Pre-market comment for Thursday May 7 by Hitesh Tailor, Technical Research Analyst, Technical Research at Choice Broking
Below the Pre-market comment for Thursday May 7 by Hitesh Tailor, Technical Research Analyst, Technical Research at Choice Broking
Indian equity markets are expected to open on a mildly negative note, tracking GIFT Nifty at 24,434, down by 82 points. Despite positive global developments and strength across Asian markets in early trade, cautious sentiment and profit booking at higher levels may keep market participants watchful during the opening session.
In the previous session on 06th May 2026, Nifty ended on a positive note after witnessing a strong recovery from lower levels. The index initially faced selling pressure after a gap-up opening but rebounded sharply in the latter half, closing near the day’s high and forming a positive hammer-like candlestick pattern on the daily chart, indicating buying interest near support zones. Technically, immediate support is placed in the 24,000–24,200 zone, while resistance is seen in the 24,550–24,600 range. RSI indicates strengthening momentum, while easing India VIX and derivatives data reflect a positive market bias.
In the previous session on 06th May 2026, Bank Nifty ended on a strong positive note after witnessing sharp recovery from lower levels. The index initially faced selling pressure after a gap-up opening but rebounded strongly in the second half, closing near the day’s high and forming a strong bullish candlestick pattern on the daily chart, indicating sustained buying interest and improving momentum. Technically, immediate support is placed in the 55,000–55,300 zone, while resistance is seen in the 56,500–56,700 range. RSI is hovering near the midpoint, reflecting improving but still neutral momentum in the banking space.
Foreign Institutional Investors (FIIs) continued their selling activity on 06th May, offloading equities worth Rs5,834 crore. However, strong domestic participation supported market sentiment, as Domestic Institutional Investors (DIIs) remained net buyers with equity purchases worth Rs6,836 crore.
The market setup indicates a cautious to mildly positive undertone, supported by strength in global markets and improving sentiment across Asian indices. However, ongoing geopolitical developments and uncertainty around global economic cues may keep volatility elevated during the session. Domestic markets continue to show resilience with buying interest emerging at lower levels, but traders are likely to remain selective amid profit booking at higher zones. Overall, the broader trend remains constructive, though intermittent volatility and news-driven swings may persist.
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