Nifty22302.5/-140.2/-0.62:%;Candle:OGU,Long day bred; Bank Nifty:42285.35/-609.95/-1.25% Candle:OF,Long day red ; HB:OF,Long day red,1505,
Nifty :Supp Rest
Banknifty:Supp Rest .
Gift Nifty:% FII Long42%FutCash;-3669;Opt88%
OI data Nifty ( max pain WM)
OI data Bank Nifty Nifty(max pain W M)
News:
Events/Results:Larsen & Toubro, Hero MotoCorp, Canara Bank, Tata Power Company, TVS Motor Company, Bajaj Consumer Care, Balaji Amines, Bharat Forge, ESAF Small Finance Bank, Gujarat State Petronet, Home First Finance Company India, India Shelter Finance Corporation, Kalpataru Projects International, and Piramal Enterprises will release March quarter earnings on May 8.
The NSE has added Punjab National Bank, and Zee Entertainment Enterprises to the F&O ban list for May 8, while retaining Aditya Birla Fashion & Retail, Balrampur Chini Mills, Biocon, GMR Airports Infrastructure, Vodafone Idea, and SAIL to the said list.
Market wrap up(DWM,T,N,E):The ongoing consolidation is expected to continue in the coming sessions with immediate support at 22,150, the lower end of rising channel, and key support at 22,000 mark, but in case the Nifty 50 manages to defend 22,300, then 22,400 is likely to be immediate hurdle on the higher side and then 22,500 levels, experts said. The market participants also need to keep an eye on the rising volatility that put bulls at uncomfortable position, which is not a good sign. India VIX, the fear index, jumped 2.5 percent to 17.01 levels on Tuesday, and surged nearly 67 percent in the last nine consecutive sessions. On May 7, the BSE Sensex fell 384 points to 73,512, while the Nifty 50 dropped 140 points to 22,303 and formed long bearish candlestick pattern on the daily charts with a minor lower shadow. This market action indicates an ongoing downward correction in the market. “We observe overlapping negative candles on the downside in the last couple of sessions as per the daily chart which signals the absence of sharp selling momentum in the market,” The lower tops and bottoms on the daily chart are intact and the present weakness could be in line with the new higher bottom formation of the pattern. The higher bottom reversal needs to be confirmed with an upside bounce from the lows. “Immediate resistance is at 22,400 levels and the next lower levels are to be watched around 22,100-22,000,” According to Rupak De, senior technical analyst at LKP Securities, further selling pressure is anticipated, possibly extending towards 21,980-22,000 in the short term, as long as it remains below 22,400.
