{"id":4744,"date":"2024-05-07T17:25:53","date_gmt":"2024-05-07T11:55:53","guid":{"rendered":"https:\/\/www.spidersoftwareindia.com\/blog\/?p=4744"},"modified":"2024-05-08T09:36:32","modified_gmt":"2024-05-08T04:06:32","slug":"stock-market-prediction-for-nifty-bank-nifty-08th-may-2024","status":"publish","type":"post","link":"https:\/\/www.spidersoftwareindia.com\/blog\/stock-market-prediction-for-nifty-bank-nifty-08th-may-2024\/","title":{"rendered":"Stock Market Prediction for Nifty &amp; Bank Nifty 08th May 2024."},"content":{"rendered":"\n<p>In the <strong>Stock Market Today<\/strong>, <strong>Sensex<\/strong> down by <strong>380 <\/strong>points, <strong>Nifty <\/strong>holds above <strong>22,300<\/strong>; PowerGrid, IndusInd, Tata Motors lead losses.<\/p>\n\n\n\n<!--more-->\n\n\n\n<h2 class=\"wp-block-heading has-text-align-center\">Stock Market Nifty Chart Prediction.<\/h2>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"362\" src=\"https:\/\/www.spidersoftwareindia.com\/blog\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-07-153313-1024x362.png\" alt=\"The picture is of the Nifty Stock Market chart in the daily time frame, through which it will be used to predict the market on May 08, 2024.\" class=\"wp-image-4745\" srcset=\"https:\/\/www.spidersoftwareindia.com\/blog\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-07-153313-1024x362.png 1024w, https:\/\/www.spidersoftwareindia.com\/blog\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-07-153313-300x106.png 300w, https:\/\/www.spidersoftwareindia.com\/blog\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-07-153313-768x272.png 768w, https:\/\/www.spidersoftwareindia.com\/blog\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-07-153313-1536x543.png 1536w, https:\/\/www.spidersoftwareindia.com\/blog\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-07-153313.png 1902w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure><\/div>\n\n\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"366\" src=\"https:\/\/www.spidersoftwareindia.com\/blog\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-07-153345-1024x366.png\" alt=\"The image displays Intraday version of the Nifty Stock Market chart, used for predicting on May 08, 2024.\" class=\"wp-image-4746\" srcset=\"https:\/\/www.spidersoftwareindia.com\/blog\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-07-153345-1024x366.png 1024w, https:\/\/www.spidersoftwareindia.com\/blog\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-07-153345-300x107.png 300w, https:\/\/www.spidersoftwareindia.com\/blog\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-07-153345-768x275.png 768w, https:\/\/www.spidersoftwareindia.com\/blog\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-07-153345-1536x550.png 1536w, https:\/\/www.spidersoftwareindia.com\/blog\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-07-153345.png 1903w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\"><em>Zoomed Nifty Chart in Intraday Time Frame.<\/em><\/figcaption><\/figure><\/div>\n\n\n<p><strong>On April 07,<\/strong> <strong>Sensex <\/strong>witnessed a decline of <strong>383.69 <\/strong>points, settling at <strong>73,511.85<\/strong>. Similarly, the <strong>Nifty <\/strong>experienced a drop of <strong>143.95 <\/strong>points, closing at <strong>22,298.75<\/strong>. Among the listed stocks, <strong>1096 <\/strong>saw gains, while <strong>-2727<\/strong> recorded losses, with <strong>109 <\/strong>remaining unchanged.<\/p>\n\n\n\n<p>Top Nifty gainers:<strong> Kotak Mahindra Bank, Tata Consultancy Services, Hindustan Uneliver<\/strong><br>Top Nifty Losers:<strong> PowerGrid<\/strong>, <strong>Indusind Bank<\/strong>, and <strong>Tata Motors<\/strong><\/p>\n\n\n\n<p>Leading the sector performance was Nifty Realty, which saw a 4% drop, followed by Nifty Metal and Healthcare, each down by 2.5%. Meanwhile, Nifty Auto, PSU Banks, and the Oil &amp; Gas sectors all witnessed declines exceeding 2%.<\/p>\n\n\n\n<h2 class=\"wp-block-heading has-text-align-center\">Stock Prediction for <strong>08th May 2024<\/strong><div id=\"input_addon_container\" style=\"position: absolute; top: 0px; left: 0px; pointer-events: none;\"><\/div>.<\/h2>\n\n\n\n<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<figure class=\"wp-block-table is-style-stripes\"><table class=\"has-black-color has-luminous-vivid-orange-to-vivid-red-gradient-background has-text-color has-background has-link-color\"><tbody><tr><td><span style=\"text-decoration: underline;\">STOCK<\/span><\/td><td class=\"has-text-align-center\" data-align=\"center\"><span style=\"text-decoration: underline;\">Good Above<\/span><\/td><td class=\"has-text-align-center\" data-align=\"center\"><span style=\"text-decoration: underline;\">Weak Below<\/span><\/td><\/tr><tr><td><strong>BALKRISIND<\/strong><div id=\"input_addon_container\" style=\"position: absolute; top: 0px; left: 0px; pointer-events: none;\"><\/div><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>2450<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>2425<\/strong><\/td><\/tr><tr><td><strong>ICICIGI<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>1702<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>1681<\/strong><\/td><\/tr><tr><td><strong>ITC<\/strong><div id=\"input_addon_container\" style=\"position: absolute; top: 0px; left: 0px; pointer-events: none;\"><\/div><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>446<\/strong><div id=\"input_addon_container\" style=\"position: absolute; top: 0px; left: 0px; pointer-events: none;\"><\/div><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>440<\/strong><\/td><\/tr><tr><td><strong>TCS<\/strong><div id=\"input_addon_container\" style=\"position: absolute; top: 0px; left: 0px; pointer-events: none;\"><\/div><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>3970<\/strong><div id=\"input_addon_container\" style=\"position: absolute; top: 0px; left: 0px; pointer-events: none;\"><\/div><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>3936<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n<\/div><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Prediction For Wednesday, <strong>NIFTY<\/strong> can go <strong>up<\/strong> if it goes above <strong>22,500 <\/strong>or <strong>down<\/strong> after the level of <strong>22,200<\/strong> but all depends upon the <strong>Global cues<\/strong>.<\/h2>\n\n\n\n<p>Nifty witnessed the creation of a bearish engulfing candle last week, indicating potential weakness in the market. Downside movement may find substantial support around the 22,200-22,000 levels, while encountering notable resistance near 22,500-22,800. Overall, Nifty is anticipated to consolidate within the range of 22,000-22,800 in the short term.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\">Highest Call Writing at<div id=\"input_addon_container\" style=\"position: absolute; top: 0px; left: 0px; pointer-events: none;\"><\/div><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>22,500 (92.9 Lakhs)<\/strong><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Highest Put Writing at<div id=\"input_addon_container\" style=\"position: absolute; top: 0px; left: 0px; pointer-events: none;\"><\/div><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>22,200 (69.0 Lakhs)<\/strong><div id=\"input_addon_container\" style=\"position: absolute; top: 0px; left: 0px; pointer-events: none;\"><\/div><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading has-text-align-center\">Nifty Support and Resistance<\/h2>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\">Support <\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>22,200, 22,000<\/strong><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Resistance<div id=\"input_addon_container\" style=\"position: absolute; top: 0px; left: 0px; pointer-events: none;\"><\/div><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>22,500, 22,800<\/strong><div id=\"input_addon_container\" style=\"position: absolute; top: 0px; left: 0px; pointer-events: none;\"><\/div><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading has-text-align-center\">Bank Nifty Daily Chart Prediction.<\/h2>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"364\" src=\"https:\/\/www.spidersoftwareindia.com\/blog\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-07-153423-1024x364.png\" alt=\"The picture is of the Bank Nifty Stock Market chart in the daily time frame, through which it will be used to predict the market on May 08, 2024.\" class=\"wp-image-4747\" srcset=\"https:\/\/www.spidersoftwareindia.com\/blog\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-07-153423-1024x364.png 1024w, https:\/\/www.spidersoftwareindia.com\/blog\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-07-153423-300x107.png 300w, https:\/\/www.spidersoftwareindia.com\/blog\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-07-153423-768x273.png 768w, https:\/\/www.spidersoftwareindia.com\/blog\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-07-153423-1536x546.png 1536w, https:\/\/www.spidersoftwareindia.com\/blog\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-07-153423.png 1901w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure><\/div>\n\n\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"364\" src=\"https:\/\/www.spidersoftwareindia.com\/blog\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-07-153402-1024x364.png\" alt=\"The image displays Intraday version of the Bank Nifty Stock Market chart, used for predicting on May 08, 2024.\" class=\"wp-image-4748\" srcset=\"https:\/\/www.spidersoftwareindia.com\/blog\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-07-153402-1024x364.png 1024w, https:\/\/www.spidersoftwareindia.com\/blog\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-07-153402-300x107.png 300w, https:\/\/www.spidersoftwareindia.com\/blog\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-07-153402-768x273.png 768w, https:\/\/www.spidersoftwareindia.com\/blog\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-07-153402-1536x546.png 1536w, https:\/\/www.spidersoftwareindia.com\/blog\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-07-153402.png 1903w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\"><em>Zoomed Bank Nifty Chart in Intraday Time Frame.<\/em><\/figcaption><\/figure><\/div>\n\n\n<h2 class=\"wp-block-heading\">Prediction For Wednesday, <strong>Bank NIFTY<\/strong> can go <strong>up<\/strong> if it goes above <strong>49,500<\/strong> or <strong>down<\/strong> after the level of <strong>48,500<\/strong> but it all depends upon the <strong>Global cues<\/strong>.<\/h2>\n\n\n\n<p>Bank Nifty began positively but ended negatively at 48,285 due to strong selling pressure, breaking the previous week&#8217;s low of 48,342.7. If it stays below 48,340, weakness might continue towards 48,000-47,700. In the short term, 48,000-47,700 are expected to provide support, while 49,000-50,000 are seen as resistance levels.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\">Highest Call Writing at<\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>49,000 (49.5 Lakhs)<\/strong><div id=\"input_addon_container\" style=\"position: absolute; top: 0px; left: 0px; pointer-events: none;\"><\/div><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Highest Put Writing at<\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>48,000 (27.5 Lakhs)<\/strong><div id=\"input_addon_container\" style=\"position: absolute; top: 0px; left: 0px; pointer-events: none;\"><\/div><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading has-text-align-center\">Bank Nifty Support and Resistance<\/h2>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\">Support<\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>48,000, 47,700<\/strong><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Resistance<div id=\"input_addon_container\" style=\"position: absolute; top: 0px; left: 0px; pointer-events: none;\"><\/div><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>49,000, 50,000<\/strong><div id=\"input_addon_container\" style=\"position: absolute; top: 0px; left: 0px; pointer-events: none;\"><\/div><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>Click here to learn the <a href=\"https:\/\/www.spidersoftwareindia.com\/blog\/stocks-to-watch-as-tensions-between-israel-and-iran-escalates\/\">Stocks to Watch as Tensions Between Israel and Iran Escalates.<\/a><\/p>\n\n\n\n<p>New Options Trading Software by Spider is here, Try GChart demo for free. <a href=\"https:\/\/bit.ly\/3JYZG17\">Register Now<\/a><\/p>\n\n\n\n<p>If you&#8217;d like to know how we analyze the market and provide accurate levels every day. then click on the Free Demo button below and change your trading life for good. 5X returns are possible in options trading If you have Spider Software in your trading system. <\/p>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-1 wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button is-style-outline\"><a class=\"wp-block-button__link has-white-color has-vivid-cyan-blue-background-color has-text-color has-background wp-element-button\" href=\"https:\/\/spidersoftwareindia.com\/contact-us.php\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Free Demo<\/strong><\/a><\/div>\n\n\n\n<div class=\"wp-block-button is-style-outline\"><a class=\"wp-block-button__link has-vivid-green-cyan-color has-text-color wp-element-button\" href=\"https:\/\/rzp.io\/l\/b8kiANSCW\" target=\"_blank\" rel=\"noreferrer noopener\">Buy Now<\/a><\/div>\n<\/div>\n\n\n\n<pre class=\"wp-block-code has-small-font-size\"><code>Disclaimer: The information provided in this Blog is for educational purposes only and should not be construed as financial advice. Trading in the stock market involves a significant level of risk and can result in both profits and losses. Spider Software &amp; Team does not guarantee any specific outcome or profit from the use of the information provided in this Blog. It is the sole responsibility of the viewer to evaluate their own financial situation and to make their own decisions regarding any investments or trading strategies based on their individual financial goals, risk tolerance, and investment objectives. Spider Software &amp; Team shall not be liable for any loss or damage, including without limitation any indirect, special, incidental or consequential loss or damage, arising from or in connection with the use of this blog or any information contained herein.<\/code><\/pre>\n<div class=\"pvc_clear\"><\/div><p id=\"pvc_stats_4744\" class=\"pvc_stats all  \" data-element-id=\"4744\" style=\"\"><i class=\"pvc-stats-icon large\" aria-hidden=\"true\"><svg aria-hidden=\"true\" focusable=\"false\" data-prefix=\"far\" data-icon=\"chart-bar\" role=\"img\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 512 512\" class=\"svg-inline--fa fa-chart-bar fa-w-16 fa-2x\"><path fill=\"currentColor\" d=\"M396.8 352h22.4c6.4 0 12.8-6.4 12.8-12.8V108.8c0-6.4-6.4-12.8-12.8-12.8h-22.4c-6.4 0-12.8 6.4-12.8 12.8v230.4c0 6.4 6.4 12.8 12.8 12.8zm-192 0h22.4c6.4 0 12.8-6.4 12.8-12.8V140.8c0-6.4-6.4-12.8-12.8-12.8h-22.4c-6.4 0-12.8 6.4-12.8 12.8v198.4c0 6.4 6.4 12.8 12.8 12.8zm96 0h22.4c6.4 0 12.8-6.4 12.8-12.8V204.8c0-6.4-6.4-12.8-12.8-12.8h-22.4c-6.4 0-12.8 6.4-12.8 12.8v134.4c0 6.4 6.4 12.8 12.8 12.8zM496 400H48V80c0-8.84-7.16-16-16-16H16C7.16 64 0 71.16 0 80v336c0 17.67 14.33 32 32 32h464c8.84 0 16-7.16 16-16v-16c0-8.84-7.16-16-16-16zm-387.2-48h22.4c6.4 0 12.8-6.4 12.8-12.8v-70.4c0-6.4-6.4-12.8-12.8-12.8h-22.4c-6.4 0-12.8 6.4-12.8 12.8v70.4c0 6.4 6.4 12.8 12.8 12.8z\" class=\"\"><\/path><\/svg><\/i> <img loading=\"lazy\" decoding=\"async\" width=\"16\" height=\"16\" alt=\"Loading\" src=\"https:\/\/www.spidersoftwareindia.com\/blog\/wp-content\/plugins\/page-views-count\/ajax-loader-2x.gif\" border=0 \/><\/p><div class=\"pvc_clear\"><\/div>","protected":false},"excerpt":{"rendered":"<p>In the Stock Market Today, Sensex down by 380 points, Nifty holds above 22,300; PowerGrid, IndusInd, Tata Motors lead losses.<\/p>\n<div class=\"pvc_clear\"><\/div>\n<p id=\"pvc_stats_4744\" class=\"pvc_stats all  \" data-element-id=\"4744\" style=\"\"><i class=\"pvc-stats-icon large\" aria-hidden=\"true\"><svg aria-hidden=\"true\" focusable=\"false\" data-prefix=\"far\" data-icon=\"chart-bar\" role=\"img\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 512 512\" class=\"svg-inline--fa fa-chart-bar fa-w-16 fa-2x\"><path fill=\"currentColor\" d=\"M396.8 352h22.4c6.4 0 12.8-6.4 12.8-12.8V108.8c0-6.4-6.4-12.8-12.8-12.8h-22.4c-6.4 0-12.8 6.4-12.8 12.8v230.4c0 6.4 6.4 12.8 12.8 12.8zm-192 0h22.4c6.4 0 12.8-6.4 12.8-12.8V140.8c0-6.4-6.4-12.8-12.8-12.8h-22.4c-6.4 0-12.8 6.4-12.8 12.8v198.4c0 6.4 6.4 12.8 12.8 12.8zm96 0h22.4c6.4 0 12.8-6.4 12.8-12.8V204.8c0-6.4-6.4-12.8-12.8-12.8h-22.4c-6.4 0-12.8 6.4-12.8 12.8v134.4c0 6.4 6.4 12.8 12.8 12.8zM496 400H48V80c0-8.84-7.16-16-16-16H16C7.16 64 0 71.16 0 80v336c0 17.67 14.33 32 32 32h464c8.84 0 16-7.16 16-16v-16c0-8.84-7.16-16-16-16zm-387.2-48h22.4c6.4 0 12.8-6.4 12.8-12.8v-70.4c0-6.4-6.4-12.8-12.8-12.8h-22.4c-6.4 0-12.8 6.4-12.8 12.8v70.4c0 6.4 6.4 12.8 12.8 12.8z\" class=\"\"><\/path><\/svg><\/i> <img loading=\"lazy\" decoding=\"async\" width=\"16\" height=\"16\" alt=\"Loading\" src=\"https:\/\/www.spidersoftwareindia.com\/blog\/wp-content\/plugins\/page-views-count\/ajax-loader-2x.gif\" border=0 \/><\/p>\n<div class=\"pvc_clear\"><\/div>\n","protected":false},"author":1,"featured_media":4749,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[26,22,5,30,21,25,9,10,7,8],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Stock Market Prediction for Nifty &amp; 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