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Below the Quote on Post market comment for Monday May 4 by Hitesh Tailor, Technical Research Analyst at Choice Broking   

Indian equity markets ended largely steady on May 4, 2026, as gains were limited by profit booking at higher levels. The BSE Sensex closed at 77,269.4, up 355.9 points (0.46%), while the Nifty rose 121.75 points (0.51%) to settle at 24,119.3. In contrast, the Nifty Bank index remained almost flat, inching up just 15.15 points (0.03%) to 54,878, reflecting a lack of strong momentum in banking stocks.

The Nifty began the session on a mildly positive note, opening nearly 70 points higher at 24,063.55 and climbing to an intraday high of 24,290.20. However, early selling pressure dragged it down to 24,004.75 before it rebounded to close at 24,119.30, registering a gain of 121.75 points (0.51%). This movement suggests a slightly positive bias. From a technical perspective, resistance is seen in the 24,250–24,300 zone, while support is placed between 23,950 and 24,000. The RSI stands at 52.18, indicating neutral momentum with a slight bullish inclination.

Meanwhile, the Nifty Bank index opened marginally higher at 54,937.90, gaining around 75 points, and advanced to an intraday high of 55,602.30. However, profit booking at elevated levels led to a sharp decline of nearly 880 points, pulling the index down to a low of 54,723.5. It eventually closed at 54,878.50, up just 15.15 points (0.03%), signaling weak momentum. Resistance is placed at 55,500–55,600, with support at 54,300–54,500. The RSI at 45.64 indicates a mild bearish bias.

India VIX declined by 0.87% to -0.16, pointing to relatively subdued market volatility. In the derivatives segment, notable put writing at the 24,000 strike and aggressive call writing at the 24,300 strike suggest that the index is likely to trade within a range in the near term. Given this setup, traders are advised to remain cautious.

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