Nifty remained trapped in a narrow trading range despite strong Q4 earnings from SBI, Titan, Kalyan Jewellers, and Thermax, while analysts said a breakout above the 24,600 zone could trigger fresh market momentum.
By S. JHA
Mumbai, May 8, 2026 — Indian benchmark indices ended a choppy trading week with marginal gains as investors balanced strong corporate earnings against global geopolitical uncertainty and technical resistance levels.
According to a market note by Angel One, the NIFTY 50 closed nearly flat in the latest session, forming a small red-bodied candlestick on the daily chart while continuing to hold comfortably above its 50-day exponential moving average (DEMA), signalling underlying market resilience.
Analysts noted that the index has spent the past two weeks consolidating within a narrow range, with the 24,500–24,600 zone emerging as a major resistance area. This range coincides with the 61.8% retracement level of the recent correction from the 26,000 highs, along with the 89 EMA and a recent swing top.
A decisive breakout above this zone could potentially push the Nifty towards the 25,000–25,100 range, where the 200-day simple moving average is positioned.
The broader market remained volatile throughout the week, with the Nifty ending up around 0.74% at 24,176.
Sectorally, NIFTY IT showed signs of recovery after forming a bullish engulfing candlestick pattern. Analysts believe the IT index could witness a pullback rally in the near term as momentum indicators hover near oversold territory.
Global cues, however, remained cautious. Asian and European markets traded lower amid geopolitical uncertainty and concerns over global growth momentum.
Among individual stocks, State Bank of India posted a 5.6% year-on-year rise in Q4 standalone net profit to ₹19,684 crore, though earnings missed market estimates due to pressure on margins.
Kalyan Jewellers delivered a strong performance, with Q4 net profit more than doubling to ₹409.5 crore as revenue surged 66.2%.
Titan Company reported a 35% jump in Q4 profit and announced a ₹15-per-share dividend.
Meanwhile, Thermax Limited shares rallied 13% to a fresh 52-week high after the company beat Street estimates with strong quarterly earnings.
Market participants are now watching whether the Nifty can decisively breach resistance levels to trigger the next leg of the rally.
(Disclaimer: This article is only for informational purposes, and no trades are recommended.)
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