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Quote on Quote on Post market comment for Tuesday May 5 by Sachin Gupta  VP- Research at Choice Broking

Indian equity benchmarks witnessed a negative close on 05^th May 2026. The index opened with a gap-down of 66.70 points at 24,052.60, indicating a mildly negative start to the session. In the first half, the index made both its intraday high of 24,081.70 and low of 23,882.05, reflecting early volatility. In the latter half, price action remained range-bound, and the index eventually settled at 24,032.80, registering a decline of 86.50 points or 0.36%. On the daily timeframe, the index formed a Doji-like candlestick pattern, indicating buying interest emerging at lower levels and the possibility of short-term support formation. This suggests that downside may be limited unless key supports are breached.

From a technical perspective, immediate support is placed in the 23,850–23,900 zone, while resistance is observed in the 24,200–24,250 range. The Relative Strength Index (RSI) stands at 50.70, hovering around the midpoint, indicating neutral momentum. The volatility index, India VIX, declined by 2.14% to close at 17.90, indicating a slight cooling-off in market volatility and reduced immediate uncertainty. In the derivatives segment, notable call writing was observed at the 24,200 and 24,300 strikes, while put writing was concentrated at the 24,000 and 23,900 levels, suggesting a defined trading range with a mild directional bias.

The Bank Nifty index opened with a gap-down of 187.20 points at 54,691.30, reflecting weakness in the banking space. It extended losses in the first half, marking an intraday low of 54,221.65. However, a recovery was seen in the latter half, pushing the index to an intraday high of 54,888.55. The index eventually closed at 54,547.05, registering a decline of 331.45 points or 0.60%. On the daily timeframe, the index formed a doji-like candlestick pattern, indicating indecision and lack of strong directional conviction. This suggests that the index may continue to consolidate unless a breakout occurs on either side.

From a technical perspective, immediate support is placed in the 53,950–54,000 zone, while resistance is observed in the 55,000–55,150 range. The Relative Strength Index (RSI) stands at 43.77, indicating weakening momentum and a slight bearish bias.

Markets witnessed a mildly negative session with gap-down openings followed by partial recovery, resulting in mixed candlestick formations across key indices. The decline in volatility suggests reduced panic; however, weak momentum and cautious market breadth indicate that participants remain guarded. Going ahead, a decisive move beyond immediate support or resistance levels will be crucial in determining the next directional trend.

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