Weekly Update- 08 May 2026

NIFTY50

Nifty closed the week at 24,176, gaining 179 points (+0.74%) from the previous weekly close. The index witnessed a volatile but positive week where buyers managed to defend lower levels despite intermittent profit booking near the 24,400 to 24,500 zone. Weekly price action indicates that the market is still attempting to stabilize after the recent corrective phase, with higher lows gradually forming on the chart. However, resistance pressure at higher levels continues to restrict sharp upside momentum. For the coming week, key support is placed around 24,000 followed by 23,850, while resistance is seen near 24,400 and 24,550. Overall view remains cautiously bullish as long as NIFTY 50 sustains above the 24,000 zone, with buy on dips strategy preferred on declines.

BANKNIFTY

Bank Nifty closed the week at 55,310, gaining 447 points (+0.82%) from the previous weekly close. The index witnessed a volatile but range-bound week, with selling pressure emerging near the 56,300 to 56,500 zone while buyers continued to defend lower levels around the 54,800 area. Weekly price action indicates consolidation after the recent sharp recovery, with banking stocks showing selective strength despite profit booking in the latter half of the week. The latest weekly candle suggests indecision near resistance, but the broader structure remains stable as long as key support levels hold. For the coming week, key support is placed around 54,800 followed by 54,200, while resistance is seen near 56,300 and 56,800. Overall view remains cautiously bullish, with buy on dips approach preferred as long as NIFTY Bank sustains above the 54,800 zone.

TOP GAINING SECTOR

NIFTY CAPITAL MARKETS was top gainer sector for the week

Major gainers were:-

NUVAMA:- up by 23%

MOTILAL OSWA:- up by 10.2%

360ONE WAM:- up by 8.1%

BSE:- up by 7.3%

TOP LOSING SECTOR

NIFTY CPSE was top losing sector for the week

Major losers were:-

OIL INDIA:- down by 7.5%

ONGC:- down by 6.8%

COAL INDIA:- down by 5.2%

NHPC:- down by 2.9%

IMPORTANT NEWS

• India’s EV sales surged 75% YoY in April, reflecting strong growth in electric mobility adoption. Tata Motors continued to lead the passenger EV segment with a strong market presence. Improving charging infrastructure and rising fuel costs supported higher demand. The trend remains positive for EV makers, battery companies, and auto ancillaries.

• The RBI is considering measures to attract more dollar inflows to support the rupee. Higher crude prices and global uncertainty are increasing pressure on India’s currency. Possible steps may include easing foreign currency deposit and borrowing norms. The move highlights RBI’s focus on maintaining forex and inflation stability.

• Bharat Heavy Electricals Limited reported a sharp rise in Q4 profit to ₹1,290 crore driven by strong revenue growth. Execution improved across power, railways, and infrastructure-related businesses. The company continues benefiting from higher government capex and energy investments.

• India’s manufacturing PMI rose to 54.7 in April, indicating continued expansion in factory activity. Domestic demand remained healthy despite global uncertainty and geopolitical tensions. However, input cost inflation climbed to a 44-month high due to rising raw material prices. Higher costs may create margin pressure for manufacturing companies going ahead.

• India’s offshore technology and GCC ecosystem revenue is projected at $98.4 billion in FY26. Growth is being driven by AI, cloud computing, and digital transformation demand globally. India continues attracting multinational companies due to its skilled workforce and cost advantage. The trend supports long-term growth for IT services, real estate, and employment generation.