Nifty Pathfinder | 09 May 2026
Global markets continued their positive momentum during the week. Japan’s Nikkei 225 surged another 7.7%, while the US technology-heavy NASDAQ Composite gained nearly 5% on a weekly basis. European markets largely remained flat, whereas Brent Crude witnessed a sharp decline amid improving geopolitical conditions.
Domestically, NIFTY 50 continued to consolidate within a triangular range for the fourth consecutive week, despite attempting a breakout during the previous week. India VIX cooled off significantly, declining nearly 9% and slipping below the 17 mark, indicating easing volatility.
The Nifty Midcap Select remained the top outperformer, rallying close to 5% during the week and registering fresh lifetime highs. Among sectors, Auto ( 5%), Smallcap Index ( 4%), and Pharma ( 3.6%) led the gains. On the other hand, the PSU Banking space remained under pressure following disappointing earnings reactions.
Institutionally, FIIs remained net sellers in the cash segment throughout the week, barring Monday’s session. DIIs, however, continued to provide steady support through consistent buying activity. In the derivatives segment, FII positioning remained strongly bearish in Nifty Futures, especially during Friday’s session. Current index short positions stand near 2.10 lakh contracts.
Options data indicates significant Call writing at the 24,200 strike, with major concentration visible at 24,500 Calls and 24,000 Puts. Nifty PCR currently stands at 0.93, marginally favouring the bears.
Top Long Build-Up
NUVAMA
YESBANK
COFORGE
BHEL
POLYCAB
Short Covering Seen In
CAMS
DABUR
ICICIPRULI
HAL
PAYTM
Pathfinder View
The market bias is likely to turn further bearish if Nifty sustains below the 24,067 to 24,000 zone. In such a scenario, the immediate downside target could be 23,800. A decisive break below 23,800 may trigger a broader breakdown from the current consolidation range.
Until either 24,500 on the upside or 23,800 on the downside is decisively breached, expect choppy and range-bound price action to continue. Stock and sector-specific opportunities are likely to remain the key theme.
Sectoral View
Positive on Defence (short term)
Negative on PSU Banks (short term)
Key Levels
Supports: 24,067 and 23,800
Resistances: 24,284 and 24,500
Regards,
Rahul Sharma
JM Financial Services Ltd.