Nifty:21957.5/-345/-1.55%;Candle:OGD,Long day red; Bank Nifty:47487.9/-533.2/-1.11% Candle:OGD,Long day red ; HB:OGD,Long day red,1451,
Nifty :Supp Rest
Banknifty:Supp Rest .
Gift Nifty:% FII Long%FutCash;;Opt%
OI data Nifty ( max pain W22000M)
OI data Bank Nifty Nifty(max pain W M)
News:
Events/Results:Tata Motors, Eicher Motors, Cipla, Union Bank of India, Bank of Baroda, Bank of India, ABB India, Bajaj Hindusthan Sugar, Dilip Buildcon, Aarti Industries, Finolex Industries, Kalyan Jewellers India, Dr Lal PathLabs, Polycab India, The Investment Trust Of India, and Thermax will release March quarter earnings on May 10.
The NSE has retained Aditya Birla Fashion & Retail, Balrampur Chini Mills, Canara Bank, GMR Airports Infrastructure, Vodafone Idea, Piramal Enterprises, Punjab National Bank, SAIL, and Zee Entertainment Enterprises to the F&O ban list for May 10. Biocon was removed from the said list.
Market wrap up(DWM,T,N,E):Bears seem to be not ready to easily give up the charge to bulls considering the decisive breakdown of 22,300 levels followed by 22,000 mark as well during the day and formation of long bearish candlestick pattern on the daily charts. Hence, the Nifty 50 is likely to see further correction up to 21,800-21,750 levels (which coincides around 100-day EMA (exponential moving average) and the low of April month, in the coming sessions, and if those levels get broken, then 21,500 is the next level to watch on the downside, but if it manages to hold those levels, then the index may face hurdle at around 22,100-22,200 levels, experts said. On May 9, the BSE Sensex plunged 1,062 points or 1.45 percent to 72,404, while the Nifty 50 tanked 345 points or 1.55 percent to 21,958 on the weekly F&O expiry day. “Having broken decisively below the immediate support of 22,300 levels on Thursday, Nifty is expected to slide down further in the short term,” Nagaraj Shetti, senior technical research analyst at HDFC Securities said. Rupak De, senior technical analyst at LKP Securities also feels the trend looks extremely weak with a possibility of a further fall in the near term. But overall, the Nifty has been in a larger range movement of around 22,800-21,750 levels in the last couple of months and is currently nearing a lower range and also a crucial support around 21,750 levels for the short term. Having bounced back decently from this support in the past, there is a higher probability of minor upside bounce from this lower support in the coming sessions, Nagaraj feels. “Immediate resistance is at 22,100 levels.” On the higher end, Rupak feels immediate resistance is visible at 22,200. “The market might remain sell on rise until it stays below 22,200. The broader markets also hit hard on Thursday with disappointing breadth. The Nifty Midcap 100 and Smallcap 100 indices dropped 1.9 percent and 2.8 percent, respectively, while six shares declined for every rising share on the NSE. Meanwhile, the volatility has consistently been on rising path, which ultimately making the trend more favourable and putting the bulls at uncomfortable position. India VIX, the fear index, jumped 6.55 percent to 18.2 levels, the highest closing level since October 17, 2022, and taking the total uptrend to 78.5 percent in the past 11 consecutive sessions.
