HIGH VOLATILE TRADING SESSION EXPECTED ON 12 May 2022

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The key benchmark indices extended losses as the day progressed and weakness spread to other counters. FMCG, IT and select index heavyweights like Reliance Industries and Larsen & Toubro weighed. The key indices are choppy in trade, in line with global markets ahead of key macro-economic data. The US is slated to release its April inflation numbers later today, while China’s factory and consumer prices for the month have come above estimates .India VIX, the volatility gauge, was also above 23.50 levels, which suggests that the market is going to remain highly volatile and under selling pressure. Benchmark indices pared early gains to close lower for the fourth consecutive session on Wednesday amid selling in index majors Infosys and Reliance Industries .Foreign institutional investors remaining in selling mode and jump in crude prices also weighed on sentiment .Despite a strong start, the gains in Sensex fizzled out and ended lower at 54,088.39, down 276.46 points or 0.51 per cent. During the day, the index tumbled 845.55 points or 1.55 per cent to 53,519.30. Nifty dipped 72.95 points or 0.45 per cent to settle at 16,167.10.Nifty continues to be in the negative for the fourth consecutive session while Asian markets are mixed and European markets are up ahead of inflation report from the US. The Nifty may find support around 16000 levels, while on the upside 16400 may act as an immediate hurdle for the Nifty and crossing above the same can attract fresh buying. On the other hand, Bank Nifty has support at 33800 levels while resistance at 35500 levels.