Nifty ends above 24,100 on election results day volatility

slips off highs on oil swings

May 04, 2026

Welcome to Aftermarket Report, a newsletter where we do a quick daily wrap-up of what happened in the markets, both in India and globally.

In our latest episode of In The Money by Zerodha, we shift focus to the two most understated — yet arguably most important — aspects of scalping: position sizing and psychology. No strategy works without the discipline to size correctly and the mental fortitude to execute under pressure.

We walk through a practical framework for fixing your daily risk budget, translating it into capital requirements, and dynamically adjusting position size across S1, S2, and S3 throughout the trading day. We also explain why margin requirements should never be the basis for your risk management — that system was built to protect brokers, not optimise your trading.

In the psychology segment, we cover the concept of tilt — what it is, why it happens, and how to manage it before it spirals into significant losses. As discussed in the video, the ideal mental state for a scalper is emotional neutrality: neither euphoria on wins, nor distress on losses.

Check out In The Money

Markets Today

Nifty opened with a 66-point gap up at 24,064, tracking positive global cues and ongoing state election results. The index saw strong buying early on, quickly moving up to the 24,250–24,280 zone within the first hour.

However, the momentum faded soon after, with Nifty slipping sharply toward the 24,150 mark before 10:30 AM. A brief recovery toward 24,230 followed, but the index turned choppy and remained range-bound through the late morning session.

In the second half, selling pressure picked up post-noon, dragging the index below 24,100 and toward the day’s low near 24,000–24,010 around 1:30 PM. A recovery attempt emerged thereafter, pushing Nifty back to the 24,120–24,150 zone by mid-afternoon, but the move lacked follow-through.

In the final hour, the index remained volatile within a narrow range and eventually closed at 24,119.30. The session was marked by a strong start, a sharp midday sell-off, and a partial recovery, resulting in a choppy close.

Nifty rose 0.51% to 24,119.30, while Sensex gained 0.46% and Bank Nifty remained largely flat, up just 0.03%. Market breadth was strong with 354 advances against 146 declines, and VIX eased 0.87% to 18.3. Going ahead, markets are likely to take cues from Q4 earnings and global developments.

Sectoral Indices Performance

Realty charged 2.41%, Metal 1.09%, Pharma 0.89%. IT was dead flat. PSU Banks lost 0.32%, Media dropped 0.54%. Nine of twelve sectors closed green.

Winners & Losers

Midcaps outperformed at 0.75%, nearly 50% stronger than large caps. The divergence between FII selling and index gains is being driven entirely by domestic money and sector rotation.

Momentum Screener

Global Markets

Commodities

Crude spiked 5.54% to ₹10,200. Gold fell 1.3%, silver dumped 2.97%. The rupee weakened 0.25% to 95.35.

Bond Yields & Currency

India 10Y yield at 7.012%, US 10Y at 4.39%. Rupee slipping past 95 despite DII absorption shows pressure building beneath the surface.

FII / DII Flows

Here’s the trend of FII-DII activity from the last 5 days:

Macro Indicators

Thematic Indices

Tijori’s niche indices, where pockets of the market beyond standard sector baskets are sorted by today’s move. You can also track the Promoter buying and other interesting stuff, like Capex activity by the companies in the Tijori App’s idea dashboard

Change in OI for the day

The following is the change in OI for Nifty contracts expiring on 5th May:

The maximum Call Open Interest (OI) is observed at 24,500, followed by 24,300 & 24,200, indicating potential resistance at the 24,300 -24,400 levels.
The maximum Put Open Interest (OI) is observed at 24,000, followed by 23,800 & 23,900, suggesting support at 23,900-23,800.

Note: OI is subject to multiple interpretations; however, generally, an increase in Call OI indicates resistance in a falling market, while an increase in Put OI indicates support in a rising market.

Source: Sensibull