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Nifty 50 Nifty Bank Analysis for May 9, 2025
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Nifty Bank & Nifty 50 Target & Stoploss Analysis
Nifty Bank (54366)
Escalation of border tensions pulled down Nifty Bank on Thursday. On Thursday, BankNifty moved declined to 54366, up by 245 points. Now on Friday, at the opening bell, bearish trend is anticipated. The first support level is 54003 with resistance at 54833
* On lower side, it is expected to decline to 54003
* On higher side, it is expected to move up to 54833
Nifty 50 (24414)
Escalation of border tensions pulled down Nifty on Thursday. On Thursday, Nifty moved declined to 24274, up by 141 points. Now on Friday, at the opening bell, bearish trend is anticipated. The first support level is 24133 with resistance at 24431
* On lower side, it is expected to decline to 24133
* On higher side, it is expected to move up to 24431
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- Technical Analysis
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- Currency Analysis
Technical Analysis of the Market by Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities
After showing a sustainable upside recovery from the lows on Wednesday, Nifty made a sharp reversal on the downside on Thursday on the backdrop of rising geo political tension between India and Pakistan and closed the day lower by 140 points. After opening with a positive note, the market was not able to sustain the gains and later shifted into a range-bound action in the mid part of the session. Sharp intraday weakness was seen in the later part of the session and Nifty closed near the lows.
A long bear candle was formed on the daily chart beside the long bull candle of Wednesday. This market action signals sharp reversal in the market on the downside. Nifty has placed at the edge of decisive downside breakout of immediate support of 10day EMA at 24250 levels.
The underlying trend of Nifty is weak with high volatility. The rising geo-political tension is weighing high on the market and leading to nervousness. Further fall below 24200 could open the next lower support of 23850 levels. Immediate resistance is placed at 24450 levels.
What is Vaishali Parekh’s prediction for Nifty 50?
(Vice President — Technical Research at Prabhudas Lilladher)
Market Preview
The Indian stock market closed lower on Thursday, May 8, as rising tensions between India and Pakistan dampened investor confidence. The Indian stock market began the day on a strong note but experienced a steep decline in the final hour of trading after the Indian government announced that its armed forces had struck air defence radars and systems at various sites in Pakistan.
The Nifty 50 ended the session down 0.51%, slipping below the 24,300 level to finish at 24,273, while the Sensex declined by 411 points, or 0.51%, closing at 80,334.
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Vaishali Parekh, Vice President—Technical Research at Prabhudas Lilladher, believes the Indian stock market sentiment is cautiously positive. The Nifty 50 index closed around 24,250 after facing a hurdle at 24,400. The Prabhudas Lilladher expert maintained that the 50-stock index has crucial support at 24,050.
Speaking on the outlook of the Nifty 50 today, Vaishali Parekh said, “The Nifty 50 index once again witnessing resistance 24400 zone has tanked post the lunch session amid ongoing tensions across the border to close near the 24250 zone with bias and sentiment maintained with a cautious approach awaiting further developments in the coming days. As mentioned earlier, the index is precariously placed, having the crucial support zone near the 200-period MA at 24050 levels, which needs to be sustained as of now.”
“The Bank Nifty index amid high volatility found resistance near the 54900 zone, and with heavy profit booking, witnessed the end of the session below the 54400 level, with sentiment precariously placed with a cautious approach. The index would need to maintain above the near-term support of the 54000 zone to expect consolidation, failing which, the situation can turn weak with the trend turning down,” Parekh said.
Parekh said that today, support for the Nifty is at 24,000, while resistance is at 24,500. The Bank Nifty would have a daily range of 53,700 to 55,000.
Share Market today live & Nifty Analysis by Shrikant Chouhan
Head, Equity Research Kotak Securities
Today, the benchmark indices witnessed profit booking at higher levels. The Nifty ends 140 points lower, while the Sensex was down by 412 points. Among sectors, almost all the major sectoral indices registered intraday profit booking at higher levels, but the India Tourism and Realty indices lost the most, shedding over 2 percent. Technically, on daily charts, it has formed a bearish candle, and on intraday charts, it is holding a lower top formation, which supports temporary weakness. However, the medium-term texture of the market is still positive.
We are of the view that, as long as the market is trading below 24,450/80900, the weak sentiment is likely to continue. On the downside, it could retest the levels of 24,150-24,100/80000-79700. On the flip side, above 24,450/80900, the sentiment could change. Above this level, we could move up to 24,550-24,600/81200-81400. The current market texture is non-directional; hence, level-based trading would be the ideal strategy for short term traders.
Analysis by Mr. Devarsh Vakil – Head of Prime Research, HDFC Securities
Markets fell on escalating tensions between India and Pakistan.
Indian equity markets closed sharply lower on Thursday following a volatile session. Rising geopolitical tensions and the impact of weekly derivatives expiry triggered broad-based selling.
Nifty opened higher by 17 points on the back of strong global cues. During the afternoon session, however, it fell more than 200 points due to escalating tensions between India and Pakistan.
The Nifty finally ended the day with losses of 140 points, or 0.58%, to close at 24273. Trading volumes on the NSE cash market were higher by 4% compared to yesterday.
India VIX, the benchmark indicator of market volatility derived from options trading, surged 10% to 21.01 on Thursday, reflecting heightened investor anxiety. The sharp rise in the so-called “fear gauge” was driven by escalating market uncertainty, compounded by volatility typically associated with the weekly index expiry.
The Indian Rupee continued its downward spree for the third consecutive day, falling sharply by 89 paise against the US dollar to close at 85.71. This is the largest single-day fall for the rupee since 06-Feb-2023, weighed down by the escalating cross-border conflict and fall in equity markets.
The Nifty mid- and small-cap indices fell sharply along with the Benchmark indices. The Nifty Midcap 100 Index plunged by 1.95%, while the Nifty Smallcap 100 Index plummeted by 1.43%. Market breadth turned decisively negative, with declining shares significantly outnumbering advancing ones, resulting in a weak BSE advance-decline ratio of 0.52.
Barring Nifty IT and Media, all the sectoral Indices ended in the red. The Nifty Realty, Metals, and Auto sectors were the major losers, bearing the brunt of the negative sentiment.
The Nifty’s short-term trend turned weak as it closed below its 5-day EMA, which was placed at 24340 levels. On the higher side, the 24340-24500 band is likely to act as immediate resistance, while the 24,000-24100 band could provide immediate support on the downside as markets digest the unfolding geopolitical situation.
Analysis by Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities
Volatility spikes as Nifty teeters on edge; bulls losing grip below 24,500
Nifty index remained under pressure throughout the session, encountering sharp sell-offs, especially during the final trading hour. Yet, despite the intensity, the index managed to hold above its crucial support zone. The index ultimately ended the day lower by 0.58% (-140.60 points), settling at 24,273.80. Across the broader markets, caution prevailed as geopolitical tensions added to the unease. Interestingly, despite the persistent selling waves, the index showed resilience near its base, indicating that neither bulls nor bears have taken full charge of the trend.
Intraday action was marked by sporadic bouts of selling, with every minor uptick swiftly met with selling pressure, resulting in false breakouts and frequent profit booking.
This back-and-forth tug-of-war between bulls and bears led to intraday traps, reflecting a classic case of indecisive market behaviour. The lack of a directional trend underscores the presence of aggressive traders on both sides, fighting for control.
Currently, the market seems to be in a time-wise consolidation phase, digesting prior gains while waiting for a strong trigger to set a definitive direction. The Nifty now trades just above its near-term support at 24,200. The lack of follow-through buying at higher levels is denting bullish confidence.
From a technical standpoint, the index’s repeated failure to push past key resistance levels, combined with waning momentum, is a matter of concern.
Nonetheless, as long as prices hover above the 10-day EMA, the short-term structure remains neutral, albeit with a cautious bias.
On the daily chart, a prominent bearish candle has emerged, closing right above the immediate support zone — suggesting that this support may be weakening. If the index breaches today’s intraday low, it could accelerate downside momentum. That said, the broader setup still reflects a healthy consolidation phase, with the index possibly building a foundation for its next significant move. Key resistance for the index lies in the 24,400–24,500 zone. A conclusive breakout above this band could spark short-covering, pushing the index toward the 25,000 mark. Conversely, a decisive drop below 24,200 could pave the way for further losses toward the 23,900–24,000 region.
Momentum-wise, the daily RSI still holds slightly above 60, though it appears to be losing steam. Without a breakout, bullish enthusiasm remains limited.
Options Market Pulse:
The options data reveals a cautiously defensive tone. Call writers have built hefty positions at higher strikes, reflecting a strong supply barrier. On the flip side, put writing has been subdued at upper levels — suggesting bulls are hesitant to chase the rally.
The 24,400 strike call has amassed heavy open interest of 34.86 lakh contracts, reinforcing this level as a significant ceiling. Meanwhile, the 24,000 put strike has seen robust writing with 39.79 lakh contracts, defining it as strong immediate support. The concentration of open interest between 24,400–24,500 further highlights resistance in this zone. The Put-Call Ratio (PCR) has marginally moved down to 0.85 from 0.86, indicating increasing hedging behavior. Max Pain remains anchored at 24,350, showcasing a balanced stance with the market still waiting for a breakout or breakdown.
Volatility Snapshot:
India VIX jumped 10.22% to close at 21.00, breaching the psychologically important 20 level. This spike in volatility mirrors the rising uncertainty driven by escalating ongoing conflict concerns. With VIX above 20, traders must remain tactical and risk-aware, as the threat of sudden intraday swings continues to loom.
Market Viewpoint:
As the Nifty struggles to surpass its immediate resistance and shows multiple attempts to defend its support, the bias has gradually tilted toward caution. The sharp selling observed in the final hour hints at potential unwinding, suggesting bulls are losing grip. While the broader trend remains uncertain, the 24,000 level stands as a critical support zone. A move above 24,500 could revive buying momentum, potentially lifting the index toward 25,000. On the contrary, a breakdown below 24,200 could flip sentiment bearish, inviting aggressive sell-offs toward 24,000–23,900. In essence, Nifty appears to be coiling for a decisive move one that depends entirely on whether it can break free from its current range.
Weekly market analysis by Amol Athawale, VP-Technical Research, Kotak Securities:
In the last week, the benchmark indices continued their positive momentum. The Nifty ends 1.2 percent higher, while the Sensex was up by 1300 points. Among sectors, the Defense index outperformed, rallying over 6 percent, whereas the Media index shed 1.70 percent. During the week, the market comfortably traded above the 200-day SMA (Simple Moving Average). Technically, it has formed a bullish candle on weekly charts and is also holding an uptrend continuation formation on daily charts, which is largely positive.
We are of the view that 24,200/79900 would act as a sacrosanct support zone for trend-following traders. Above this level, the market could continue its positive momentum up to 24,600–24,800/81000-81700 . On the flip side, below 24,200/79900, the uptrend would become vulnerable. Falling below this level, the chances of hitting the 200-day SMA or 24,050/79500 would increase. Further downside may also continue, potentially dragging the index down to 23,900/79000.
For Bank Nifty, a lower top formation has formed on daily and intraday charts. For traders, 55,800 would be the immediate breakout level. Above this, it could move up to 56,100–56,500. However, a dismissal of 54,700 could accelerate selling pressure. Below this level, it could slip to 54,000–53,700.
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