The domestic equity market ended marginally higher at Thursday’s closing after juggling between losses and gains for most of the session. The 30-share S&P BSE Sensex ended 98.84 points higher at 61,872.62, while the NSE Nifty 50 rose 35.75 points to close at 18,321.15. Broader market indices also gained towards the end of the session, despite volatility amid monthly F&O expiry.

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NSE

Except for metal and PSU Bank, all other sectoral indices ended in the green with the Realty index up 1 percent, while auto, capital goods, FMCG and power up 0.5 percent each.

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Bajaj Auto, Adani Enterprises, Bharti Airtel, ITC and Divis Laboratories were among the biggest gainers on the Nifty, while losers were Wipro, Tata Motors, UPL, Sun Pharma and HDFC.

“Global markets maintained their influence, exerting downward pressure on the domestic market in response to weaker cues from the US market and the recession in Germany. However, as US futures rose, propelled by a sharp increase in sales projections from chipmaker Nvidia, the domestic market was able to efficiently recoup its earlier losses,” said Vinod Nair, Head of Research at Geojit Financial Services.

Nifty and Bank Nifty views from analysts Rupak De and Kunal Shah of LKP Securities

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Nifty

Nifty remained volatile during the day, but found support at the 18200 level before moving higher. The RSI is in bullish crossover on the lower timeframe, which suggests that the momentum is in favor of the bulls. On the higher end, resistance is seen at 18500. Support is seen at 18200. Overall, the outlook for the market is positive, but there is still some volatility to be expected. Traders should take profits on rallies and look for opportunities to buy on dips.

Bank Nifty

The fight between the bulls and bears continues in the Bank Nifty Index. The bulls have been trying to push the index higher, but the bears have been successful in keeping it in check. The monthly expiry on May 24 witnessed volatile trading, but the index managed to hold the support of 43,400. This is a positive sign for the bulls, as it shows that there is still demand for the index at this level. The resistance is at 44,000, where the highest open interest is built up on the call side. This means that there is a lot of potentials for the index to move higher if it can break through this resistance level.

CNBC-TV18 spoke to various experts and here's what they have to recommend for today's trading session. Vaishali Parekh, Vice President - Technical Research has a buy recommendation on Rites, Jubilant FoodWorks, while Anuj Gupta of IIFL Securities has a ‘Buy’ on JSW Steel, Tata Power. Check out the targets and stoploss.

Stock picks by Vaishali Parekh:

1. Buy Rites Ltd at 385, stop loss 379, target price 400

2. Buy Jubilant FoodWorks at 489, stop loss 482, target price 510

3. Buy Sula Vineyards at 407, stop loss 400, target price 424

Stock picks by Anuj Gupta:

1. Buy JSW Steel, stop loss 674, target price Rs 720

2. Buy Tata Power, stop loss Rs 202, target price Rs 222

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Nifty Spot Index

Support – 18200/18150

Resistance - 18450/18500

Bank Nifty Spot Index

Support – 43400/43350

Resistance – 44100/44150