NIFTY 50 Daily Market Analysis – 06 May 2026 Pivot Levels, Support & Resistance, Intraday Strategy

📊 NIFTY 50 Daily Market Analysis – 06 May 2026 Pivot Levels, Support & Resistance, Intraday Trading Strategy

journeyoftrading.com

journey-of-trading-2024

🧾 Overview

The NIFTY 50 showed a sideways movement with slight bearish pressure on 06 May 2026. Despite opening strong, the index struggled to sustain higher levels and witnessed selling near resistance, indicating a lack of strong bullish momentum.

🔑 Pivot Points & Key Levels

Pivot (P): 23998.85

🔼 Resistance Levels

R1: 24115.65

R2: 24198.50

R3: 24315.30

🔽 Support Levels

S1: 23916.00

S2: 23799.20

S3: 23716.35

These levels are crucial for identifying intraday entry, exit, and reversal zones.

📈 Market Analysis

The index closed slightly above the pivot level, which typically signals a mild bullish bias. However, the presence of upper wick rejection near highs indicates that sellers are active at higher levels.

Key Observations:

📉 Weak bullish momentum despite closing above pivot

🔄 Consolidation phase with no breakout confirmation

📊 Moderate volatility (~200 points range)

⚖️ Market sentiment remains neutral to slightly bearish

📊 Market Outlook for Next Session

Trend: Sideways

Bias: Slightly Bearish

Expected Range: 23850 – 24150

Volatility: Moderate to High (news-driven moves possible)

📌 Intraday Trading Strategy

✅ Bullish Setup

If price sustains above 24100, consider long positions:

Targets: 24150 → 24200 → 24300

Stop Loss: Below 24030

🔻 Bearish Setup

If price breaks below 23900, consider short positions:

Targets: 23800 → 23750 → 23700

Stop Loss: Above 23960

⚠️ No-Trade Zone

Range: 23950 – 24080

This zone is highly choppy and trap-prone, increasing the risk of false breakouts. Avoid trading in this range unless a clear breakout occurs.

🧠 Final Verdict

The NIFTY 50 is currently in a range-bound market structure with slight bearish pressure at higher levels. Traders should focus on:

✔️ Buying near support zones

✔️ Selling near resistance zones

✔️ Avoiding trades in sideways consolidation

Best Strategy: Range Trading with strict risk management

Note:- 

By using this information, traders can make informed decisions about where to place their buy or sell orders based on the expected market movement.