Stock Market Outlook Today, 8 May 2026: Sensex, Nifty Likely To Consolidate Amid Profit Booking & FII Outflows

Indian benchmark indices are expected to remain range-bound on May 8, 2026, after Dalal Street witnessed a volatile and choppy trading session in the previous day amid weekly expiry-related pressure and profit booking at higher levels. Despite supportive global cues and cooling crude oil prices, markets struggled to maintain gains, indicating caution among investors at elevated levels.

Stock Market Outlook Today, 8 May 2026: Sensex, Nifty Prediction Today

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. The benchmark indices traded within a narrow but volatile range throughout the session as expiry-led positioning and stock-specific action kept sentiment mixed.

Although lower crude oil prices and positive global developments offered some support to equities, profit booking in select heavyweight stocks prevented the indices from sustaining momentum above key resistance zones.

Key Factors Likely To Impact Stock Market Today

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.

"Indian equity markets are expected to remain sideways in a broader range in the near term amid lack of clarity surrounding the ongoing settlement efforts in West Asia. While strong domestic earnings and resilience in broader markets are providing intermittent support, persistent Foreign Institutional Investor outflows, currency weakness, elevated crude oil prices are likely to keep overall sentiments subdued," said Siddhartha Khemka - Head of Research, Wealth Management, Motilal Oswal Financial Services Ltd.

Nifty Prediction Today: Technical Outlook for 8 May 2026

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.

Index formed a small bearish candlestick pattern with shadows in either direction signaling consolidation amid stock specific action. Nifty started the session on a positive note but failed to sustain above 24,400 and closed on a flat note. Nifty is currently placed around the upper band of the last 10 sessions trading range 23,800-24,400.

"Going ahead, a breakout and a close above 24,400 will open further upside towards 24,600 and 24,800 levels in the coming weeks. Stock specific action will continue to remain in focus as we progress through the quarterly earning session. Failure to move above 24,400 will signal extension of the last 10 sessions consolidation in the range of 24,400-23,800. Short-term support is placed at 23,800 levels, being the almost identical low of the last two weeks," the brokerage added.

Bank Nifty Outlook Today

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.

Index formed a high wave candle with shadows in either direction signaling consolidation amid stock specific action. During current week it has 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 as per Bajaj Broking Research.

"Index is currently placed around the last week high of 56,475. A follow through strength above the same will open further upside towards 57,500 levels in the coming weeks. Failure to move above 56,475 will signal extension of the recent consolidation in the range of 55,000-56,475. Index has key support around 54,000-54,500 levels being the confluence of the recent low and 38.2% retracement of the last 3 weeks pullback (49,955-57,456)," the brokerage stated.

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