The Nifty finally showed signs of strength, generating the confidence that had been missing over the past few weeks. After identifying key support and resistance zones, Friday's strong upward move suggests momentum could build further in the sessions ahead.
On 8 May 2026, the broader market picture remained mixed. The Nifty 50 was weighed down by heavyweights such as SBI, Coal India, HDFC Bank, Bajaj Finance and Axis Bank. On the other hand, gains in Asian Paints, Apollo Hospitals, Tata Consumer, Adani Ports and Titan Company helped cushion the fall, reflecting sector-wise divergence beneath the headline index.
Three stocks to trade as recommended by Raja Venkatraman of NeoTrader today:
Best stocks to buy today (All buy trades are rates of equity & sell rates are based on F&O)
METROPOLIS: Buy above ₹555, stop ₹530 target ₹620 (Multiday)
BHARATFORG: Buy above ₹1993, stop ₹1990 target ₹2175 (Multiday)
TIMKEN: Buy above ₹3600, stop ₹3480 target ₹3890 (Multiday)
Stock market on Friday
The broader market reflected this split trend, with the Nifty Midcap index slipping 0.2% while the Smallcap index managed a modest 0.2% rise, highlighting resilience in smaller companies.
Sectorally, the market breadth was weak, as most indices ended in the red. PSU Banks bore the brunt with a sharp 3% decline, while Oil & Gas shed 1%. Private banks, metals, energy, power, and realty indices also fell by around 0.5% each. However, IT, healthcare, consumer durables, and FMCG bucked the trend, closing in positive territory.
Outlook for trading
Markets have been quite choppy as the overall trends have been difficult to decipher. Lack of clarity forces us to resort to a limited range action. Hence, it’s best to move to a buy on dip and sell on rally approach. Sector rotation has been quite evident and this is increasingly becoming a theme in which one needs to operate to encash the momentum. With the US- Iran deal in sight the markets saw a fair bit of upward traction as the dip in crude oil did bring in some enthusiasm in the Equity markets.
However, Auto, Realty and Pharma stocks that lead to some strong upside in the while there was some disappointment seen in Energy counters as the oil which was on the boil began to recede. The negative fallout from these would be the refineries while the OMC ‘s bore the brunt of this much awaited decision. Impact of rise in crude oil would continue to affect the companies who use this as an ingredient for example paints, stocks like Asian Paints have been trading lower during the entire week. The impact of war has affected the FMCG sector through the rise in prices that was passed on to the consumer, the receding of the same could lead to a softening of this stance and thus a possible recovery.
On the global front we brace ourselves for how the trends will emerge as the world will react to the resolution or a possible resolution to the continuing war scenario that is making it a challenging affair.
Back home the sharp surge from 24,000 saw the Nifty treading into strong resistances around 24,500 as seen on the charts below alongwith the other indices producing a pullback. Steady profit booking soon emerged to drag down the markets swiftly lower. The main culprit was the broader indices failed to move higher and capsized quickly despite some positive cues that were emanating. Markets have now clearly indicated a hesitation to build on the gains made since April. The resistance levels that we had highlighted in the midweek update came into play to introduce some pullback. However, the sustained bearish bias came to the fore as the short build up in the 25,000 Call strike highlighted the negative build-up.
Three stocks to trade, recommended by NeoTrader’s Raja Venkatraman:
METROPOLIS (Cmp 549.50)
METROPOLIS: Buy above ₹555, stop ₹530 target ₹620 (Multiday)
- Why it’s recommended: Metropolis Healthcare Limited offers diagnostics including blood tests, advanced molecular diagnostics, genomics, and hospital laboratory management. After spending the last 9 months in a declining phase the stock lost the momentum till the Pharma sector picked up once again. In the recent V shaped recovery, a strong thrust with volumes sparks a revival above the value area at 510. The long body candle with volumes signals the onset of a new trend in 2026. A promising long body candle to end the previous trading session suggest us to go long.
- Key metrics:
- P/E: 81.36
- 52-week high: ₹564.83,
- Volume: 9.34M
- Technical analysis: Support at ₹500, resistance at ₹650.
- Risk factors: Intense competition, price capping and margin pressures.
- Buy : above ₹555.
- Stop loss: ₹530.
- Target price: ₹620 (2 Months)
BHARATFORG (Cmp 1989.70)
BHARATFORG: Buy above ₹1993, stop ₹1990 target ₹2175 (Multiday)
- Why it’s recommended: Bharat Forge Limited (BFL), part of the USD 3.5 billion Kalyani Group, is a Pune-based Indian multinational company and a global leader in high-performance, safety-critical components. Defence sector is in play and is showing some strong drive backed by some strong sales overseas. Robust recovery in Class-8 truck demand and healthy momentum in the domestic CV segment are expected to support growth. The thrust above 1950 region has now resulted into a strong upward traction. On successive days we have noted that the trends continue to retreat from higher levels. Look to go long now.
- Key metrics:
- P/E: 116.11,
- 52-week high: ₹2025,
- Volume: 3.4M.
- Technical analysis: Support at ₹1875, resistance at ₹2250.
- Risk factors: Raw material price volatility and cyclicality and competition.
- Buy : above ₹1993
- Stop loss: ₹1990
- Target price: ₹2175 (2 Months)
TIMKEN (Cmp 3595)
TIMKEN: Buy above ₹3600, stop ₹3480 target ₹3890 (Multiday)
- Why it’s recommended: Timken India Limited (Timken India) is a prominent manufacturer and distributor of engineered bearings, industrial motion products, and specialized services, operating as a subsidiary of the U.S.-based The Timken Company. The steady rise seen in the prices forming higher lows is indicating that the long bias continues to hold. We are also noticing some steady volumes that is now helping the rise sustain the uncertain environment. With the momentum favouring the long side , consider going long.
- Key metrics:
- P/E Ratio: 62.80
- 52-week high: ₹3675
- Volume: 107.65K
- Technical analysis: Support at ₹3200, resistance at ₹4200.
- Risk factors: Regulatory hurdles, intense competition, and questions regarding the sustainability of its profitability.
- Buy : above ₹3600.
- Stop loss: ₹3480.
- Target price: ₹3890.
Raja Venkatraman is co-founder, NeoTrader. His Sebi-registered research analyst registration no. is INH000016223.
Investments in securities are subject to market risks. Read all the related documents carefully before investing. Registration granted by Sebi and certification from NISM in no way guarantees performance of the intermediary or provide any assurance of returns to investors.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.