"Nifty 50, Sensex Today: Your Guide to Indian Stock Market Trends on May 7"

The Indian stock market indices, Sensex and Nifty 50, are expected to open higher on Tuesday tracking gains in global markets. The trends on Gift Nifty also indicate a positive start for the Indian benchmark index. The Gift Nifty was trading around 22,585 level, a premium of nearly 35 points from the Nifty futures’ previous close. On Monday, the domestic equity benchmark indices ended a volatile session mixed. The Sensex gained 17.39 points to close at 73,895.54, while the Nifty 50 settled 33.15 points, or 0.15%, lower at 22,442.70. Nifty 50 formed a small negative candle on the daily chart beside the long bear candle of the previous session. This chart pattern indicates a sell on rise opportunity amidst range-bound action.

Expert Analysis

Nifty is currently placed at the support of 22,400 - 22,300 levels and is not sustaining during its intraday upside bounces. The larger degree higher tops and bottoms are into play. Having declined sharply from the new higher top of 22,794 levels on Friday, Nifty showing weakness down to a formation of a new higher bottom of the pattern. Still higher bottom reversal is not confirmed," said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities. He believes the short-term trend of Nifty remains negative. As long as the support of 22,300 holds, there is a possibility of an upside bounce in the market. A move below the support could open more weakness in the short term, Shetti added.

Nifty OI Data

Coming to the Nifty Open Interest (OI) Data, on the call side, the highest OI was observed at 22,500 followed by 22,700 strike prices while on the put side, the highest OI was at 22,500 strike price, noted Deven Mehata, Research Analyst at Choice Broking.

Nifty 50 Prediction

The Nifty 50 index shifted into a narrow range movement with weak bias on May 6 and closed the day lower by 33 points. “Nifty mostly traded sideways throughout the day, fluctuating between 22,400 and 22,550. Although the index ended above the short-term moving average, the 21-EMA (Exponential Moving Average), on the daily chart, the sentiment appears somewhat bearish due to consecutive red candles, suggesting a prevalence of sellers over buyers. In the near term, sentiment could stay subdued as long as it stays below 22,500," said Rupak De, Senior Technical Analyst, LKP Securities. On the downside, he believes there is a possibility of the index sliding towards 22,300.

Bank Nifty Prediction

The Bank Nifty index closed 28 points lower at 48,895 amid a range-bound trade on Monday. “The Bank Nifty index underwent a sideways trading session, with bulls successfully defending the support zone around 49,000 - 48,900. Immediate resistance is noted at 49,300, and a decisive breakthrough could trigger short-covering moves toward 49,500," said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities. Conversely, he believes a significant breach of the 48,900 mark may induce further selling pressure towards 48,400, where the 20-DMA is positioned.

In conclusion, the Indian stock market is expected to open higher on today, May 7th. The Nifty 50 and Sensex are showing signs of positivity, but caution is advised as the short-term trends remain negative. Watch out for key levels and open interest data for a better understanding of market sentiment. Make informed decisions and stay updated with expert analysis for a successful trading day. Happy trading!