On May 7, the Sensex slipped 114 points, or 0.15%, to settle at 77,844.52, while the Nifty declined 4.30 points, or 0.02%, to close at 24,326.65. According to reports from Goodreturns, the benchmark indices traded within a narrow but volatile range throughout the session as expiry-led positioning and stock-specific action kept sentiment mixed. Despite supportive global cues and cooling crude oil prices, markets struggled to maintain gains, indicating caution among investors at elevated levels. However, as per Team Dhan, the session saw some notable individual stock movements with Paytm swinging to ₹184 crore profit and Hero MotoCorp surging 5%, providing some positive momentum despite overall market weakness.
Market experts believe Indian equities may continue to witness sideways movement in the near term due to uncertainty surrounding geopolitical developments in West Asia, along with concerns around foreign fund outflows and currency pressure. As reported by Goodreturns, Siddhartha Khemka from Motilal Oswal Financial Services Ltd noted that while strong domestic earnings and resilience in broader markets are providing intermittent support, persistent Foreign Institutional Investor outflows, currency weakness, and elevated crude oil prices are likely to keep overall sentiments subdued. The latest session highlighted how profit booking offset Iran peace hopes, demonstrating the current market's sensitivity to both positive geopolitical developments and domestic profit-taking activities.
According to Bajaj Broking Research, the Nifty continues to remain within a broader consolidation range, with the 24,400 mark emerging as an important breakout level for further upside momentum. The index formed a small bearish candlestick pattern with shadows in either direction, signaling consolidation amid stock-specific action. As reported by Goodreturns, Nifty started the session on a positive note but failed to sustain above 24,400 and closed on a flat note, currently placed around the upper band of the last 10 sessions trading range of 23,800-24,400. The latest session's performance, where Nifty barely moved despite Iran peace hopes, reinforces the index's current consolidation phase.
Bank Nifty also witnessed consolidation during the session, though analysts believe the broader structure remains positive as long as the index holds above key breakout zones. According to Bajaj Broking Research, the index formed a high wave candle with shadows in either direction, signaling consolidation amid stock-specific action. During the current week, it generated a breakout above the upper band of the falling channel containing the last nine sessions corrective decline, highlighting positive bias while holding above the breakout area of 55,000.
For the Nifty, a breakout and close above 24,400 will open further upside towards 24,600 and 24,800 levels in the coming weeks, while failure to move above 24,400 will signal extension of the last 10 sessions consolidation. As reported by Goodreturns, short-term support is placed at 23,800 levels, being the almost identical low of the last two weeks. For Bank Nifty, a follow-through strength above the current week high of 56,475 will open further upside towards 57,500 levels, with key support around 54,000-54,500 levels being the confluence of recent low and 38.2% retracement.
