Market outlook: 3 technical analysts chart the next move for Sensex, Nifty

Broader markets defied the benchmark indices as the Nifty Midcap 100 was up 0.10 per cent, and the Nifty Smallcap 100 indices also gained 0.37 per cent

Indian benchmark indices Sensex and Nifty 50 extended their losses on Friday, weighed down by weak global cues, elevated crude oil prices, and persistent foreign fund outflows. As of 11:00 AM, the BSE Sensex index was down 436 points, or 0.56 per cent, to trade at 77,409. The Nifty 50 index, on the other hand, slipped around 122 points, or 0.5 per cent, to quote at 24,204.

 

However, the broader markets defied the benchmark indices. The Nifty Midcap 100 was up 0.10 per cent, and the Nifty Smallcap 100 indices also gained 0.37 per cent. India VIX, the fear gauge index, rose 2.77 per cent to 17.08.

 

 

Among sectors, the Nifty Financial Services and Nifty Private Bank fell over 1 per cent each. The Nifty Bank, Metal, PSU Bank, Realty, Consumer Durable and Oil and Gas were also trading lower. On the contrary, the Nifty IT index rose nearly 1 per cent, followed by Pharma, Healthcare, Chemical, FMCG, and Auto.

Sensex, Nifty: Key levels to watch

Hitesh Tailor, technical research analyst, Choice Equity Broking

On May 7, 2026, the BSE Sensex closed at 77,844.52, ending marginally lower by 114 points or 0.15 per cent, amid cautious market sentiment driven by ongoing geopolitical uncertainty and mixed global cues. 

 

From a technical standpoint, the index 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.

 

The near-term outlook remains sideways with a cautious undertone, as geopolitical concerns and mixed global sentiment continue to keep traders selective. 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.

Rajesh Palviya, head of research, Axis Direct

The Nifty closed nearly unchanged yesterday at 24,326, just four points lower after Wednesday's sharp 298-point increase — a pause rather than a trend reversal. Technically, 24,200 is now key support; falling below this could quickly push the index toward 24,000. Bulls need a daily close above 24,400 to regain upward momentum. Overall, the market shows confidence, with the Nifty Midcap 100 at an all-time high, supporting a buy-on-dips approach as long as major support levels hold. Sector and stock-specific movements are expected to continue.

Devarsh Vakil, head of prime research, HDFC Securities

Nifty extended its alternating trend of gains and losses, slipping marginally by 4 points to settle at 24,326. Despite the profit booking during the second half, the broader technical structure remains intact, with the index sustaining the uptrend. Immediate support is at the 24,000 level, while resistance is near 24,600.  =========================  Disclaimer: View and outlook shared belong to the respective brokerages/analysts and are not endorsed by Business Standard. Readers' discretion is advised.