NSE Nifty was down by 0.06 per cent or 12 points to 22,463.35, while the BSE sensex was at 73,959.20 up by 0.11 per cent or 99.05 points.
A total of 3,986 stocks were actively traded, 1,257 advanced, while 2,562 declined and 167 stocks remained unchanged where 216 stocks hit a 52 week high and 23 stocks hit a 52 week low at 1.20 pm on the BSE.
Mandar Bhojane, Research Analyst, Choice Broking, said, “Recent market movements reveal a decline in the Nifty 50, dropping 172 points to 22,476 after hitting a record high intraday. Bearish signals are apparent, such as a bearish divergence on the daily timeframe with the RSI failing to surpass its previous swing high despite index surges. Additionally, there’s a formation of a Bearish Engulfing candlestick pattern on the daily charts, alongside Doji and Double Top patterns on the weekly charts.
Also Read: Services PMI drops a tad to 60.8 in AprilIn terms of investor activity, provisional data from the NSE reveals foreign institutional investors (FIIs) net sold ₹2,391.98 crore shares, contrasting with domestic institutional investors (DIIs) who injected ₹690.52 crore on May 3.
Considering these dynamics, traders and investors are advised to capitalize on buying opportunities during Nifty dips while implementing effective stop-loss strategies below the mentioned support levels. This cautious approach aims to mitigate risks and capitalize on potential gains in today’s trading session.”
Also Read: Bank Nifty prediction today—May 6, 2024: Bears to gain traction; sell futuresMajor gainers on the NSE include, Britannia (7.92%), Kotak Bank (5.50%), TCS (2.16%), JSW Steel (2.03%), Infosys (1.36%). Major losers include, Titan (-6.23%), Adani Enterprises (-3.49%), NTPC (-2.71%), SBI (-2.58%), Adani Ports (-2.26%).
BSE smallcap was down by 0.92 per cent and Midcap down by 1.09 per cent.
