Equity Market

Nifty at 24,100 Pivot! Breakout or Breakdown? | BankNifty Weak | Crude Above $100

Welcome to Market Analysis by Naresh Sharma. Today, we decode why Bank Nifty remains in bearish mode despite the Nifty’s 0.50% surge. We analyze the JOLTS job data impact on Gold and why Silver is eyeing $78 as diplomatic talks move to Pakistan. Stick around for the key levels you need for tomorrow’s trade.

NIFTY INDEX DAILY REPORT

Nifty 50 traded with positive bias, gained, and touched the daily high of 24,290 amid upbeat sentiment surrounding assembly election results in West Bengal, Assam, and other states, alongside a cooling of global crude oil prices following the announcement of the US “Operation Freedom” to secure the Strait of Hormuz. Despite this hype in the index at the start of the day, the index plunged to settle at the level of 24,119.30 due to high volatility in IT and banking stocks.

Bank Nifty, just like the broader index, performed well and delivered a strong performance, closing at 55,378.80 with a gain of 515.45 points or 0.94%. Robust buying interest in private-sector heavyweights like HDFC Bank and ICICI Bank supported the Bank Nifty to farewell, which together contributed nearly 450 points to the index’s total gains. Positive sentiment surrounding state assembly election results and a slight cooling of global geopolitical tensions aided the index to reclaim the mark of 55,602, the day’s high. However, weak performance from Kotak Mahindra Bank, which slumped 2.77%, dragged the index lower from the day’s high.

Nifty Realty gained 2.41%, emerging as the top sectoral performance, after a weak previous session. The index managed to gain and hit the intra-day high of 819.95. Upside in the index was supported by buying interest in Anant Raj, which gained over 4.5%, followed by Godrej Properties surging by over 2.99%, then came DLF, which gained 2.11%. As investors shrugged off global domestic performance and focussed on domestic growth and positive momentum in urban infrastructure and housing demand.

BHEL reached the high of Rs399 over positive Q4 financial reports. The company reported strong year-on-year growth, with net profit of Rs1283 crores, more than double the past year’s number of Rs504 crores. Operational performance showed a sharp improvement, with EBITDA rising to Rs1754 crores from the previous year’s number of Rs832 crores. Margins expanded to 14.2% from 9.2% reported for the same period a year ago. Thus, the company’s board has recommended a final dividend of Rs1.40 per share (70 percent on a face value of Rs2) for FY26.

NIFTY DAILY CHART

After hitting the daily high of 24,290.20, index retraced to settle at the level of 24,119.30. The Nifty faced strong resistance at the level of 24,330. Further RSI is also seen inching higher and is currently near 52.18, indicating room for upside movement. Thus, for Index to reach next upside destination of 24,500, it must sustain itself above the mark of 24,350.

Equity Market Technical Analysis Snapshot: May 04th, 2026

Nifty50: 

Nifty gained +0.51%, opening at 24,063.55 and briefly crossing above the 11DMA to hit a high of 24,290.20, but failed to sustain higher levels and slipped to close at 24,119.30, indicating selling pressure near resistance; the trend remains sideways as the index trades below the 200DMA and 11DMA but above the 30DMA, reflecting a mixed and range-bound structure, while the RSI at 52.18 stays in the neutral zone, suggesting limited 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 ended nearly flat at +0.03%, opening at 54,937.90 and rallying to an intraday high of 55,602.30, but failed to sustain higher levels and slipped back to close at 54,878.50, indicating selling pressure near resistance; the trend remains sideways to bearish as the index trades below the 200DMA and 11DMA but above the 30DMA, reflecting a mixed yet weak structure, while the RSI at 45.64 remains below the neutral mark, suggesting subdued momentum; immediate resistance is placed at 55,500-56,100 and support at 54,400-53,900, where a sustained move above 55,500 could improve sentiment, whereas a break below 54,400 may lead to further downside pressure.

Nifty Mid Select: 

Nifty Mid Select (Midcap Nifty) gained +0.75%, opening gap-up at 13,936.65 and rising to a high of 14,033.75, but failed to sustain above higher levels and witnessed selling pressure, closing at 13,930.20; despite the intraday pullback, the trend remains bullish as the index continues to trade firmly above its 200DMA, 30DMA, and 11DMA, indicating a strong underlying structure, while the RSI at 61.44 reflects healthy momentum though some short-term consolidation near resistance is likely; 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 resume the upward trend.

Nifty Realty: 

Nifty Realty advanced +2.41%, opening at 800.45 and rallying to an intraday high of 819.95 before closing strong at 812.70, indicating continued buying interest with some profit booking near resistance; the trend remains sideways to bullish as the index trades above its 11DMA and 30DMA but below the 200DMA, suggesting improving short-term strength within a still cautious broader setup, while the RSI at 63.37 reflects healthy momentum, though nearing overbought levels; immediate support is placed at 790-775 and resistance at 820-830, where a sustained move above 820 could extend the rally further, whereas holding above 790 remains key to maintaining the bullish bias.

Disclaimer:

Investment in securities markets is subject to market risks. Please read all related documents carefully before investing. (Our SEBI Reg. No. INH000010335)For Full Disclaimer: Click Here