Pre-Market Update - May 8th
Nifty / Bank Nifty, Stocks In News

Nifty 1 Hr Timeframe Analysis

Nifty closed at 18069(-1.02%). Nifty gapped down and broke the support level of 18090 as described in the last blog.

Nifty has an immediate resistance of 18200 on the upside while 18047 can work as a support level on the downside.

Bank Nifty 1 Hr Timeframe Analysis

 Bank Nifty closed at 42661.20(-2.34%). BN gapped down and then a selling pressure was observed as described in yesterday's blog.

 BN may face resistance at a zone of 42847 on the upside while 42200 may work as a support level on the downside.

Stocks in News

• Dhampur Sugar Mills Ltd Q4 FY2023 consolidated PAT climbs to Rs. 60.38 crores
  
• TVS Credit grows their Assets Under Management to Rs.20,602 Crores in FY23
  
• PMI Services logs a record high, Employment scenario, however, remains a concern
• Coal India Ltd recommends final dividend of Rs. 4
  
  

Sector Heat Map 

Heatmap from Trendlyne website

Analysis by
Dixit from MT Team
Equity Research Analyst (Technical & Fundamental). Experienced Index Analyst.