A morning walk down Dalal Street: Selling pressure possible if Nifty fails to hold 11,858

It was a roller coaster ride for traders as the month of May started muted with nine straight consecutive sessions of fall but then bulls took control in the last 10 days to push Nifty towards a record high of 12,041.

Rollovers in derivatives for June series were slightly better than the previous few months indicating the return of confidence among the investor community.

For the month, Nifty rose 1.48 percent while Sensex rallied 1.7 percent in the same period.

Benchmark indices might have registered minor gains but the big move was seen in the broader market. As many as 80 stocks in the S&P BSE 500 index rose 10-30 percent in May including Inox Wind, Can Fin Homes, BEML, Ujjivan Financial, SpiceJet, Bajaj Finance, SBI, Birla Corporation, PNB Housing and Edelweiss Financial Services.

The Union Budget will be presented on July 5, I&B Minister Prakash Javadekar announced at a press briefing after the first Cabinet meeting concluded on May 31.