Stocks to buy or sell: Benchmark indices Sensex and Nifty 50 extended losses for the second consecutive session on Friday, May 8, dragged lower primarily by weakness in banking and financial stocks.
The ended 516 points, or 0.66%, lower at 77,328.19, while the Nifty 50 declined 151 points, or 0.62%, to close at 24,176.15. In contrast, broader markets remained relatively resilient, with the BSE 150 Midcap index slipping just 0.05% and the BSE 250 Smallcap index rising 0.15%.
“The Indian equity markets witnessed a range-bound yet positive week, with the NIFTY 50 closing at 24,176, up 0.58%, while the NIFTY Bank ended at 55,310, also gaining 0.58% on a weekly basis. On the global front, investor sentiment remained influenced by ongoing geopolitical developments, particularly the ceasefire discussions between the United States and Iran. Optimism surrounding a possible diplomatic resolution supported global risk sentiment, as market participants continued to monitor developments closely. A constructive outcome could provide further stability to equities and other risk assets, while any negative escalation may increase volatility across global markets,” said Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi.
Ganesh Dongre’s market outlook for next week
Dongre believes that sentiment has turned cautiously optimistic, with investors showing a preference for a buy-on-dips strategy amid improving technical structure.
He noted that the near-term outlook remains highly sensitive to global geopolitical developments, especially updates related to the ongoing US-Iran discussions.
“The coming week is expected to be crucial as traders and investors closely track global cues and institutional activity. Participants are advised to remain selective in stock picking, maintain disciplined risk management practices, and stay alert to news-driven volatility, as any escalation or resolution on the geopolitical front could significantly influence overall market direction,” he said.
Nifty 50
On the technical outlook, Dongre said that the Nifty continued to trade near the psychologically important 24,600–24,800 zone, which also coincides with its 200-day EMA.
“Immediate support for the index is now placed in the 23,500–23,800 range, whereas the 24,800–25,000 band continues to act as a major resistance zone. Despite near-term volatility, the broader weekly structure remains constructive, supported by a pattern of higher lows that indicates underlying buying interest. A sustained move above 24,800 would be significant for confirming trend continuation and may open the path toward the 25,300 level, thereby strengthening bullish momentum further. On the downside, the 23,000–23,500 zone is expected to serve as a strong demand area during any corrective phase,” he said.
Bank Nifty
On the Bank Nifty outlook, Dongre added that closed the week near 55,310 with modest gains and is now approaching a crucial resistance zone in the 56,500–57,000 range, which also aligns closely with its 200-day EMA.
“Immediate support for the banking index is seen between 54,500 and 55,000. A decisive breakout above the resistance zone could further reinforce bullish momentum within the banking space and provide additional support to the broader market trend,” Dongre said.
Weekly stocks to buy or sell
Emcure Pharmaceuticals: Buy at ₹1640-1660, target price of ₹1730, stop loss of ₹1615.
Kfin Technologies: Buy at ₹910- 920, target price of ₹980, stop loss of ₹890.
Mazagon Dock Shipbuilders: Buy at ₹2640-2660, target price of ₹2750, stop loss of ₹2580.
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.