The market extended its higher highs formation for the 11th consecutive session, reaching a fresh record high above 23,100. However, bears pulled the Nifty 50 below the 23,000 mark on a closing basis on May 27. Both the BSE Sensex and Nifty 50 ended the day slightly lower, forming a bearish candlestick pattern on the daily charts. The market breadth was also negative for another session, with around 1,420 equity shares declining while 877 shares advanced on the NSE. The index is expected to remain rangebound, facing resistance at 23,100-23,200 and finding support around 22,800 in the coming sessions. Volatility is likely to remain elevated as the market anticipates the upcoming Lok Sabha election results, according to Pravesh Gour, Senior Technical Analyst at Swastika Investmart.
