Stock Market LIVE: GIFT Nifty trades marginally higher; Awfis Space Solutions IPO to open today | News on Markets

Stock market LIVE updates on Wednesday, May 22, 2024: Consolidation may continue in the Indian stock markets on Wednesday amid lack of directional cues. FII flows, March quarter (Q4FY24) results, and IPO activity, however, are some of the key market moving triggers.

At 7:30 AM, GIFT Nifty futures were up 26 points at 22,632. 

Globally, Asian markets were mixed this morning with Nikkei trading 0.7 per cent lower. On the flipside, ASX200, Kospi, and Hang Seng added up to 0.2 per cent.

Overnight, the S&P500, and the Nasdaq Composite closed at record highs, rising 0.2 per cent each, while Dow Jones gained 0.17 per cent.

Nifty Outlook: Trading strategy and key levels to watch

Support is seen between the 20 and 50 EMA zones, ranging from 22,350 to 22,250 for Nifty50, while the 22,600 to 22,800 range remains a significant barrier that has persisted for the past two months. 

“With the end of the election phase approaching and the verdict nearing, volatility is likely to stay high. Therefore, traders should avoid complacent bets and prioritise regularly booking profits. Additionally, monitoring global developments is crucial, as any issues could potentially impact the recent run,” said Rajesh Bhosale, Technical Analyst, Angel One.