Nifty:22442.7/-33.15/-0.15%;Candle:OGU,Short day red; Bank Nifty:48895.3/-28.25/-
% Candle:OGU,Short day red ; HB:OGU,Short day red,1525,
Nifty :Supp Rest
Banknifty:Supp Rest .
Gift Nifty:% FII Long45%FutCash;-2816;Opt90%
OI data Nifty ( max pain W22500M)
OI data Bank Nifty Nifty(max pain W M)
News:
Events/Results:Dr Reddy’s Laboratories, PB Fintech, JSW Energy, Voltas, Delta Corp, Graphite India, Indraprastha Gas, IRB Infrastructure, Jindal Saw, KEC International, Max Financial Services, Navin Fluorine International, Pidilite Industries, Sonata Software, and United Breweries will release quarterly earnings on May 7.
The NSE has added SAIL to the F&O ban list for May 7, while retaining Aditya Birla Fashion & Retail, Balrampur Chini Mills, Biocon, GMR Airports Infrastructure, and Vodafone Idea to the said list.
Market wrap up(DWM,T,N,E):The market trend turned in favour of bears with consistently significantly rising volatility and the formation of yet another bearish candle on the daily charts. As long as the Nifty 50 holds 22,300, the low of the long bull candle of April 25, the consolidation may continue in the coming sessions with hurdles on the higher side at 22,600 levels, but the breaking of 22,300 can raise the chance of weakness in the short term, experts said. On May 6, the BSE Sensex rose 17 points to 73,896, while the Nifty 50 fell 33 points to 22,443 and formed a bearish candlestick pattern on the daily timeframe besides a long bear candle, with lower highs formation. This chart pattern indicates sell on rise opportunity amidst rangebound action, Nagaraj Shetti, senior technical research analyst at HDFC Securities said.
Market wrap up(DWM,T,N,E):The market trend turned in favour of bears with consistently significantly rising volatility and the formation of yet another bearish candle on the daily charts. As long as the Nifty 50 holds 22,300, the low of the long bull candle of April 25, the consolidation may continue in the coming sessions with hurdles on the higher side at 22,600 levels, but the breaking of 22,300 can raise the chance of weakness in the short term, experts said. On May 6, the BSE Sensex rose 17 points to 73,896, while the Nifty 50 fell 33 points to 22,443 and formed a bearish candlestick pattern on the daily timeframe besides a long bear candle, with lower highs formation. This chart pattern indicates sell on rise opportunity amidst rangebound action, Nagaraj Shetti, senior technical research analyst at HDFC Securities said. He further said having declined sharply from the new higher top of 22,794 levels last Friday, Nifty showing weakness down to a formation of a new higher bottom of the pattern, but still higher bottom reversal is not confirmed. He feels the short-term trend of Nifty remains negative. “As long as the support of 22,300 holds, there is a possibility of an upside bounce in the market. A move below the support could open more weakness in the short term.” The daily RSI (relative strength index) also indicates weakness and is skewed towards the lower end. Hence, “key levels to watch include immediate support at 22,300 while resistance is placed at 22,550 followed by 22,600. Until the index attains 22,600, it would be better to employ a sell-on-rise strategy,” Om Mehra, technical analyst at Samco Securities said. The broader markets were also under pressure, with the Nifty Midcap 100 index falling half a percent and Smallcap 100 index declining 1.5 percent. Meanwhile, the volatility increased for the eighth consecutive session, putting the bulls in an uncomfortable position and favouring bears. India VIX, the fear index, jumped 13.56 percent to 16.6, the highest closing level since February 1, 2023, and surged nearly 63 percent in eight days.
