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May 06, 2025

Daily Morning Report
Date: 06.05.2025
NIFTY OUTLOOK: 24461.15 FII: Rs. 497.79 cr DII: Rs. 2788.66 cr
As discussed yesterday, the market behaved as expected. Nifty continued its uptrend and rallied to 24,526 after crossing 24,427, but failed to sustain the high and reversed to close at 24,461.15.
A small star bullish candle on the daily chart after a long rally suggests waning buying strength and mild profit booking. If profit booking continues, support may be seen at 24,387–24,314. A breakdown below these levels could lead to further downside towards 24,241–24,167.
However, the short-term trend remains bullish. A decisive breakout above 24,537 may lead to further upside towards 24,608–24,681. If demand increases, Nifty may even test 24,755.
Technical view on Daily Chart:
The Important Technical Level on daily chart of bank nifty are 55490 as resistance and 54750 support. If index crosses 55490 level then it may go to the 55870 level. And if index breaches support level of 54750 then it may touch 54350 level
The Relative Strength Index (RSI) for the Nifty Bank index at 65.10. Below 30 is considered oversold and above 70 overbought.
Technical View on Daily Chart:
Key levels for Bank Nifty on the daily chart are 55,490 as resistance and 54,750 as support. A breakout above 55,490 could lead the index towards 55,870, while a breakdown below 54,750 may drag it down to 54,350.
The Relative Strength Index (RSI) stands at 65.10, indicating neutral momentum—neither overbought (above 70) nor oversold (below 30).
Bank Nifty Day SMA Analysis:
Bank Nifty is currently trading above 6 out of 8 key SMAs (20, 30, 50, 100, 150, and 200-day) and below the 5 and 10-day SMAs. No significant candlestick pattern was identified on the daily chart.
Macros.
1. Dollar index @ 99.67
2. Vix @ 23.64 %
3. Brent crude @ 61.12
4.10 years bond yield @ 4.361
Note:
U.S. stock futures remained largely flat Monday evening after Wall Street posted modest losses, led by weakness in energy stocks, as investors stayed cautious ahead of the upcoming Federal Reserve interest rate decision. Fed Chair Jerome Powell recently indicated a wait-and-watch stance amid ongoing tariff concerns, despite pressure from
President Trump and Treasury Secretary Scott Bessent to lower policy rates.
The focus now shifts to Powell’s comments for cues on the Fed’s future rate direction.
Meanwhile, signs of easing U.S.-China trade tensions emerged, but markets await more concrete developments.
Bullions saw some safe-haven buying as investors look for clarity from the Fed Chairman’s statement.
Notably, yesterday’s Nifty high of 24526 matched exactly with our mentioned resistance level of 24525, validating our technical view.
Contributed by
Ashok bhandari : INH000019549
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Nifty at day's low, corrects over 120 points off day's high to trade in red, slips below 24400 mark
Nifty Bank too at day's low, down 400 points off day's high to trade in red, slips below 54700 mark
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