Sensex Prediction Today, May 8 by experts: Indian benchmark indices ended lower in a choppy trade on Thursday after trading in a narrow range throughout the session, even as broader markets outperformed and auto stocks witnessed buying interest. The 30-share Sensex declined 114 points, as investors turned cautious amid unabated foreign fund outflows and rising geopolitical uncertainties. Market participants will now closely watch whether the index can hold key support levels or regain momentum today, May 8.
After facing heavy fluctuations during the day, the 30-share BSE Sensex ended 114 points or 0.15 per cent lower at 77,844.52. During the session, the benchmark hit a high of 78,384.70 and a low of 77,713.21, gyrating 671.49 points.
Initially, mild selling pressure dragged the index towards an intraday low of 77,713.21, while recovery attempts during the session pushed it to an intraday high of 78,384.70. “However, the market failed to sustain higher levels and eventually settled near the lower end of the range, indicating profit booking at higher zones and a lack of aggressive buying momentum,” Tailor said.
Sector-wise, Capital Goods, Auto, Industrials, Power, Consumer Discretionary, and Telecommunication emerged as key gainers, reflecting selective strength in domestic-focused sectors. On the other hand, Focused IT, IT, Consumer Durables, PSU Banks, and FMCG witnessed mild weakness and profit booking during the session. Banking and Financial indices remained relatively stable with limited directional movement, he added.
Sensex Prediction Today, May 8 by experts
Heading into the final trading session of the week on Friday, May 8, market experts suggest the Sensex is in a ‘consolidation phase’ with a mildly bullish bias, provided key supports hold.
Sensex Prediction Today, May 8 by Vipin Dixena
According to Vipin Dixena, SEBI-registered analyst, the Sensex continues to trade in a broader consolidation range, with 78,200 acting as immediate resistance and 76,400 remaining the key support zone.
“However, the index is now sustaining above the 50 EMA, indicating short-term sentiment is still positive, but repeated rejection near 78,100-78,200 suggests sellers are still active around the upper band. RSI remains above the mid-zone, reflecting positive momentum, though it is cooling off slightly,” Dixena stated.
As long as Sensex holds above 77,500–77,600, the structure remains mildly bullish “However, failure to cross and sustain above 78,200 could drag the index back into sideways consolidation,” the SEBI-registered analyst said.
Sensex Prediction Today, May 8 by Hitesh Tailor
Hitesh Tailor said the index, from a technical standpoint, continues to consolidate after the recent recovery rally, reflecting indecisiveness near higher levels. “Immediate support is placed in the 77,250–77,350 zone, which is expected to act as a near-term demand area. On the upside, resistance is seen around 78,350–78,500, where the market may continue to witness profit booking and supply pressure,” Tailor stated.
The near-term outlook remains sideways with a cautious undertone, as geopolitical concerns and mixed global sentiment continue to keep traders selective, he said.
“Although buying support is visible on dips, the index requires a decisive breakout above resistance levels for fresh bullish momentum. Until then, markets are likely to remain volatile and range-bound in the short term,” Tailor added.
Sectoral indices on Thursday, May 7
The BSE MidCap Select index jumped 1.40 per cent, and the SmallCap Select index climbed 1.09 per cent.
Sectorally, Focused IT fell 0.76 per cent, PSU Bank (0.54 per cent), Consumer Durables (0.52 per cent), FMCG (0.45 per cnet), Energy (0.11 per cent), Capital Goods jumped 2.05 per cent, Power (1.23 per cent), Auto (1.81 per cent), Industrials (1.69 per cent), Power (1.23 per cent) and Realty (0.88 per cent).
Brent crude, the global oil benchmark, traded 2.23 per cent lower at USD 99 per barrel.
The rupee pared initial losses to settle on a positive note, 23 paise higher at 94.26 (provisional) against the US dollar on Thursday.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 5,834.90 crore on Wednesday, according to exchange data.
On Wednesday, the Sensex jumped 940.73 points, or 1.22 per cent, to settle at 77,958.52. The Nifty rallied 298.15 points, or 1.24 per cent, to end at 24,330.95.
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money related decisions.)
