Indian equity benchmark indices are expected to open on a flat note today, May 9, 2026, despite a surge in global markets. GIFT Nifty Futures indicated a muted start, up 15.10 points or 0.06 percent at 24,462.50.
Global Cues and Geopolitical Shifts
US stocks rallied on Wednesday, fueled by signs of a potential resolution in the Middle East conflict and a strong performance from chipmakers and AI-related stocks. The S&P 500 climbed 1.46 percent, the Nasdaq gained 2.03 percent, and the Dow Jones Industrial Average rose 1.24 percent. Asian markets also opened strong on Thursday, with Nikkei zooming nearly 6 percent and Hang Seng up over 1 percent, as diplomatic signals from West Asia turned constructive.
Siddhartha Khemka, Head of Research at Motilal Oswal Financial Services, noted that the near-term market narrative has shifted, with reports suggesting the US and Iran are close to a memorandum to end the war, improving global risk sentiment.
Commodities and Currency
A potential peace deal sent crude oil prices sliding nearly 8 percent on Wednesday, though Brent crude was slightly higher at $102.11 a barrel in early Asian trading on Thursday. The dollar index stood at 98.032, while gold prices remained largely steady near a one-week high at $4,688.16 per ounce.
FII-DII Flows and Market Sentiment
Despite the global optimism, persistent Foreign Institutional Investor (FII) outflows and weakness in the Indian rupee continue to weigh on domestic market sentiment. Provisional data from NSE showed FPIs were net sellers of domestic stocks worth Rs 5,834.90 crore on Wednesday. Conversely, Domestic Institutional Investors (DIIs) were net buyers, injecting Rs 6,836.87 crore into Indian equities.
Ajit Mishra, SVP of Research at Religare Broking, advised traders to maintain a positive yet cautious stance, focusing on stock-specific opportunities while monitoring crude oil prices and geopolitical developments.
Nifty50 & Sensex Technical Outlook
Technically, the market found strong support near 24,000/76,800 and bounced back sharply, forming a long bullish candle on daily charts. It successfully closed above the crucial 24,200/77,500 resistance mark, indicating a positive trend.
Shrikant Chouhan, Head of Equity Research at Kotak Securities, stated that the uptrend is likely to continue. For traders, 24,200/77,500 and 24,100/77,300 are crucial support zones. A sustained trade above these levels could extend the rally to 24,500–24,600/78,300-78,500. However, a fall below 24,100/77,300 would make the uptrend vulnerable.
Nilesh Jain, VP of Head of Technical and Derivative research at Centrum Finverse, highlighted that Nifty closed above the immediate resistance at 24,300, establishing a strong support zone around 24,000. Nifty has also broken out of a symmetrical triangle pattern, signaling potential upside towards 24,500. India VIX declined sharply by 7 percent, supporting bullish momentum.
Nifty Bank Outlook
Nifty Bank formed a sizable bullish candle, indicating strong buying interest at lower levels. The index broke out of its 55,602–54,222 consolidation range, signaling improving momentum.
Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities, noted immediate resistance for Bank Nifty in the 56,300-56,400 zone. A sustainable move above this could lead to an extension towards 56,700, followed by 57,000. Immediate support is placed in the 55,600-55,500 zone.
Bajaj Broking added that Nifty Bank’s strong bullish candle and breakout above a falling channel suggest a resumption of the upward move. A sustained strength above 56,475 could open further upside towards 57,500 levels in coming weeks, with key support around 54,000.