Nifty’s Rally Stalls at Resistance: Will the Market Find New Support?


FINNIFTY 07 MAY 22000PE RS.7875/- (5LOTS)
LUPIN 30MAY24 1660 CE RS. 6800/- (2LOTS)
PEL CASH RS.22,000/- (200 QUANTITY)

Nifty Technical View

The Nifty is showing some bearish signs like the Bearish Engulfing and Doji patterns on the daily and weekly charts, along with a possible Double Top formation. It’s wise to be cautious due to potential resistance forming. However, it’s notable that despite these bearish signals, the index is maintaining its 50 EMA zone of 22,240-22,300. This zone also coincides with the lower support of the upward channel.

Nifty and Bank Nifty Support and Resistance level

Nifty: – 
Resistance   22,520, 22800 and 22950 levels.
Support 22,370, 22270 and 22080 levels.

Bank Nifty: 
Resistance 49010, 48,650 and 50,020
Support 48700 ,48500 and 48,200.

Index Future levels

Nifty Futures sell near 22600. The suggested targets for this are 22,400 and 22,300, with a stop loss set at 22,820.

Bank Nifty future sell near  49,000 , the index is expected to see up side levels of 48,700 and 48,600, and level 49,300 will act as a stop loss.

Indian Vix

The India VIX, which indicates market volatility or fear, surged by 8.7 percent to reach a level of 14.62. This marks the highest closing level since March 4 and reflects a significant 43.4 percent increase over the past seven consecutive sessions.


The Nifty Put-Call ratio (PCR), which reflects market sentiment, fell to 0.89 on May 3 from the previous session’s 1.28 levels. A rising PCR, especially above 0.7 or exceeding 1, suggests that traders are selling more Put options than Call options. This typically indicates a strengthening bullish sentiment in the market. Conversely, if the ratio drops below 0.7 or approaches 0.5, it signifies that selling in Calls is outpacing selling in Puts, signaling a bearish sentiment in the market.

Stocks in the news:

M&M Financial Services:
The non-banking finance company experienced a 9.5 percent year-on-year decrease in profit, amounting to Rs 619 crore for the quarter ending in March of FY24. However, their net interest income saw a growth of 15.6 percent year-on-year, reaching Rs 1,919 crore for the quarter.

Avenue Supermarts:
The operator of D-Mart reported a consolidated net profit of Rs 563.3 crore for the March quarter of FY24, marking a 22.4 percent increase compared to the same period in the previous fiscal year. This growth was supported by strong topline and operating numbers. Revenue from operations also saw a healthy growth of 20.1 percent year-on-year, reaching Rs 12,726.6 crore for the quarter.

Today’s Pick Fortis Healthcare Ltd

Buy at ₹458 | Target Price: ₹490/520 | Stop Loss: ₹430

Fortis Healthcare Ltd. is a prominent healthcare provider in India, operating across more than 50 cities nationwide. Established in 1996, the company delivers a comprehensive array of healthcare services encompassing primary, secondary, tertiary, and quaternary care. Its services span diagnostics, clinical operations, preventive healthcare, and home healthcare. Fortis Healthcare also specializes in fields like cardiology, neurology, orthopaedics, and oncology. Recognized for its quality offerings, Fortis Healthcare offers a range of top products including medical equipment, pharmaceuticals, diagnostics, and medical devices.

Happy Trading!

Commodity Samachar
Learn and Trade with Ease

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