Nifty 50, Sensex Outlook: Market Analysts Weigh In on Indian Equity Trading on May 8

Indian Stock Market Expected to Open Lower on Friday Amid Global Worries

The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open lower on Friday, tracking weak cues from global markets, amid worries over escalating US-Iran war. The trends on Gift Nifty also indicate a negative start for the Indian benchmark index, with the Gift Nifty trading around 24,295, a discount of nearly 87 points from the Nifty futures' previous close.

On Thursday, the Indian stock market ended lower amid profit booking, with the Nifty 50 holding above 24,300 level. The Sensex dropped 114.00 points, or 0.15%, to close at 77,844.52, while the Nifty 50 settled 4.30 points, or 0.02%, lower at 24,326.65.

Sensex Prediction

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Sensex formed a small candle on the daily charts and non-directional intraday activity, indicating indecisiveness between the bulls and the bears. According to Shrikant Chouhan, Head Equity Research at Kotak Securities, the 20-day Simple Moving Average (SMA) or 77,200 would act as key support zones for day traders. As long as Sensex trades above these levels, the bullish sentiment is likely to continue. On the higher side, 78,400 - 78,600 would be the immediate resistance for the bulls.

Nifty 50 Prediction

Nifty 50 index formed a small bearish candlestick pattern with shadows in either direction, signaling consolidation amid stock-specific action. According to Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, the underlying trend of Nifty 50 continues to be positive, and a sustainable move above 24,400 could open more upside towards 24,600 and 25,200 in the near term. Immediate support is placed at 24,200 levels.

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Bank Nifty Prediction

Bank Nifty index ended 66.35 points, or 0.12%, higher at 56,047.40 on Thursday, forming a Doji candle on a daily scale, which suggests indecisiveness. According to Sudeep Shah, Head - Technical and Derivatives Research at SBI Securities, the zone of 56,400 – 56,500 is expected to act as a key resistance for the Bank Nifty index. A sustainable move above the 56,500 level would be critical and could trigger a sharp upside rally, with immediate targets placed at 57,200, followed by 58,000 in the short term.

Traders are advised to closely monitor these levels and structure trades accordingly. A stock-specific approach remains the preferred strategy as outperformance is likely to continue in selective counters.