Daily Morning Report – 08/05/2026

NIFTY OUTLOOK: 24326.65    FII -340.89 cr    DII 441.07 cr

As discussed yesterday market behaviour remained on the expected lines during the day, as continuation of buying advances the nifty upto day high of 24482.1 i.e. near to our level of 24493.

Further a small bearish candle appeared on daily chart of nifty suggest diminishing of buying pressure and small profit booking. Hence if more profit booking will persist then nifty may slide upto 24173 to 24097 on decisively breakdown of 24250. If more supply will accentuate then it may have chances to test 24021.

However short term trend remain positive and may face resistance around 24403 to 24483. If breakthrough above these resistances and sustain may push the nifty upto 24555 to 24633.

Bank Nifty OUTLOOK:                                                                                                   

SPOT:  56047.40 Pcr: 0.90 Max Ce OI on 60000 & Max Pe OI on 60000

On May 7, 2026, a Bank Nifty index was closed at 56047.40 (66.35) (0.12%). The total movement in the index was 550.95 during the trading session.  The index made a high of 56334.15 and a low of 55783.20.

Technical view:

Important support and resistance level of Bank nifty are 54300 and 56900 respectively.

Intraday Support and resistance of Bank nifty are 55895 and 56200 respectively.

The Relative Strength Index (RSI) for the Nifty Bank index at 53.2. Below 30 is considered oversold and above 70 overbought.

Bank nifty Day SMA Analysis

Bank nifty is trading above 5 out of 8 SMA’s . (5, 10, 20, 30, 50 Day).

Bank nifty is trading below 3 out of 8 SMA’s (100, 150, 200 Day).

One Bullish active Candlestick Pattern was identified in bank nifty on daily chart.

• Long Legged Doji Uptrend

Macros:

1.Dollar index is @ 98.115.

2.Vix is @ 17.08.

3.Brent crude is @ 101.25.

Note:  U.S. stock index futures rose slightly on Thursday evening after renewed hostilities with Iran in the Strait of Hormuz pulled Wall Street off record highs.

But losses were limited amid continued resilience in technology stocks, as optimism over artificial intelligence remained squarely in play.

Focus this Friday will also be on nonfarm payrolls data for April, for more cues on the U.S. economy and interest rates.

The print will be closely watched to see whether disruptions stemming from the Iran war spilled over into hiring and the labor market.

The payrolls print usually factors into expectations for interest rates. But April’s print also comes amid growing conviction that the Federal Reserve will leave rates on hold for the rest of the year, due to uncertainties over the Iran conflict.

Important Pivot Point Levels for Today                                                                                                                          

Nifty

Bank Nifty

By Ashok Bhandari (RA)

SEBI Regd. No. INH00019549