Investor Strategist Sumeet Bagadia Identifies Five Stocks Worth Considering for Purchase on May 8, 2026

Indian Benchmark Indices Close Lower Amid Profit Booking

On Thursday, May 7, the Indian benchmark indices – the Sensex and Nifty 50 – closed lower due to profit booking in heavyweight stocks such as HUL, TCS, ITC, and Reliance Industries.

The Sensex declined 114 points, or 0.15%, to settle at 77,844.52, while the Nifty 50 slipped 4 points, or 0.02%, to close at 24,326.65.

Market Analysis

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On May 7, the Nifty 50 opened with a gap-up at 24,398.50 and witnessed volatility throughout the session. In the first half, the index faced selling pressure and slipped to an intraday low of 24,284.00. Buying interest emerged in the second half, pushing the index higher to an intraday high of 24,482.10. However, profit booking in the final hour trimmed gains, and the index eventually closed at 24,326.65, registering a marginal decline of 4.30 points or 0.02% over the previous close.

According to Sumeet Bagadia, Executive Director at Choice Broking, the formation of a bearish candlestick pattern indicates resistance near higher levels and some moderation in momentum after the recent up move. He noted that immediate support is placed in the 24,100-24,150 range, while resistance is observed between 24,500 and 24,550 levels.

Bank Nifty Analysis

The Bank Nifty index opened with a gap-up at 56,114.00 and witnessed selling pressure in the first half, marking an intraday low of 55,783.20. However, strong recovery in the second half pushed the index to an intraday high of 56,334.15. Profit booking in the final hour restricted further upside, and the index eventually closed near its opening level at 56,047.40, registering a gain of 66.35 points or 0.12% for the day.

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Bagadia further added that on the daily timeframe, the formation of a Doji-like candlestick pattern indicates indecisiveness and lack of strong directional conviction among market participants. He noted that immediate support is placed in the 55,450-55,550 range, while resistance is seen in the 56,550-56,650 zone.

Stock Recommendations

Amid ongoing tensions in the US-Iran war uncertainty, Sumeet Bagadia recommends five shares to buy on Friday, May 8:

Bagadia's recommendations are based on technical analysis, with each stock exhibiting a strong bullish setup on the daily chart. The stocks are well-positioned to reach their upside targets, but a strict stop loss should be maintained to effectively manage downside risk.