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The Nifty finally showed signs of strength, generating the confidence that had been missing over the past few weeks. After identifying key support and resistance zones, Friday's strong upward move suggests momentum could build further in the sessions ahead.
On 8 May 2026, the broader market picture remained mixed. The Nifty 50 was weighed down by heavyweights such as SBI, Coal India, HDFC Bank, Bajaj Finance and Axis Bank. On the other hand, gains in Asian Paints, Apollo Hospitals, Tata Consumer, Adani Ports and Titan Company helped cushion the fall, reflecting sector-wise divergence beneath the headline index.
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The broader market reflected this split trend, with the Nifty Midcap index slipping 0.2% while the Smallcap index managed a modest 0.2% rise, highlighting resilience in smaller companies.
Sectorally, the market breadth was weak, as most indices ended in the red. PSU Banks bore the brunt with a sharp 3% decline, while Oil & Gas shed 1%. Private banks, metals, energy, power, and realty indices also fell by around 0.5% each. However, IT, healthcare, consumer durables, and FMCG bucked the trend, closing in positive territory.
Markets have been quite choppy as the overall trends have been difficult to decipher. Lack of clarity forces us to resort to a limited range action. Hence, it’s best to move to a buy on dip and sell on rally approach. Sector rotation has been quite evident and this is increasingly becoming a theme in which one needs to operate to encash the momentum. With the US- Iran deal in sight the markets saw a fair bit of upward traction as the dip in crude oil did bring in some enthusiasm in the Equity markets.
However, Auto, Realty and Pharma stocks that lead to some strong upside in the while there was some disappointment seen in Energy counters as the oil which was on the boil began to recede. The negative fallout from these would be the refineries while the OMC ‘s bore the brunt of this much awaited decision. Impact of rise in crude oil would continue to affect the companies who use this as an ingredient for example paints, stocks like Asian Paints have been trading lower during the entire week. The impact of war has affected the FMCG sector through the rise in prices that was passed on to the consumer, the receding of the same could lead to a softening of this stance and thus a possible recovery.
On the global front we brace ourselves for how the trends will emerge as the world will react to the resolution or a possible resolution to the continuing war scenario that is making it a challenging affair.
Back home the sharp surge from 24,000 saw the Nifty treading into strong resistances around 24,500 as seen on the charts below alongwith the other indices producing a pullback. Steady profit booking soon emerged to drag down the markets swiftly lower. The main culprit was the broader indices failed to move higher and capsized quickly despite some positive cues that were emanating. Markets have now clearly indicated a hesitation to build on the gains made since April. The resistance levels that we had highlighted in the midweek update came into play to introduce some pullback. However, the sustained bearish bias came to the fore as the short build up in the 25,000 Call strike highlighted the negative build-up.
Raja Venkatraman is co-founder, NeoTrader. His Sebi-registered research analyst registration no. is INH000016223.
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Raja Venkatraman is the co-founder of NeoTrader, where he heads the training division. He conducts both offline and live market workshops, seminars, and webinars. He has been working under the guidance of Dr C K Narayan, his mentor and founder of Growth Avenues, for more than 20 years. He is an active trader in multiple asset classes, and actively shares his views on YouTube, blogs at NeoTrader, and on reputed news channels and websites. His Sebi-registered research analyst registration no. is INH000016223.
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