Buy or sell stocks: Indian equity benchmarks extended their losing streak for a second straight session on Friday, 8 May, weighed down largely by sharp weakness in banking and financial counters. Investor sentiment remained cautious amid ongoing geopolitical tensions in the Middle East, prompting selective buying across sectors. Although Brent crude prices softened during the session, the global oil benchmark continued to hover close to the $100-per-barrel mark, keeping markets on edge.
The BSE Sensex closed 516 points lower, or 0.66%, at 77,328.19, while the NSE Nifty 50 slipped 151 points, or 0.62%, to settle at 24,176.15.
Financial stocks bore the brunt of the selling pressure. The Nifty PSU Bank index emerged as the biggest laggard, tumbling 3.06%. Bank Nifty also ended sharply lower with a decline of 1.31%, while the Financial Services index dropped 1.66%. The Nifty Private Bank index lost 0.82%, and the Metal index shed 0.87%.
On the other hand, technology stocks offered some support to the broader market. The Nifty IT index advanced 1.21%, buoyed by buying interest in select large-cap IT names. Consumer Durables stocks also witnessed gains, with the index rising 0.69% by the close of trade.
Nifty Outlook
Sumeet Bagadia, Executive Director at Choice Broking stated that on the daily timeframe, the formation of a bearish candlestick pattern indicates sustained selling pressure and moderation in bullish momentum.
From a technical perspective, Bagadia said that the immediate support is placed in the 24,000–24,080 range, while resistance is observed between 24,330 and 24,400 levels. The Relative Strength Index (RSI) stands at 52.40, remaining above the midpoint of 50 but indicating weakening momentum.
He further added that the volatility index, India VIX, increased by 1.32% to close at 16.84, suggesting a mild rise in market uncertainty. In the derivatives segment, notable call writing was seen at the 24,200 strike, followed by 24,300, while significant put writing was observed at 24,200 and 24,000 levels, indicating a defined trading range for the near term.
Bank Nifty Outlook
According to the Choice expert, on the daily timeframe, the formation of a bearish candlestick pattern with the intraday high near the opening level indicates persistent selling pressure throughout the session.
“From a technical standpoint, immediate support is placed in the 54,800–55,000 range, while resistance is seen in the 55,800–56,000 zone. The Relative Strength Index (RSI) stands at 48.56, slipping below the midpoint level of 50 and indicating weakening momentum with a bearish bias. Sustaining above support levels will be important to avoid further downside pressure,” Bagadia noted.
He further added that the recent price action suggests a weak trading session with both indices witnessing sustained selling pressure throughout the day. While broader market volatility remained relatively contained, weakening momentum and bearish candlestick formations indicate cautious sentiment among market participants. Traders are advised to remain selective and wait for stability near support zones or a decisive breakout above resistance levels before initiating fresh positions, suggested the expert.
Sumeet Bagadia’s stock recommendations today
Regarding stocks to buy on Monday, Sumeet Bagadia recommended these three buy-or-sell stocks: Adani Ports, Torrent Pharma, and GMR Airports.
Buy ADANIPORTS in Cash @1760 SL @ 1685 TGT @ 1900
ADANIPORTS is maintaining a strong bullish structure and continues to trade near its lifetime high zone, indicating sustained buying momentum and strong market participation. The stock has recently witnessed a sharp upward move after breaking above a prolonged consolidation range, reflecting renewed strength in the broader trend.
Technically, ADANIPORTS is trading firmly above its key EMA, which highlights strong alignment across all major moving averages. The stock is also sustaining above its recent breakout zone, suggesting that buyers continue to dominate at lower levels and dips are being accumulated.
Volume activity has remained healthy during the recent rally, adding confirmation to the ongoing bullish setup. Momentum indicators are also trading in positive territory, supporting the possibility of continued upside momentum in the near term.
Immediate stop loss at 1685, which is placed near the recent breakout support zone. If momentum sustains above current levels, the stock could gradually move towards the 1900 target zone.
Buy TORNTPHARM in Cash @ 4380 SL @ 4190 TGT @ 4650
TORNTPHARM is continuing to exhibit a strong bullish setup as the stock sustains near its lifetime high zone with steady price consolidation on the daily chart. The recent price action indicates healthy accumulation at higher levels, reflecting strong investor confidence and continuation of the prevailing uptrend.
Technically, TORNTPHARM is trading comfortably above its key EMA, highlighting strong alignment across all major moving averages. The stock has also taken support near its rising trendline and resumed upward movement, suggesting that dips are being actively bought into by market participants.
Volume activity has remained stable during the consolidation phase, which indicates that selling pressure remains limited despite trading near record highs. Momentum indicators are also gradually strengthening, supporting the possibility of another leg of upward movement in the near term.
Immediate stop loss at 4190, which is placed near the recent swing support and 50-day EMA zone. If the stock sustains above current levels, it could gradually move towards the 4650 target level.
Buy GMRAIRPORT in Cash @101.3 SL @ 97 TGT @ 108
GMRAIRPORT is showing a steady improvement in price structure after successfully breaking above a long-term descending resistance trend-line on the daily chart. The breakout indicates strengthening momentum and suggests that the stock may be entering a fresh upward phase after a prolonged consolidation period.
Technically, GMRAIRPORT is sustaining above its key EMA, reflecting bullish alignment across all major moving averages. The stock has also formed a higher low structure in recent sessions, which signals improving buyer confidence and continued accumulation at lower levels.
Volume activity has picked up during the breakout move, adding confirmation to the bullish setup and indicating fresh market participation. Momentum indicators are also gradually strengthening, supporting the possibility of continued upside momentum in the near term.
Immediate stop loss at 97, which is placed near the 20- Day EMA short-term moving average zone. If the stock sustains above current levels, it could gradually move towards the 108 target level.
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.
