Udaipur, May 8, 2025: The Nifty index opened on a flat note on Thursday. After initial volatility, the index witnessed selling pressure and ultimately settled on a negative note at 24,274. The broader markets underperformed the benchmark, with the Nifty Midcap 100 and Nifty Smallcap 100 losing 1.95% and 1.43%, respectively. The volatility index, India VIX, surged by 10.21%, indicating a rise in market volatility.

Technically, Nifty formed a red candle on the daily chart, reflecting weakness. The index continues to struggle near the crucial resistance zone of 24,590. As long as the index remains below this level, short-term upside appears capped. However, a sustained move above 24,590 could trigger an extended rally towards the 24,800–24,850 levels. On the downside, key support is seen around the 200-Day Simple Moving Average, placed near 24,050.

The Bank Nifty index opened with a gap up. As anticipated, it found resistance around the 55,000 level and witnessed heavy profit booking, eventually closing on a negative note at 54,366. Technically, the Bank Nifty index on a daily chart formed a big red candle, indicating selling pressure at higher levels. Immediate resistance is placed at 55,000, followed by 56,000, while key support lies at 53,890.

Commentary by: By Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd.