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Stock market recap: Frontline indices, the Sensex and the Nifty 50, ended in the negative territory on Tuesday, largely due to profit booking in select banking and financial heavyweights.
The 30-share pack Sensex closed 252 points, or 0.33%, lower at 77,017.79, while the NSE barometer Nifty 50 ended at 24,032.80, down 87 points, or 0.36%.
Amid a series of upcoming events set to shape market sentiment, markets navigate an environment clouded with uncertainty.
Three stocks to trade, recommended by NeoTrader’s Raja Venkatraman:
ABCAPITAL: Buy above ₹363, stop ₹340 target ₹405 (Multiday)
AUROPHARMA: Buy above ₹1430, stop ₹1390 target ₹1550 (Multiday)
FINCABLES: Buy above ₹1060, stop ₹1020 target ₹1150 (Multiday)
On 5 May 2026, Indian equities ended lower in a volatile session ahead of the Nifty weekly F&O expiry. The Sensex slipped 251.61 points or 0.33% to close at 77,017.79, while the Nifty fell 86.5 points or 0.36% to settle at 24,032.80. Despite the decline, the Nifty managed to hold above the psychologically important 24,000 mark, and the Sensex recovered nearly 500 points from its intraday low. Market breadth remained weak, with 1,890 shares advancing, 2,110 declining, and 169 unchanged.
Foreign institutional investors turned net buyers after nine consecutive sessions of selling, infusing ₹2,836 crore, while domestic institutional investors continued their buying streak for the seventh day, adding ₹4,764 crore. Sectorally, the Nifty Auto index posted marginal gains of 0.2%, whereas the Realty index was the worst performer, shedding over 1%, dragged down by Godrej Properties. Volatility is expected to persist as expiry pressures weigh on sentiment.
The market sentiment is attempting a steady upward drift. A mixed Q4 earnings season is now proving to be a challenge for the recovery. At the moment, the war scenario continues to hold its sway over the market conditions, and this is proving to be a difficult threat to handle.
Momentum on hourly charts are indicating that the prices have now settled down and there seems to be a withdrawal of selling pressure. With the gradual and hesitant rise emerging from support on Friday, we can expect the rise to continue.
For undertaking shorts, we need to see Nifty move below 24000 for a bearishness to emerge once again . As per the Open Interest data 23800 where we see the next set of supports emerging.
Also , the RSI is seen holding on to the neutral zone that is influencing a potential recovery. If we witness a 30-minute range breakout on Thursday we can consider to trade on either side as the trends still remain tentative where we expect some resistances to kick in. As ranging market is in play, we need to be quick in profit taking as we the trend does not have sufficient steam to move strongly in either direction.
The readings from the Option Data suggests that PCR has moved now to 1, highlighting that the trends are poised at an important stage with some Put writing at 24000 levels continuing to defend the lower levels fighting the sell off at every rise.
At this juncture, we have to pay attention to multiple news triggers; the combination of global tariff threats, cautious investor sentiment, and domestic economic challenges contributed to the sharp market decline and volatility in the rupee.
At the moment, the bearishness continues to remain limited and has been ineffective in dragging the index lower. With the current rate of volatility that is been demonstrated we can definitely see lot of room not been able to drag the index much lower.
Looking at the current state of OI data, until we see Nifty move below 24000 decisively, the Open Interest data retains that 24000 as the immediate support, while resistance remains at 24500. No respite from a ranging that is in play, we need to be quick in profit taking as we the trend does not have sufficient steam to move strongly in either direction.
Raja Venkatraman is co-founder, NeoTrader. His Sebi-registered research analyst registration no. is INH000016223.
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Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.
Raja Venkatraman is the co-founder of NeoTrader, where he heads the training division. He conducts both offline and live market workshops, seminars, and webinars. He has been working under the guidance of Dr C K Narayan, his mentor and founder of Growth Avenues, for more than 20 years. He is an active trader in multiple asset classes, and actively shares his views on YouTube, blogs at NeoTrader, and on reputed news channels and websites. His Sebi-registered research analyst registration no. is INH000016223.
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