Stock Market’s Last 30 Dramatic Minutes Unleash Animal Spirits

S Jha

12 months ago

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Markets End Higher on Expiry Day; Metals Shine, Nifty Eyes Key Breakout Levels

By S JHA

MUMBAI, May 30, 2025 — The last 30 minutes of trades on Thursday defined the stock market, with bulls finally taking charge of the street. Reversing days of losses, the stock market on Thursday began on dramatic note and closed on equally high adrenaline drama.

Tracking the US Federal Court block on Trump tariffs, the stock market blasted with the ringing of the trading bells. But within minutes, bears came charging to chase the bulls away. Gains vanished within minutes in the indices.

Afterwards, the bulls and bears held onto tug of war for the whole session. Both refused to yield on a day which also marked the monthly expiry of the stocks. Eventually, the stock market took a dramatic turn as the clock struck 3 PM. The bulls came in herd and send Nifty soaring in matters involving a few seconds.

The Nifty 50 index gained 0.33%, closing just shy of the 24,850 mark, as investors rotated into cyclical sectors, led by metals. According to Angel Broking, Nifty opened with a gap-up near the previous session’s high, but early optimism faded as prices slipped below Wednesday’s low.

Sectoral Pulse: Metal Leads the Charge

Nearly all sectoral indices ended in the green, but metal stocks stood out, rising over 1.2%. The sector’s technical setup looks bullish, as the metal index approaches a critical resistance near the 9400 mark. Angel One analysts note that a decisive breakout above this level could unlock further upside potential, fueling a sustained rally in the sector.

Defensive Strength Amid Global Weakness

Despite a weak close in US markets overnight, Asian indices showed resilience, ending with modest gains. European markets remained flat, signaling investor caution ahead of upcoming global economic data. The lack of direct spillover from Wall Street’s bearish trend reflects regional market strength, said Angel One.

Technical Snapshot: Bullish Undertone Intact

Nifty gained 81 points from the previous close, recovering over 150 points from the day’s low, and held above its 10-day EMA, after briefly breaching it.
On an expiry-to-expiry basis, the index added 587 points or 2.42%, marking its third straight monthly gain—a signal of strong short-term momentum.
The advance-decline ratio was robust, with 72% of Nifty 50 and 58% of Nifty 500 stocks ending in the green. Over 76% of stocks in both indices now trade above their 50-day EMA.

Expiry Month Leaders & Laggards

Sectoral performance over the May series saw Realty (+8%), Metals & IT (6%+), and Auto (5%+) leading gains. FMCG, however, lagged, declining over 3%. The standout performer was the Defence sector, clocking a massive 25% gain, highlighting strong institutional interest.

Key Levels for June Series

“From a technical lens, 25100 remains a critical resistance, tested twice during May, while 24450 has emerged as a strong support zone, tested on multiple occasions. The 20-day EMA around 24700 now acts as immediate support,” said Angel Broking in a note to clients.

Angel One advises traders to adopt a ‘buy on dips’ strategy heading into the June series, with a close watch on a breakout above 25100 for fresh bullish momentum.

Stock Highlights

Welspun Corp Ltd surged 10%, clocking its highest single-day volume since 2022, and hit a new all-time high on daily and weekly charts.
Asahi India Glass Ltd rose over 7% in four sessions; RSI at 61 signals strength with a potential breakout.
Castrol India Ltd broke key resistance levels with explosive 23x volume.
Deepak Fertilizers surged 14% in four sessions, with a strong breakout on the weekly timeframe.
Lloyds Metals & Energy Ltd gained 4% to close at an 18-week high; rising volume and RSI at 69 point to continued strength.

With the market showing resilience and sectoral leadership emerging, particularly in cyclical and defence themes, the June series starts on a firm footing, with bullish eyes now set firmly on Nifty’s 25100 breakout level.

Disclaimer: This article makes no recommendation for any kind of trades in the stock market.