Nifty 50, Sensex today: What to expect from Indian stock market in trade on May 8

However, Gift Nifty’s trends suggest a favorable opening for the Indian benchmark index. Currently, Gift Nifty is hovering around the 22,432 level, representing a premium of approximately 39 points over the previous close of Nifty futures.

On Tuesday, both equity benchmark indices ended in red on an all-round selloff, defying positive global cues.

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The Sensex concluded the trading day with a decline of 384 points, or 0.52 percent, settling at 73,511.85. Similarly, the Nifty 50 ended 140 points lower, or 0.62 percent, at 22,302.50, with 34 stocks recording losses. This marks the third consecutive session of setbacks for the Nifty 50 index.

“A long negative candle pattern was formed on the daily chart with a minor lower shadow. This market action indicates an ongoing downward correction in the market. We observe overlapping negative candles on the downside in the last couple of sessions as per the daily chart which signals the absence of sharp selling momentum in the market.

The lower tops and bottoms on the daily chart are intact and the present weakness could be in line with the new higher bottom formation of the pattern. The higher bottom reversal needs to be confirmed with an upside bounce from the lows. Immediate resistance is at 22,400 levels and the next lower levels are to be watched around 22,100 – 22,000,” said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities.

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Here’s what to expect from Nifty 50 and Bank Nifty today:

Nifty OI Data

Coming to the OI Data, on the call side, the highest OI observed at 22,500 followed by 22,600 strike prices while on the put side, the highest OI is at 22,000 strike prices, said Deven Mehata, Research Analyst at Choice Broking.

Nifty 50 Prediction

Nifty50 closed 140 points lower on Tuesday’s trading session at 22,302.50 with 34 stocks in the red.

“Technically, the trend has weakened as the index fell below the 21-EMA (Exponential Moving Average). A Head and Shoulders pattern is visible on the hourly chart, with the index currently sustaining below the neckline, indicating a bearish formation. Further selling pressure is anticipated, possibly extending towards 21,980 – 22,000 in the short term, as long as it remains below 22,400,” said Rupak De, Senior Technical Analyst, LKP Securities.

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Bank Nifty Prediction

The Nifty Bank concluded the trading session on May 7 with a decrease of 1.25 per cent, whereas the Private Bank index saw a decline of 1.45 percent.

“On the hourly chart, a head and shoulders pattern has emerged, with the index already breaking below the neckline. More weakness is anticipated in the coming days, potentially pushing the index towards 47,700. Resistance is observed at 48,800 on the higher end,” Rupak De added.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.

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Published: 08 May 2024, 05:58 AM IST