Market Trade Insights: Top 5 Stocks to Invest or Divest in Today, Featuring Bitcoin (BTC) – May 6 Financial Update

• Despite positive global market sentiments, the Indian stock market concluded with a decline on Friday. The Nifty 50 index fell 172 points after reaching a new peak of 22,794, and the BSE Sensex dropped 732 points from its lifetime high of 75,124.
• The Bank Nifty index also experienced a significant drop of 307 points, closing at 48,923. In the broader market, the small-cap index finished 0.55 per cent lower after reaching a new peak of 47,678, and the mid-cap index ended 0.21 per cent lower after touching a new high of 42,774.
• Experts provide insights into the trade setup for Monday and share their top stock picks for the day.

Explore the latest trends in the Indian stock market, including the Nifty 50 and BSE Sensex indices’ performance, expert trade setup predictions for Monday, and top stock picks for the day.

Trade setup for Monday

Senior Technical Research Analyst at HDFC Securities, Nagaraj Shetti, suggests that the short-term trend of the Nifty 50 index seems to have reversed. He expects a short-term downward correction in the coming sessions. Immediate resistance for Nifty today is placed at 22,600, and the following downside levels are to be watched around 22,120 levels.

Bank Nifty Outlook

Senior Technical & Derivative Analyst at LKP Securities, Kunal Shah, notes that the BankNifty index faced selling pressure from higher levels but maintained its uptrend, closing near the immediate support of 49,000. He suggests tha... Read the full article for FREE at COINOTAG!