Small & midcaps slip ahead of exit polls, stocks hit a fresh 52-week high in BSE500
It was a roller coaster ride for the Indian markets as Nifty made an intra-week low of 11108 before closing above 11400 levels for the week that ended May 17. The index rose 1.14 percent in just 5 trading sessions while the S&P BSE Sensex gained 1.25 percent in the same period.
The broader market, on the other hand, underperformed benchmark indices ahead of the crucial exit polls which are scheduled to be out on Sunday, May 19. The S&P BSE Midcap index slipped 0.57 percent for the week that ended May 17 while the S&P BSE Smallcap index was down 1.5 percent in the same period.
All eyes are on exit polls results which will chart the direction of markets in the coming week ahead of election results which will be out on May 23, Thursday. Investors should brace for volatility as we could see wild gyrations in the market. The Nifty formed a bullish candle on the daily charts and a Hammer kind of candle on the weekly charts which suggest that bulls might make a comeback. The Nifty50 reclaimed crucial resistance levels in Friday's session which is a positive sign for the bulls.
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