Market Commentary (closing) for 5th May 2026 by Bajaj Broking
Below the Market Commentary (closing) for 5th May 2026 by Bajaj Broking
Market Closing Commentary
Indian benchmark indices witnessed high volatile on the Nifty weekly expiry session on 5th May. It ended the session on a negative note, weighed down by weak global cues, escalating Middle East concerns, and continued depreciation in the INR, which kept overall investor sentiment subdued.
At close, the Sensex declined by 251.61 points or 0.33 percent to settle at 77,017.79, while the Nifty fell by 86.50 points or 0.36 percent to close at 24,032.80.
On the sectoral front, selective buying was seen in Nifty FMCG, Auto, and Pharma stocks, which managed to hold a marginally positive bias. On the flip side, selling pressure was evident in Nifty Realty, private and PSU banking stocks, Consumer Durables, and Oil & Gas, which emerged as key laggards.
The broader market showed relative resilience, witnessing mild buying interest. The Nifty Midcap index advanced by 0.17 percent, while the Nifty Small cap index gained 0.28 percent, outperforming the benchmark indices.
Nifty Outlook
Index formed a Doji candlestick pattern with a long lower shadow highlighting buying demand at lower levels around the last two weeks lows around 23,800-23,900 as the index continues to consolidate around the 20 days EMA.
In line with our expectations Nifty is witnessing consolidation in the broad range of 23,550-24,400 amid stock specific action as we progress through the quarterly earning session.
Within the consolidation index holding above last two weeks lows around 23,800-23,900 will signal extension of the pullback towards the upper band of the range placed around 24,400 levels. While a close below last two weeks identical lows will open downside towards the lower band of the range placed around 23,550 levels.
Short-term support is positioned around 23,550 levels being the confluence of the recent major low and 38.2% retracement of the last 3 weeks pullback (22,183-24,601).
Bank nifty Outlook
Index formed a high wave candle with a lower high and a lower low signaling consolidation with corrective bias.
Overall, we expect the Bank Nifty to extend consolidation in the broad range of 54,000-56,500 amid stock specific action as we progress through the quarterly earning session of the banking stocks.
Within the consolidation a move above of 55,000 levels being the trendline resistance joining recent highs will signal extension of the pullback towards the 56,500 levels. While a breach below the key support area of 54,000 will signal extension of the decline towards 52,500 levels being the gap area of the 8th April.
Index has immediate support around 54,000 levels being the confluence of the recent low and 38.2% retracement of the last 3 weeks pullback (49,955-57,456).
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