A concise daily equity market show hosted by our in-house expert, this 15-minute segment keeps viewers updated on the latest developments in the Indian stock market. It highlights key stocks to watch, shares crucial index and stock levels, and answers live queries to guide investors toward informed and healthy investment decisions.

NIFTY INDEX DAILY REPORT

Nifty 50 exhibited a robust recovery, closing at 24,330.95 with a gain of 1.24% or roughly 298.15 points. Amid de-escalation in geopolitical tensions between the US and Iran, which caused global crude oil prices to retreat toward $108 per barrel, provided significant relief to the Indian economy. Following a positive lead from record-breaking sessions on domestic market, the index maintained a steady upward trajectory throughout the day, successfully breaching the critical resistance level of 24,300.The market sentiment remained decidedly optimistic as the index finished near its daily high.

Bank Nifty index experienced a significant recovery and settled at 55,981.05, mirroring the broader market’s optimism to close with strong gains. Index marked an intraday surge of approximately 1.42%. This rally was supported by a sharp decline in global crude oil prices and a cooling of geopolitical tensions, which provided much-needed relief to the financial sector.Despite the broader weakness observed in earlier weeks, this relief rally helped the index reclaim key psychological levels, though technical analysts noted that a decisive break above the 56,000 mark would be necessary to confirm a long-term bullish trend.

Nifty Auto index surged by 2.41% to close at 26,823.00. The sector benefited from the sharp decline in global crude oil prices, which alleviated concerns over rising input costs and fuel inflation. The index opened at 26,502.15 and maintained a strong bullish trajectory throughout the day, hitting an intraday high of 26,871.90. Performance was driven by heavyweights like Mahindra & Mahindra (M&M), which rose 1.85% following positive analyst ratings, and Bajaj Auto, which climbed 2.19% amid anticipation of a share buyback announcement.

Nifty Pharma index emerged as the top-performing sector, spearheading the market’s recovery with a significant gain of 2.30%. The index opened at 23,743.20 and maintained strong momentum throughout the session, reaching an intraday high of 24,264.85 before closing at 24,110.30. This rally was largely driven by a combination of positive technical breakouts and stock-specific news, most notably from Zydus Lifesciences, which surged nearly 3% following the successful conclusion of a USFDA inspection at its Ahmedabad facility. The broader healthcare space also benefited from defensive buying as investors sought quality earnings, leading both the Nifty Pharma and S&P BSE Healthcare indices to hit new 52-week highs during the day.

NIFTY DAILY CHART

After hitting the daily low of 23,997.90, index recovered to settle at the level of 24,330.95. Further RSI is still trading above the mark of 55, indicating room for upside movement. Also, index managed to sty above the middle band of the Bollinger band, at 24,085.41.Index have managed to cross the resistance 24,220 and touch the high of 24,356.60.

Equity Market Technical Analysis Snapshot: May 06th, 2026

Nifty50: 

Nifty gained +1.24%, opening gap-up at 24,171 above the 11-DMA and dipping to a low of 23,997.90, but witnessed a sharp recovery from lower levels to close strong at 24,330.95, marking a volatile session with buying interest on dips; the trend remains sideways until a sustained move above 24,350, as the index trades above the 11-DMA and 30-DMA but below the 200-DMA, indicating improving short-term strength within a broader cautious structure, while the RSI at 55.41 supports a mild bullish bias; immediate resistance is placed at 24,350–24,550 and support at 24,100–24,000, where a decisive breakout above 24,350 could trigger further upside, whereas a break below 24,100 may lead to short-term weakness.

 Bank Nifty: 

Bank Nifty surged +2.63%, opening gap-up at 55,113 above the 30-DMA, initially slipping to a low of 54,587.20, but then staging a sharp ~1,500-point recovery to hit a high of 56,078.80, eventually closing strong at 55,981, indicating aggressive buying on dips; the index has moved above the 11-DMA and 30-DMA but remains below the 200-DMA, suggesting improving short-term strength while the trend remains sideways to bearish until key resistances are cleared, and the RSI at 52.79 reflects neutral-to-positive momentum; immediate resistance is placed at 56,350–56,650 and support at 55,400–54,850, where a sustained move above 56,350 could further strengthen the recovery, whereas a break below 55,400 may lead to renewed selling pressure.

Nifty Mid Select: 

Nifty Mid Select (Midcap Nifty) surged +2.60%, opening gap-up at 14,132.85 and maintaining strong bullish momentum throughout the session to hit a fresh all-time high of 14,338.05, before closing near highs at 14,312.90, indicating sustained buying interest and strength in midcaps; the trend remains firmly bullish as the index continues to trade well above its 200-DMA, 30-DMA, and 11-DMA, confirming a strong uptrend across all time frames, while the RSI at 68.40 is approaching overbought territory, suggesting strong momentum with a possibility of short-term consolidation; immediate resistance is placed at 14,500–14,650 and support at 14,120–14,050, where a sustained move above 14,500 could extend the rally further, while holding above 14,120 remains crucial to maintain the bullish structure.

Nifty Auto: 

Nifty Auto gained +2.41%, opening at 26,502.15 and maintaining strong momentum to hit a high of 26,871.90, before closing near highs at 26,823, indicating sustained buying interest in the sector; the trend remains bullish as the index is trading firmly above its 11-DMA, 30-DMA, and 200-DMA, confirming strength across all time frames, while the RSI at 59.00 reflects healthy momentum with room for further upside; immediate support is placed at 26,450–26,200 and resistance at 26,900–27,600, where a sustained move above 26,900 could extend the rally, whereas holding above 26,450 remains crucial to maintain the bullish structure

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