In April, Indian equities experienced their strongest monthly gains in years, with the Nifty index rising 7.5% and the Sensex increasing 7%. Despite the common investment strategy of 'Sell in May and Go Away,' analysts from Motilal Oswal Financial Services suggest investors should resist this urge, as historical trends indicate that May often yields positive returns. Over the past decade, the Nifty has gained in six out of ten Mays, while the Nifty 500 index has performed positively in seven out of ten instances. However, analysts caution against expecting a repeat of April's rally due to elevated oil prices and ongoing geopolitical tensions. The average return for the Nifty in May over the past 30 years is 1.84%, which rises to 2.14% when dividends are included. Analysts predict that the Nifty will likely trade within a range of 23,800 to 25,000 throughout May, with small- and mid-cap stocks expected to outperform large caps. Investors are advised to remain cautious, considering the impact of rising crude prices and the upcoming monsoon season on market performance.