Nifty 50, Sensex today: What to expect from Indian stock market in trade on May 6 amid India-Pakistan conflict

The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open with marginal gains on Tuesday, tracking mixed cues from global markets.

The trends on Gift Nifty also indicate a flattish start for the Indian benchmark index. The Gift Nifty was trading around 24,571 level, a premium of nearly 17 points from the Nifty futures’ previous close.

Investor sentiment remains cautious amid the geopolitical tensions between India and Pakistan after the Pahalgam terror attack.

On Monday, the domestic equity market ended higher, with the benchmark Nifty 50 index closing above 24,400 level.

The Sensex gained 294.85 points, or 0.37%, to close at 80,796.84, while the Nifty 50 settled 114.45 points, or 0.47%, higher at 24,461.15.

Here’s what to expect from Sensex, Nifty 50 and Bank Nifty today:

Sensex Prediction

Sensex formed a small bullish candle on the daily chart, and on intraday charts it is holding uptrend continuation formation.

“We are of the view that 80,500 would act as a key support zone for the trend following traders. Above the same, Sensex could move up to 81,000 - 81,300. On the other side, a dismissal of 80,500 could trigger a quick intraday correction. Below the same, Sensex could retest the level of 80,200 - 80,000,” said Shrikant Chouhan, Head Equity Research, Kotak Securities.

Nifty OI Data

Nifty derivatives data indicates heavy Call open interest at 24,500 and 24,600, marking these as resistance levels. On the Put side, notable open interest at 24,300 and 24,000 suggests these are key support zones in the near term, said Mandar Bhojane, Equity Research Analyst at Choice Broking.

Nifty 50 Prediction

Nifty 50 witnessed a sustainable upmove on May 5 and closed the day higher by 114 points with range bound action.

“A small positive candle was formed on the daily chart with minor upper shadow. Technically this market action signals a possible upside breakout of the hurdle of 24,500 - 24,600 levels in the short term. If Nifty 50 manages to move above 24,600 levels, then that could be a decisive upside breakout of bullish ascending triangle type pattern, which are uptrend continuation patterns,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.

According to him, the short-term trend of Nifty 50 continues to be positive and a sustainable move above the hurdle of 24,500 - 24,600 levels, Nifty 50 could move towards the next upside of 24,800 - 25,000 in the near term. Immediate support is placed at 24,250.

Om Mehra, Technical Research Analyst, SAMCO Securities, noted that the Nifty 50 index holds above key moving averages and maintains its positive bias.

“The higher high and higher low formation remains intact, suggesting that the broader trend is still upward. The daily RSI is placed comfortably above the 70 mark. The upper Bollinger Band on the daily chart is currently placed near 24,600, which now acts as the immediate resistance. A move above this zone could open the way for Nifty 50 to approach the swing high of 24,858,” said Mehra.

He added that on the hourly chart, support is seen near 24,250, and any dip toward 24,350 – 24,400 may offer a short-term buying opportunity. The broader uptrend remains intact unless the index slips below 24,200, which would signal a potential momentum is weakening.

Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd. said that the Nifty 50 formed a green candle with a long upper shadow on the daily chart, indicating selling pressure at higher levels.

“Immediate resistance for Nifty 50 is placed at 24,590, while support is seen near the 200-Day Simple Moving Average (24,050). A sustained move above 24,590 could drive the index towards 24,800–24,850 levels,” said Yedve.

VLA Ambala, Co-Founder of Stock Market Today expects Nifty 50 to find support between 24,400 and 24,320 and find resistance around 24,590 to 24,670 in today’s session.

Bank Nifty Prediction

Bank Nifty underperformed the frontline indices and ended Monday’s session 195.85 points, or 0.36%, lower at 54,919.50, forming a small bear candle with a lower high and lower low, signaling continuation of the consolidation.

“We expect Bank Nifty to extend the consolidation in the range of 54,000 - 56,000, thus working off the overbought conditions created by the recent sharp rally. A sustained move above the recent high of 56,098 could trigger further upside toward the 56,800 levels in the coming weeks. On the downside, key support is seen between 54,000 - 53,500, which corresponds to the gap-up region and the previous significant breakout zone,” said Bajaj Broking Research.

According to the brokerage firm, any dips in the coming sessions towards the support area should be used as a buying opportunity.

Hrishikesh Yedve highlighted that the Bank Nifty index formed a red candle with a long upper shadow on the daily chart, reflecting uncertainty at higher levels.

“Resistance for Bank Nifty index is placed at 55,700 and 56,000, while key support lies at 54,450. A firm break below 54,450 may trigger fresh selling pressure, potentially dragging the index towards 54,000. Until then, a range-bound consolidation between 54,450 and 56,000 may continue,” Yedve said.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.