Buy or sell stocks, 7 May 2026: Following strong global cues on crashing crude oil prices, the key benchmark indices of the Indian stock market witnessed strong buying on Wednesday. The Nifty 50 index skyrocketed 298 points and closed at 24,330. The BSE Sensex surged 940 points and closed at 77,958. The Bank Nifty index zoomed 1,434 points and closed at 55,981.
The rally was broad-based, with banking, financials, and realty leading the rally, while energy and FMCG remained relatively subdued. Broader markets continued to outperform, with midcap and smallcap indices advancing around 2% each, reflecting improved risk appetite.
What Gift Nifty live chart signals?
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.
Stock market today
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.
Speaking on the outlook of the Nifty 50 today, Vaishali Parekh said, the 50-stock index amid high fluctuations witnessed a strong, robust move in the second half, racing from 24,000 to close above the tough resistance hurdle of the 24,300 zone on the back of positive cues of Cease-fire from the Middle East, to ease out the sentiment and anticipate a further rise in the coming sessions.
“The index would need to sustain above the important support zone of 23,800 level as mentioned earlier, and with improved bias as of now, can expect higher targets of 24,800 and 25,000 levels in the coming days,” said Parekh.
On the outlook for the Bank Nifty today, 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,” said Vaishali Parekh of Prabhudas Lilladher.
Vaishali Parekh’s stock recommendations for today
Regarding stocks to buy today, Vaishali Parekh recommended these three buy-or-sell stocks: Juniper Hotels, Safari Industries, and Supreme Industries.
1] Juniper Hotels: Buy at ₹212, Target ₹220, Stop Loss ₹208;
2] Safari Industries: Buy at ₹1468, Target ₹1550, Stop Loss ₹1445; and
3] Supreme Industries: Buy at ₹3714, Target ₹3820, Stop Loss ₹3650.
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.
