FII · DII · FNO Activity Dashboard

"The Nifty 50 failed to show follow-through buying and closed flat amid consolidation on May 7, following a sharp rally in the previous session. Despite choppy movement near the crucial hurdle of 24,400–24,500, experts believe the underlying trend remains positive, supported by improving momentum indicators and the index holding above short- and medium-term moving averages. A decisive and sustained move above the 24,350–24,400 zone could open the door for further upside toward 24,600 and then 24,800 in the coming sessions. On the downside, immediate support is placed at 24,200, followed by the crucial support level of 24,000. The Bank Nifty also witnessed range-bound consolidation and closed with moderate gains on Thursday. On the daily timeframe, the banking index formed a small-bodied red candle with upper and lower shadows, resembling a Doji-like candlestick pattern, which suggests indecisiveness between bulls and bears. The higher high-higher low pattern continued for another session, while the index sustained above the 10- and 20-day EMAs, with both moving averages trending upward. The index also remained above the 50 percent Fibonacci retracement level of the correction from the February high to the April low, as well as above the 23.6 percent Fibonacci retracement level of the April rally. The RSI rose to 53.16 with a positive crossover, while the MACD showed a bullish crossover with the histogram turning positive. All these signals indicate strengthening momentum and a positive undertone in the banking index."