Stock market today: Trade setup for Nifty 50 to India VIX, four stocks to buy or sell on Wednesday — May 8

livemint.com:

Stock market today: After showing a sideways movement (a term used to describe a market that is neither trending up nor down) with a weak bias (a slight inclination towards a particular direction) on Monday, the Indian stock market slipped into the weakness zone (a period of declining prices) with range-bound action (a situation where the price of a security trades in a narrow band) and ended lower on Tuesday. The Nifty 50 index dipped 140 points and closed at the 22,302 mark, the BSE Sensex corrected 383 points and closed at the 73,511 level, while the Bank Nifty index lost 609 points and finished at the 48,285 mark.

India VIX index ended 2.45 percent higher at 17.01 after hitting a new 52-week peak of 17.64 mark, logging over 35 percent rise on one week. Declining shares outnumbered the advancing shares as the advance-decline ratio stood at 0.40 on BSE, the lowest since 15th April 2024.

All the sectoral Indices are closed in red (a term used to indicate a negative performance) except Nifty FMCG and Nifty IT. Nifty Reality, Metal, and PSU Banks fell the most among them.

On the outlook for the Nifty 50 today, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said, "The lower tops and bottoms on the daily chart are intact, and the present weakness could be in line with the new higher bottom formation of the pattern. The higher bottom reversal must be confirmed with an upside bounce from the lows.