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Buy or sell stocks: Indian benchmark indices — the Sensex and Nifty 50 — closed lower on Thursday, May 7, amid 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.
On 7th May 2026, 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, on the daily timeframe, the formation of a bearish candlestick pattern indicates resistance near higher levels and some moderation in momentum after the recent up move.
“From a technical perspective, immediate support is placed in the 24,100–24,150 range, while resistance is observed between 24,500 and 24,550 levels. The volatility index, India VIX, declined by 0.34% to close at 16.62, suggesting relatively stable market sentiment despite intraday volatility. In the derivatives segment, notable call writing was seen at the 24,400 strike, followed by 24,500, while significant put writing was observed at 24,300 and 24,200 levels, indicating near-term support zones,” said Bagadia.
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.
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.
“From a technical standpoint, immediate support is placed in the 55,450–55,550 range, while resistance is seen in the 56,550–56,650 zone. The Relative Strength Index (RSI) stands at 53.16, indicating stable momentum with a slight positive bias. Sustaining above this level would be important to confirm further strength,” he said.
He further advised to monitor price action closely around key support and resistance levels and wait for a decisive breakout before initiating fresh positions, as recent price action suggests a volatile yet range-bound session, with both indices witnessing profit booking at higher levels despite recovery from intraday lows.
While stable volatility and positive market breadth indicate underlying resilience, lack of sustained momentum near resistance zones reflects cautious sentiment among participants, he said.
Amid ongoing tensions in the US-Iran war uncertainty, Sumeet Bagadia recommends five shares to buy on Friday, 8 May: RBL Bank, Hero Motocorp, Hindustan Aeronautics, Crompton Greaves Consumer Electricals, and Delhivery.
1] RBL Bank: Buy at ₹345.75, Target ₹375, Stop Loss ₹330
RBL Bank share price is trading around 345.75, exhibits a strong bullish continuation on the daily chart, breaking out of a recent consolidation phase with supportive volume. The price is trending confidently above its key 20, 50, 100, and 200 days exponential moving averages, highlighting a remarkably solid underlying uptrend. Furthermore, the daily RSI indicator stands strong near 64, confirming robust upward momentum rather than immediate exhaustion. Given this favourable price action, the stock is well positioned to reach an upside target of 375. To effectively manage downside risk, a strict stop loss should be placed at 330.
2] Hero Motocorp: Buy at ₹5343, Target ₹5750, Stop Loss ₹5130
Hero Motocorp share price is currently trading at 5343, displays an encouraging technical setup on the daily chart following a solid recovery from a recent consolidation base with supportive volume. The stock has successfully reclaimed its key twenty, fifty, and two hundred days exponential moving averages, indicating a positive shift in momentum. Furthermore, the daily relative strength index is steadily rising near 57, confirming growing buying interest and underlying strength. Given this favourable price action, the stock is well positioned to reach an upside target of 5750. To manage downside risk, a strict stop loss should be maintained at 5130.
3] Hindustan Aeronautics: Buy at ₹4782, Target ₹5125, Stop Loss ₹4600
Hindustan Aeronautics share price is currently trading at 4782, demonstrates a powerful V shaped recovery on the daily chart characterized by a sharp breakout from recent resistance levels with supportive volume. The stock has decisively surged above its key 20, 50, 100, and 200 days exponential moving averages, firmly confirming the underlying bullish momentum. Furthermore, the daily relative strength index has spiked near 78, reflecting intense buying interest and robust upward strength. Given this highly positive technical architecture, the stock is well positioned to reach an upside target of 5125. To effectively manage downside risk, a strict stop loss should be maintained at 4600.
4] Crompton Greaves Consumer Electricals: Buy at ₹290.75, Target ₹310, Stop Loss ₹280
Crompton Greaves Consumer Electricals share price is currently trading at 290.75, exhibits a strong technical setup on the daily chart following a solid breakout from a rounding bottom formation with supportive volume. The stock successfully surged above its key 20, 50, 100, and 200 days exponential moving averages, confirming a definitive trend reversal. Furthermore, the daily relative strength index stands near 70, indicating robust buying interest and sustained upward momentum. Given this favourable price action, the stock is well positioned to reach an upside target of 310. To manage downside risk, a strict stop loss should be maintained at 280.
5] Delhivery: Buy at ₹481.75, Target ₹520, Stop Loss ₹460
Delhivery share price is trading around 481.75, exhibits a strong bullish setup on the daily chart following a decisive breakout from a recent consolidation phase with supportive volume. The price is trending confidently above its key 20, 50, 100, and 200 days exponential moving averages, highlighting a remarkably solid underlying uptrend. Furthermore, the daily relative strength index stands near 65, confirming robust upward momentum and sustained buying interest. Given this favourable price action, the stock is well positioned to reach an upside target of 520. To manage downside risk, a strict stop loss should be placed at 460.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
Vaamanaa covers business and stock market news. Started in 2020, she has been producing news on digital platforms for over 4.5 years now. She writes on markets, commodities, IPOs, and industry. She has worked for news channels like Jagran New Media and Business Insider India. You can reach out to her at vaamanaa.sethi@htdigital.in.
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