prestige Estates and DLF were the top gainers in that space. FMCG index was flat to negative today. Yesterday, it had dropped 1.5% due to a major share sale of ₹13,000 crores in ITC by BAT. Nifty PSU Banks were also negative today. Now let's look at charts of each index. Nifty Mid Cap has crossed its May high and closed above it, which is positive for bulls. Small Cap already did that earlier. Both indices are showing strength. In contrast, Nifty 50 and Nifty Next 50 have not shown the same momentum—large-cap stocks are not as strong. However, the Nifty 500 continues to stay above its 21-day moving average. If Nifty breaks above 23,000, expect bullish momentum to continue. Meanwhile, focus only on bullish setups and avoid negativity, as the overall market trend is still positive.