Stock Market Today: How Will Nifty 50, Sensex Trade On May 7? - Check Top Stocks To Watch Out For

Stock Market Today: The Indian stock market benchmark indices, Sensex, and Nifty 50, are likely to end its gaining streak on Thursday, April 7 after having closed Wednesday's trading session in green.

The trends on Gift Nifty indicate a flat start for the Indian benchmark indices. The Gift Nifty was trading close to 24,460 level, a premium of nearly 13 points from the Nifty futures’ previous close.

The Indian stock market ended sharply higher, with the Nifty 50 closing above 24,300 level.

The Sensex surged 1.22%, to close at 77,958.52, while the Nifty 50 rallied 1.24%, higher at 24,330.95.

Gains noted in yesterday's trading session was mainly due to late-session buying after reports claimed that both the US and Iran were nearing the finalisation of a deal to end their conflict.

Nifty 50 Outlook

"The Nifty 50, currently at 24,331, is showing signs of strengthening momentum with a positive technical setup. Immediate resistance levels are placed at 24,365, 24,450, and 24,587, while key supports are seen at 24,091, 24,007, and 23,870," according to a brokerage note. 

“On the daily chart, the index has formed a bullish candle with a lower shadow and successfully broken out of a triangle pattern, indicating an improving trend structure," RS Wealth Management said. 

Also Read: 'Threesome With Sex Slave': Fresh Claim Emerge In JPMorgan Exec Case

It continues to trade above its short- and medium-term moving averages, along with the midline of the Bollinger Bands, while consistently holding above the 20-day EMA during recent consolidation, it said. 

Sensex Outlook

The Sensex closed at 77,958.52, gaining 940.73 points (+1.22%), reflecting a strong recovery supported by improving global sentiment and easing geopolitical concerns, as per the brokerage house. 

“After opening at 77,424.36 and slipping to an intraday low of 76,773.25, the index witnessed a sharp turnaround in the second half, with robust buying interest pushing it near the day’s high—signaling strong demand at lower levels and renewed bullish momentum. Sectoral participation remained broad-based, led by Financials, Private Banks, Auto, Realty, and Services, while other sectors contributed selectively, indicating healthy rotation,” it said.