May 8, 2025 – ICFM Market Desk
After the geopolitical insecurities following Operation Sindoor and a cautious global sentiment after the US Fed policy execution, it’s expected that the Indian benchmark indices Sensex and Nifty 50 will begin on a gentle note today. Gift Nifty was trading close to 24,412 which is marginally lower than the preceding Nifty futures close by 49 points, showing an early trade bias towards downtrend.
Previous Close (May 7):
Sensex: +105.71 pts | 80,746.78(+0.13%)
Nifty 50: +34.80 pts | 24,414.40(+0.14%)
The markets nevertheless showed resilience on Tuesday, in spite of the Pak-Indo tensions, ending up in green after showing some volatility in the morning session.
Market Forecast on May 08:
Kotak Securities’ Shrikant Chouhan reports that the index has no driving force behind it and is on the verge of a breakout.
Resistance:- 81,000; move past this and there can be an upward surge toward 81,500.
Support:-80,500-80,200; if we breach this band there is likely to be an increase in selling pressure.
Nifty 50:
The Nifty index displays a bullish trend of increasing lows along with some consolidation period before sharp breakout known as Rising Wedge breakout.
Support: 24,300-24,200; breaching these supports may accelerate the bearish correction
Resistance: 24,530-24,650; achieving these numbers will allow the index to pull back to 24,590, increasing the chance for rallying up to 24,850.
RSI being at 65 and MACD suggest a bullish momentum which is still persisting.
Bank Nifty:
The index showed strength in buying and closed at 54,610.90 with a gain of 339.50 points. Buying was also noticed as the index exhibited a Piercing Line formation.
Support: 53,500–54,000
Resistance: 55,100+ (Breakout above this level could lead towards 56,000).
Analysts mention that the larger trend is positive but with a consolidation in a declining channel.
Investor Note: In the presence of heightened geopolitical tensions and vague global cues, it is better to assume cautious approach and maintain a mildly bullish to range bound perspective unless key breakout levels are breached. Underlying macro events suggest defense, banking, and IT sectors are worth focus.
Disclaimer: The material here is for educational purposes only and should not be construed as investment guidance. Always consult a licensed financial advisor.
