Nifty 50, Sensex today: What to expect from Indian stock market in trade on May 7
Sensex gained 17.39 points to close at 73,895.54, while the Nifty 50 settled 33.15 points, or 0.15%, lower at 22,442.70. Nifty 50 formed a small negative candle on the daily chart beside the long bear candle of previous session. Also Read: Indian stock market: 7 key things that changed for market overnight - Gift Nifty, Japan Services PMI to oil prices “This chart pattern indicates sell on rise opportunity amidst range bound action.
Nifty is currently placed at the support of 22,400 - 22,300 levels and is not sustaining during its intraday upside bounces. The larger degree higher tops and bottoms is into play. Having declined sharply from the new higher top of 22,794 levels on Friday, Nifty showing weakness down to a formation of new higher bottom of the pattern.
Still higher bottom reversal is not confirmed," said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities. He believes the short-term trend of Nifty remains negative. As long as the support of 22,300 holds, there is a possibility of an upside bounce in the market.
A move below the support could open more weakness in the short term, Shetti added. Here’s what to expect from Nifty 50 and Bank Nifty today: Coming to the Nifty Open Interest (OI) Data, on the call side, the highest OI was observed at 22,500 followed by 22,700 strike prices while on the put side, the highest OI was at 22,500 strike price, noted Deven Mehata, Research Analyst at Choice Broking. Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — May 7 The Nifty 50 index shifted into a narrow range movement with weak bias on May 6 and closed the day lower by 33 points.
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