Nifty Edges Lower on Opening, Vaishali Parekh Picks Three Stocks to Buy on 7 May 2026

Indian Stock Market Witnesses Strong Buying Amid Crashing Crude Oil Prices

The Indian stock market witnessed a significant surge in key benchmark indices on Wednesday, driven by strong global cues on crashing crude oil prices. The Nifty 50 index skyrocketed 298 points and closed at 24,330, while the BSE Sensex surged 940 points and closed at 77,958. The Bank Nifty index zoomed 1,434 points and closed at 55,981. This broad-based rally was led by banking, financials, and realty sectors, while energy and FMCG sectors remained relatively subdued.

The rally was also reflected in the broader markets, with midcap and smallcap indices advancing around 2% each, indicating improved risk appetite. This positive trend is expected to continue, with various analysts suggesting that the Indian stock market has the potential to reach new heights in the coming days.

Gift Nifty Live Chart Signals Muted Opening for Thursday

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The Gift Nifty live chart is signalling a muted opening for the Indian stock market on Thursday. The index opened flat at 24,515 and traded in a tight 24,426 to 24,431 range for the first 30 minutes of the Opening Bell. This suggests that the market may experience a stable trading session on Thursday, with minimal volatility expected.

Vaishali Parekh's Outlook on Nifty 50 and Bank Nifty

Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, believes that Dalal Street bias has improved, but the Nifty 50 index needs to cross the 24,800 hurdle for strengthening the bulls' conviction. Parekh suggests that the index would need to sustain above the important support zone of 23,800 level to achieve higher targets of 24,800 and 25,000 levels in the coming days.

On the outlook for the Bank Nifty, Parekh said the index staged a strong recovery from the low made near the 54,600 zone and closed near the 56,000 level, with an optimistic move among banking stocks, which significantly improved the bias and sentiment. The Bank Nifty index managed to sustain the important and crucial near-term support at the 54,400 level, and on the upside, the 200-period MA at the 57,200 level would be the important hurdle which needs to be breached above decisively to establish conviction further ahead.

Read also: US-Iran Tensions Spark Uptick in Oil Prices Amid Global Market Decline

Vaishali Parekh's Stock Recommendations for Thursday

Vaishali Parekh has recommended the following three stocks to buy on Thursday: