Daily Morning Report – 06/05/2026

NIFTY OUTLOOK: 24032.80    FII 3621.58 cr    DII 2602.62 cr

As discussed yesterday market behaviour remained on the expected lines during the day, as selling pressure of nifty drift down nifty upto 23882.05 i.e near to our support of 23873.

Further a small bearish doji kind candle appeared on daily chart of nifty suggest sellers attempt to drift down the nifty were rejected by buyers hence if buyers will get supportive buying then nifty may rally upto 24191 to 24270 on decisively breakout of 24113. If more demand will accentuate then it may have chances to test 24350.

Furthermore this candle indict that sellers were restricted by buyers hence if sellers will re strike may drift down the nifty upto 23873 to 23795 on decisively breakdown of 23953. If more supply will accentuate then it may have chances to test 23716.

Bank Nifty OUTLOOK:                                                                                                   

SPOT:  54547.05 Pcr: 0.82 Max Ce OI on 60000 & Max Pe OI on 60000

On May 5, 2026, a Bank Nifty index was closed at 54547.05 (-331.45) (-0.60%). The total movement in the index was 666.90 during the trading session.  The index made a high of 54888.55 and a low of 54221.65.

Technical view:

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

Intraday Support and resistance of Bank nifty are 54360 and 54730 respectively.

The Relative Strength Index (RSI) for the Nifty Bank index at 43.8. Below 30 is considered oversold and above 70 overbought.

Bank nifty Day SMA Analysis

Bank nifty is trading above 0 out of 8 SMA’s .

Bank nifty is trading below 8 out of 8 SMA’s (5, 10, 20, 30, 50, 100, 150, 200 Day).

No active Candlestick Pattern was identified in bank nifty on daily chart.

Macros

1.Dollar index is @ 98.207.

2.Vix is @ 17.54 (-4.10%).

3.Brent crude is @ 110.43 (-4%).

Note: U.S. says Iran ceasefire not over. The U.S. on Tuesday calmed the mood somewhat by asserting that Project Freedom was a distinct effort solely to expedite safe passage of commercial ships through the strait.

“Project Freedom is defensive in nature, focused in scope, and temporary in duration—with one mission: protecting innocent commercial shipping from Iranian aggression. American forces won’t need to enter Iranian waters or airspace, it’s not necessary. We’re not looking for a fight,” U.S. Secretary of War Pete Hegseth told reporters.

Also helping to de-escalate tensions was some positive commentary from Iranian foreign minister Abbas Araghchi.

On economic front, Job openings dip, services sector growth slightly soft. There was a big bounce back in the official U.S. hiring rate in March. 3.5% hiring rate is the highest in almost 2 years!” Heather Long, chief economist at Navy Federal, said on X.

Trump said that “great progress” was made towards a “complete and final agreement” with Iran, and that the Hormuz operation, called Project Freedom, “will be paused for a short period of time to see whether or not the Agreement can be finalized and signed.”

“The war in Iran is likely to halt progress. But any sign of a hiring pickup is welcome news after the ’hiring recession’ in the past year or so,”

Conclusion: Situation remains tense & confusing in Persian gulf reason.

Important Pivot Point Levels for Today                                                                                                                          

Nifty

Bank Nifty

By Ashok Bhandari (RA)

SEBI Regd. No. INH00019549