Nifty 50 Prediction Today: Range-bound with slight bearish bias for Monday; crucial levels to watch on May 4 – Markets

Broader indices showed divergence with the benchmark indices during the week, as the Nifty Midcap100 only dipped 0.28 per cent, while Nifty Smallcap100 gained 1.62 per cent.

Nifty 50 Prediction for Monday, May 4 by experts

Technical analysts indicate that the Nifty is likely to witness a volatile yet range-bound session on Monday, with key technical levels expected to guide the next move.

According to Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said, the has shown signs of buying interest near lower levels after forming a Doji-like pattern on the daily chart, indicating indecision but also support-based demand.

“After showing an attempt of breakout of hurdle around 24200 on Wednesday, Nifty slipped into weakness on the backdrop of rising Middle-East tensions, soaring International Crude Oil and depreciation of INR against USD on Thursday and closed the day lower by 180 points amidst recovery note. After opening on a downside gap of 180 points, the market slipped into further weakness in the early part of the session. A smart recovery has emerged from the lower support of 23800 levels in the mid to later part of the session and Nifty finally closed off the lows,” Shetti said.

“A small candle was formed at the lows on the daily chart with small upper and long lower shadow. This market action signals a formation of Doji pattern, which indicates an emergence of buying from the supports. Nifty is currently placed within a high low range of 23800-24300 levels. Having bounced back from the lower range, there is a higher chance of Nifty moving towards the upper range of 24300 by next week,” he added.

Nandish Shah – Deputy Vice President, HDFC Securities, said, “After Thursday’s brief bounce, the Nifty turned weak once more, shedding 180 points to close at 23,997. Triggered by a spike in crude oil prices and lackluster Asian cues, the index gapped down by 180 points at the open. The selling intensified in the first half, dragging the Nifty to an intraday low of 23,796. However, the second half saw a resilient 291-point rebound from the lows, allowing the index to salvage a modest weekly gain of 0.42%.”

Barring Nifty IT and Pharma, all sectoral indices closed lower, with Metals, PSU Banks, Consumer Durables, and Realty logging the steepest losses.

“Nifty Midcap 100 and Smallcap 100 mirrored the benchmark decline, slipping 1% and 0.5%, respectively. Market breadth deteriorated, with the advance-decline ratio at 0.66, reflecting profit booking in mid- and small-caps after their recent sharp rallies,” he said.

Technically, Shah said Nifty found support near the key 23,800 level, forming a bullish double-bottom pattern that reinforces its role as pivotal support. Immediate hurdles stand at 24,334 and 24,600.

Echoing a similar view, Sachin Gupta, VP – Research, Technical Research, at Choice Broking Private Limited, said the index formed a Doji-like candlestick pattern, reflecting a balance between buyers and sellers.

“Indian equity benchmarks witnessed a negative close on 30th April 2026. The index opened with a gap-down of 180.70 points at 23,996.95, reflecting weak initial sentiment. In the first half of the session, the index witnessed selling pressure, dragging it down to an intraday low of 23,796.85. However, the trend reversed in the latter half, with buying interest emerging at lower levels, pushing the index higher to an intraday high of 24,087.45. The index eventually settled near its opening level at 23,997.55, registering a decline of 180.10 points or 0.74%,” Gupta stated.

On the daily timeframe, the index formed a Doji-like candlestick pattern, indicating indecision in the market. This structure reflects a balance between buying and selling pressure, suggesting that the next directional move will depend on a decisive breakout on either side of the range, Gupta added.

“From a technical perspective, immediate support is placed in the 23,750–23,800 zone, while resistance is observed in the 24,200–24,250 range. The Relative Strength Index (RSI) stands at 50.28, hovering around the midpoint, indicating neutral momentum. The volatility index, India VIX, increased by 5.86% to close at 18.46, indicating a rise in market uncertainty. In the derivatives segment, notable call writing was observed at the 24,100 and 24,200 strikes, while put writing was concentrated at the 24,000 and 23,800 levels, indicating a defined trading range with a slight bearish bias,” he further said.

Gupta added, “Sectorally, the market witnessed broad-based weakness, with pressure seen across Financial Services, PSU Banks, Realty, and Consumer Durables, while limited resilience was observed in select pockets. Market breadth remained negative, with declining stocks significantly outnumbering advancing ones, reflecting cautious sentiment in the broader market.”

“The Bank Nifty index opened with a sharp gap-down of 522.95 points at 54,880.65, indicating weakness in the banking segment. It continued to face selling pressure in the first half, marking an intraday low of 54,440.25. However, a recovery was witnessed in the latter half, pushing the index to an intraday high of 55,111.60. The index eventually closed near its opening level at 54,863.35, registering a decline of 540.25 points or 0.98%. On the daily timeframe, the index formed a Doji-like candlestick pattern, indicating indecision and a lack of clear directional bias. This reflects a balance between buyers and sellers, suggesting that a breakout beyond key levels will be required for further clarity,” Gupta said.

From a technical perspective, immediate support is placed in the 54,300–54,400 zone, while resistance is observed in the 55,400–55,500 range. The Relative Strength Index (RSI) stands at 45.54, indicating weakening momentum and a slight bearish bias, the analyst added.

“Markets witnessed a volatile session with gap-down openings followed by a recovery in the latter half, resulting in indecisive candlestick formations across key indices. The rise in volatility along with weak market breadth suggests cautious sentiment among participants. Going forward, a decisive move beyond immediate support or resistance levels will be crucial in determining the next directional trend,” Gupta concluded.

Key levels to watch on Monday

(Disclaimer: The above article is meant for informational purposes only and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money-related decisions)