Daily Morning Report – 07/05/2026

NIFTY OUTLOOK: 24330.95    FII -5834.90 cr    DII 6836.87 cr

As discussed yesterday market behaviour remained on the expected lines during the day, as supportive buying advances the nifty upto day high of 24356.5 i.e. near to our level of 24350.

Further a bullish candle appeared on daily chart of nifty suggest continuation of buying strength hence if nifty successfully taken out 24411 then it may rally upto 24493 to 24573. If more demand will accentuate then it may have chances to test 24653.

However for down side 24251 to 24170 may act as immediate supports for the nifty, if break through below these supports and sustain may drift down the nifty upto 24090 to 24010.

Bank Nifty OUTLOOK:                                                                                                   

SPOT:  55981.05 Pcr: 0.93 Max Ce OI on 60000 & Max Pe OI on 60000

On May 6, 2026, a Bank Nifty index was closed at 55981.05 (1434.00) (2.63%). The total movement in the index was 1491.60 during the trading session.  The index made a high of 56078.80 and a low of 54587.20.

Technical view

Important support and resistance level of Bank nifty are 54300 and 56910 respectively.

Intraday Support and resistance of Bank nifty are 55575 and 56390 respectively.

The Relative Strength Index (RSI) for the Nifty Bank index at 52.8. Below 30 is considered oversold and above 70 overbought.

Bank nifty Day SMA Analysis

Bank nifty is trading above 4 out of 8 SMA’s . (5, 10, 20, 30 Day).

Bank nifty is trading below 4 out of 8 SMA’s (50, 100, 150, 200 Day).

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

Macros

1.Dollar index is @ 97.84

2.Vix is @ 17.39 ( +0.06%)

3.Brent crude is @ 101.86 .

Note:  Iran said on Wednesday it was reviewing a U.S. peace proposal that sources said would formally end ​the war while leaving unresolved the key U.S. demands that Iran suspend its nuclear program and reopen the Strait of Hormuz.

An Iranian foreign ministry spokesperson cited by Iran’s ‌ISNA news agency said Tehran would convey its response. U.S. President Donald Trump said he believed Iran wanted an agreement.

NBC News, citing two unnamed U.S. officials, said Trump’s abrupt reversal came after Saudi Arabia suspended the U.S. military’s ability to use a Saudi base for the operation. A call between Trump and Saudi Crown Prince Mohammed bin Salman failed to resolve the issue, NBC said. The White House did not immediately respond to a request for comment on the report.

Conclusion: After Saudi back lash Trump abounded Operation freedom . Its seems situation is deescalating and we may see some intial deal and then details negotiation to end the conflict.

 Important Pivot Point Levels for Today                                                                                                                          

Nifty

Bank Nifty

By Ashok Bhandari (RA)

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