Nifty Nears Key Breakout Above 24,400 Despite Volatile Expiry Session; Midcaps Hit Record Highs

Udaipur, May 7, 2026: Benchmark indices witnessed a choppy trading session on 7th May, with volatility remaining elevated due to the weekly expiry of Sensex. Despite supportive global cues and a sharp cool-off in crude oil prices, the market failed to sustain momentum at higher levels and traded within a volatile range throughout the session amid profit booking and expiry-led positioning. At close, the Sensex declined 114 points, or 0.15%, to settle at 77,844.52, while the Nifty slipped 4.30 points, or 0.02%, to close at 24,326.65.

On the sectoral front, the trend remained mixed. Positive contributions were witnessed from the Nifty Auto, Realty, Chemical, and Metal indices, while selling pressure was visible in Nifty IT, FMCG, and Consumer Durable stocks. The broader market outperformed the benchmark indices, with the Midcap 100 index achieving a fresh all time high and closing the session with a gain of 1.10%, while the Smallcap index also advanced 0.87%, reflecting continued strength in broader market participation.

Nifty Outlook                            

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.

Bank Nifty Outlook

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.

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).

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