Expiry Day Volatility! Nifty Near 24K | Rupee at Record Low | Crude Above $105

Welcome to Market Analysis by Naresh Sharma. Today, we decode the violent volatility on the weekly expiry day. We analyze why Bank Nifty is facing extreme selling pressure near its 30DMA and why Gold and Silver are crashing despite the war news. Stick around for the critical levels you need to protect your capital tomorrow.

NIFTY INDEX DAILY REPORT

Nifty 50 experienced a volatile and bearish session, settling the day down by 0.36% at 24,032.80. Amid weak global cues, the index faced immediate selling pressure, touching the intra-day low of 23,882.05. However, later in the day, the index managed to recover. Investors remained cautious, as profit booking was witnessed in many stocks like HDFC Bank , which ultimately dragged the index down. But positive momentum in stocks like TATA Technologies helped the recovery, and the index managed to pull itself up above the mark of 24,000.

Mirroring the movement in Nifty, Bank Nifty also plunged low amid sectoral selling and geopolitical headwinds. The index opened lower at 54,691.30 and continued to remain under pressure during the session and settled down by whopping 331 points at 54,547. The weakness in the index was attributed to a combination of weak global cues along with the escalation of tension in the Middle East that further pushed the crude oil prices higher, typically weighing on financial stocks amid inflationary concerns. Technically indexed to maintain itself above the mark of 54,180, to maintain an upward trajectory else fall below the given level can take the index down to 53,270.

Nifty Realty became the worst-performing sector for the day and was down by 1.41%. The index opened higher at 813.05, but before sharp selling pressure took hold, dragging it to a low of 798.40. It eventually settled at 801.25, marking a loss of over 11 points from its previous close. The downturn was driven by broad-based selling across major real estate heavyweights, with Aditya Birla Real Estate suffering the steepest decline of nearly 4%. Rising geopolitical tension in the Middle East and a spike in oil prices have stoked fears of inflation and higher interest rates, thus affecting the real estate sector, which is an interest rate-sensitive sector.

Despite a stellar Q4 performance, Godrej Properties saw its shares slide by 4.75%. The company’s financials showed robust growth, with net profit surging 70% year-on-year to Rs 649 crore and revenue climbing 63% to Rs 3,458 crore. This operational strength was further highlighted by a massive jump in EBITDA to Rs 523 crore up from Rs 110 crorein the previous year while margins more than doubled to 15.1%, reflecting significant gains in execution and operating leverage.

NIFTY DAILY CHART

After hitting the daily low of 23,882.05, index recovered to settle at the level of 24,032.80. The Nifty faced strong support and formed a base at the level of 23,900. Further RSI is still trading above the mark of 50, indicating room for upside movement. Also, index managed to sty above the middle band of the Bollinger band, at 24,117.27.Thus, for Index to reach next upside destination of 24,200, it must sustain itself above the mark of 24,000.

Equity Market Technical Analysis Snapshot: May 05th, 2026

Nifty50: 

Nifty declined -0.36%, opening at 24,052.60 and witnessing a volatile weekly expiry session, dipping sharply to a lower level (likely around 23,882) before recovering and closing near 24,032.80, indicating buying interest on dips but lack of follow-through; the trend remains sideways as the index trades below the 200DMA and 11DMA but above the 30DMA, reflecting a range-bound structure, while the RSI at 50.70 stays near neutral, suggesting balanced momentum; immediate resistance is placed at 24,350-24,450 and support at 23,950-23,800, where a sustained move above 24,350 could improve sentiment, whereas a break below 23,950 may lead to renewed downside pressure.

 Bank Nifty: 

Bank Nifty declined -0.60%, opening gap-down at 54,691.30 and attempting a recovery to 54,888.55, but failed to sustain higher levels and witnessed selling pressure, slipping to a low of 54,221.65 after breaching the key support of 54,400 and the 30DMA, before closing at 54,547.05, still below the 30DMA (54,555), indicating a bearish undertone; the trend remains bearish as the index trades below its 200DMA, 11DMA, and 30DMA, reflecting a weak technical structure, while the RSI at 43.77 suggests fading momentum; immediate resistance is placed at 55,350-55,600 and support at 54,400-53,900, where a sustained move above 55,350 could provide short-term relief, whereas a break below 54,400 may extend the downside further.

Nifty Mid Select: 

Nifty Mid Select (Midcap Nifty) gained +0.14%, opening at 13,912.95 and rising to a high of 13,984.90 before closing at 13,950.25, indicating mild consolidation near resistance levels; the trend remains bullish as the index continues to trade firmly above its 200DMA, 30DMA, and 11DMA, reflecting a strong underlying structure, while the RSI at 61.85 suggests healthy momentum with scope for short-term consolidation; immediate resistance is placed at 14,050-14,120 and support at 13,800-13,700, where holding above 13,800 keeps the bullish bias intact, while a sustained move above 14,050 could extend the rally further.

Nifty India Defence: 

Nifty India Defence advanced +1.28%, opening at 8,976.20 and continuing its strong upward momentum to close at 9,093.20, with the index now hovering near all-time highs, indicating sustained buying interest and sectoral strength; the trend remains firmly bullish as it trades well above its 11DMA, 30DMA, and 200DMA, confirming a strong uptrend across all time frames, while the RSI at 70.46 has entered the overbought zone, suggesting strong momentum but also a possibility of short-term consolidation; immediate support is placed at 8,930-8,850 and resistance at 9,300-9,600, where a sustained breakout above 9,300 could extend the rally further, while holding above 8,930 remains crucial to maintain the bullish structure.

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