IT and banking are Religare Broking’s top picks for the May series

At now, the May series Nifty futures are being traded with a premium of around 120 points.

FII Net Index Long exposure for Index futures is set at 35%, and it has been mostly stable at this level for some time.

The indexes took a healthy profit off of record highs, but they were able to find support at lower levels.

We think that 21700–800 might be the main support going ahead, and any downside could only be introduced by a strong closing below it.

In light of the upcoming elections and global unrest, the Nifty’s VIX is now trading at around 10.5; this level may not hold for very long and is anticipated to gradually go into the range of 12 to 15.

In yesterday’s trading, the IVs for the options on the Nifty were at around 12 levels.

The VWAP (Volume Weighted Average Price) for the Nifty indicates that it is the support range, which is between 22,200 and 250. Nifty is expected to have a short-term bearish bias below here, moving toward 21,700–21,800.

around 2.14, the ratio between the Bank Nifty and the Nifty has a support level around 2.06 and a resistance level close to 2.20. Going future, we anticipate Bank Nifty to maintain its superior performance compared to Nifty.

The Nifty shows promise in the IT and banking sectors.