Daily Morning Report – 04/05/2026

NIFTY OUTLOOK: 23997.55    FII -8047.86 cr    DII 3487.10 cr

(4th May – 8th May 2026)

As we discussed in the previous report dated 27th April 26 market behaviour remained on the expected lines during the week passed by as nifty has respected our resistance of 24338 i.e. made a weekly high of 24334.7, slip from there and made a weekly low of 23796.85

Further a bullish with upper wick candle appeared on weekly chart of nifty suggest that buyers were restricted by sellers to move up hence if buyers will re strike then nifty may rally upto 24415 to 24623 on decisively breakout of 24210. If more demand will accentuate then it may have chances to test 24832.

Furthermore this candle also indict that nifty find selling pressure at high and sellers were control over the buying pressure hence if sellers will take a control then nifty may slip upto 23580 to 23371 on decisively breakdown of 23787. If more supply will accentuate then it may have chances to test 23163.

Bank Nifty OUTLOOK:                                                                                                   

SPOT:  54863.35 Pcr: 0.91 Max Ce OI on 60000 & Max Pe OI on 60000

On April 30, 2026, a Bank Nifty index was closed at 54863.35 (-540.25) (-0.98%). The total movement in the index was 671.35 during the trading session.  The index made a high of 54440.25 and a low of 55111.60.

Technical view:

Important support and resistance level of Bank nifty are 54300 and 55420 respectively.

Intraday Support and resistance of Bank nifty are 54675 and 55050 respectively.

The Relative Strength Index (RSI) for the Nifty Bank index at 45.5. 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 @ 98.01.

2.Vix is @ 16.99 .

3.Brent crude is @ 108.17 ( -5.12 %) .

Note: President Trump escalated geopolitical tensions on Saturday, signaling potential renewed military action against Iran if the nation “misbehaves,” according to reports from Axios.

While both nations continue to exchange drafts for a framework agreement, Trump is reportedly considering fresh strikes to break the current diplomatic stalemate.

The administration is currently reviewing a 14-point proposal from Tehran that demands a one-month deadline to reopen the Strait of Hormuz and lift the U.S. naval blockade.

Under the Iranian terms, negotiations regarding their nuclear program would only commence after a permanent ceasefire is reached in both Iran and Lebanon.

Federal Reserve officials who dissented against this week’s policy statement said on Friday the developing oil price shock from the war in Iran means the U.S. ​Central bank should be clear it can no longer lean towards interest rate cuts, with a rise in borrowing costs possible in the future.

Inflation remains well above the Fed’s 2% target and has been rising, with risks about the outcome of the war so acute that policymakers have become less certain rates can fall from where they are. Some of them are concerned they may in fact need to rise.

“Inflation pressures continue to be broad-based, ​and rising oil prices present an additional source of inflationary pressure”. Given the uncertain outlook for ⁠the economy, “it could plausibly be appropriate for the FOMC’s next rate change to be either an increase or a cut,”.

Conclusion: Situation remains highly uncertain , Now voice have started to raise on rate hike if inflation goes out of control .

Important Pivot Point Levels for Today                                                                                                                          

Nifty

Bank Nifty

By Ashok Bhandari (RA)

SEBI Regd. No. INH00019549