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Below the Quote on Post market comment for Thursday May 7 by Sachin Gupta, VP- Research at Choice Broking

Indian equity benchmarks witnessed a flat close with minimal movement on 07^th May 2026. The index opened with a gap-up of 67.55 points at 24,398.50, indicating a positive start to the session. However, the market remained highly volatile throughout the day. In the first half, the index slipped to an intraday low of 24,284.00 amid selling pressure. Buying interest emerged in the early part of the second half, pushing the index higher to an intraday high of 24,482.10. Towards the final hour, profit booking was witnessed, leading the index to settle at 24,326.65, registering a marginal decline of 4.30 points or 0.02%. On the daily timeframe, the index formed a bearish candlestick pattern, indicating resistance near higher levels and some loss of momentum after the recent up move. However, the ability to hold above key support zones suggests that downside remains limited unless fresh selling pressure emerges.

From a technical perspective, immediate support is placed in the 24,100–24,150 zone, while resistance is observed in the 24,500–24,550 range. The Relative Strength Index (RSI) stands at 55.33, indicating positive but slightly moderating momentum. The volatility index, India VIX, declined by 0.34% to close at 16.62, indicating relatively stable market sentiment with limited rise in fear despite intraday volatility. In the derivatives segment, notable call writing was observed at the 24,400 and 24,500 strikes, while put writing was concentrated at the 24,300 and 24,200 levels, indicating a broadly range-bound setup with immediate support at lower levels.

Sectorally, the market witnessed mixed participation. Strength was seen in Auto, Realty, and select Healthcare counters, while weakness persisted in FMCG, IT, PSU Banks, and Consumer Durable stocks. Market breadth remained positive, with advancing stocks comfortably outnumbering declining stocks, reflecting selective buying interest in the broader market.

The Bank Nifty index opened with a gap-up of 132.95 points at 56,114.00, reflecting positive sentiment in the banking space. In the first half, the index came under pressure and marked an intraday low of 55,783.20. However, strong recovery was witnessed in the second half, which pushed the index to an intraday high of 56,334.15. Profit booking during the final hour trimmed gains, and the index eventually settled near its opening level at 56,047.40, registering a gain of 66.35 points or 0.12%.

On the daily timeframe, the index formed a Doji-like candlestick pattern, indicating indecisiveness and lack of strong directional conviction. This suggests that traders may await a decisive breakout on either side before establishing fresh positions. From a technical perspective, immediate support is placed in the 55,450–55,550 zone, while resistance is observed in the 56,550–56,650 range. The Relative Strength Index (RSI) stands at 53.16, indicating stable momentum with a slight positive bias.

Markets witnessed a volatile yet range-bound session, with both key indices opening positively but facing intermittent profit booking through the day. While buying interest at lower levels helped markets recover from intraday lows, lack of sustained momentum near higher levels led to mixed candle formations. Stable volatility and positive market breadth indicate underlying resilience; however, a decisive breakout beyond immediate resistance levels will be crucial for continuation of the ongoing uptrend.

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