
Nifty Analysis for 6 May – HDFC Securities
Technically, Nifty continues to exhibit a choppy trend and has once again failed to sustain above the 23,800resistance level.

Technically, Nifty continues to exhibit a choppy trend and has once again failed to sustain above the 23,800resistance level.

CRUDE OIL enters the new trading week with sharply elevated geopolitical risk premium after fresh uncertainty emerged regarding Iran-US negotiations and control over the Strait of Hormuz shipping route.

NIFTY – Above 23800: Recovery momentum may extend toward 23950–24000, Below 23600: Selling pressure may intensify toward 23500–23450

NIFTY BANK – Short-term bearish, medium-term bearish, long-term bullish
RSI 41.29, momentum still weak but stabilising



MCX Gold Option chain positioning clearly reflects strong institutional participation near higher strikes, while Put support near 150000 indicates traders continue defending lower levels aggressively.
