Daily Morning Report – 05/05/2026

NIFTY OUTLOOK: 24119.30    FII 2835.62 cr    DII 4764.16 cr

As discussed yesterday market behaviour remained on the expected lines during the day, as buying pressure of nifty take a rally upto  24290.2

Further a bullish candle with upper wick  appeared on daily chart of nifty suggest that nifty facing resistance at upside. Hence nifty may face next resistance around 24206 to 24283. If breakthrough above these resistances and sustain may push the nifty upto 24365 to 24447.

Furthermore this candle also indict selling pressure and past seven days movement of nifty represent small consolidation which suggest nifty may find immediate  support around 24037 to 23955, if breakdown these supports and sustain may drift down the nifty upto 23873 to 23791.

Bank Nifty OUTLOOK:                                                                                                   

SPOT:  54878.50 Pcr: 0.84 Max Ce OI on 60000 & Max Pe OI on 60000

On May 4, 2026, a Bank Nifty index was closed at 54878.50 (15.15) (-0.03%). The total movement in the index was 878.80 during the trading session.  The index made a high of 55602.30 and a low of 54723.50.

Technical view                                        

Important support and resistance level of Bank nifty are 54300 and 55980 respectively.

Intraday Support and resistance of Bank nifty are 54635 and 55120 respectively.

The Relative Strength Index (RSI) for the Nifty Bank index at 45.6. Below 30 is considered oversold and above 70 overbought.

Bank nifty Day SMA Analysis

Bank nifty is trading above 1 out of 8 SMA’s (30 Day).

Bank nifty is trading below 7 out of 8 SMA’s (5, 10, 20, 50, 100, 150, 200 Day).

One Bullish active Candlestick Pattern was identified in bank nifty on daily chart.

• Long Legged Doji Uptrend

Macros

1.Dollar index is @ 98.32.

2.Vix is @ 18.46 ( +8.65 %)

3.Brent crude is @ 114.21 ( +5.57 %)

Note:  Iran hit several ships in the Strait of Hormuz on Monday and set a UAE oil port ablaze, as President Donald Trump’s attempt ​to use the U.S. Navy to free up shipping provoked the war’s biggest escalation since a ceasefire was declared four weeks ago.

Trump’s new mission “Project Freedom”, which he announced on social media overnight to release ships stuck in ‌the strait, was the first apparent attempt to make use of naval power to unblock the world’s most important energy shipping route.

But at least in the initial hours on Monday, the gamble appeared to have backfired, bringing no surge of merchant shipping through the strait while provoking a show of force from Iran, which had long threatened to respond to any escalation with new attacks on its neighbors.

Economic activities across the world is now getting affected badly. Several U.S. restaurant chains including Wingstop (WING.O), opens new tab and Domino’s (DPZ.O), opens new tab reported weaker-than-expected sales growth in the latest quarter, saying that soaring gasoline prices caused by the U.S.-Israeli war on Iran have ​forced their customers to cut back on other spending.

Important Pivot Point Levels for Today                                                                                                                          

Nifty

Bank Nifty

By Ashok Bhandari (RA)

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