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Stock Market Outlook Today, 8 July 2026: Sensex, Nifty Prediction for Wednesday

The market's next directional move could also depend on global developments, particularly the release of the US Federal Open Market Committee (FOMC) meeting minutes, which investors will study for fresh signals on the future path of US interest rates.

Indian benchmark indices snapped their recent winning momentum on Tuesday as investors booked profits following four consecutive sessions of gains.

Although the market opened on a positive note, the indices struggled to sustain higher levels. The Nifty repeatedly attempted to move above the important 24,500 mark but failed to hold those gains, resulting in a late-session pullback.

At the closing bell, the BSE Sensex slipped 0.13% to settle at 78,180, while the Nifty 50 declined 0.13% to finish at 24,398.

Despite the mild correction, analysts believe the overall market structure remains healthy after the sharp rally witnessed over the past few weeks.

"Indian equities are expected to maintain a gradual positive bias, with investor focus remaining on June-quarter business updates, progress on the India-United States interim trade agreement and the southwest monsoon," said Siddhartha Khemka - Head of Research, Wealth Management, Motilal Oswal Financial Services Ltd.

Defence Stocks in Focus Today

He expects several sectors to remain active during Wednesday's trade.

"Defence stocks are likely to remain in focus after India and Indonesia signed an agreement for the potential supply of BrahMos missiles, along with pacts on maritime safety and critical minerals during Prime Minister Narendra Modi's visit to Jakarta, strengthening India's defence export pipeline. Meanwhile, Electronics and Semiconductor stocks may attract attention as the government prepares to launch Semicon 2.0, which aims to expand incentives across the semiconductor value chain," he added.

Besides domestic developments, investors will also keep an eye on the FOMC meeting minutes, scheduled for release later on Wednesday, followed by US initial jobless claims later this week. Both events are expected to provide fresh clues about the US Federal Reserve's interest rate outlook, which could influence global equity markets.

Nifty Prediction Today, July 8: Can Nifty Cross 24,600?

Technical analysts believe the Nifty has entered a consolidation phase after staging an impressive rally of nearly 1,500 points over the past five weeks.

On Tuesday, the index tested the immediate resistance zone of 24,500-24,600 but was unable to sustain above it as profit booking emerged during the second half of trading.

According to Bajaj Broking Research, the market is likely to remain range-bound in the near term while building a fresh base for the next move.

"However, we believe the overall structure is positive, dips towards the 24,200-24,000 should be used to accumulate quality stocks in a staggered manner. On the higher side only a sustained move above 24,600 will signal extended gains towards 24,800 levels being the trendline resistance joining previous major breakdown area," said Bajaj Broking Research.

The brokerage expects the Nifty to trade broadly within the 24,200-24,600 range over the coming sessions. A decisive breakout above 24,600 could pave the way for a move towards 24,800, while the 24,200-24,000 zone is likely to act as a key support area.

Bank Nifty Outlook: Consolidation Continues Around 58,000

The Bank Nifty also witnessed profit booking after its recent rally, ending the session with a bearish candle as traders remained cautious around the 58,000 level.

Market experts believe the banking index is still consolidating within a well-defined range, supported by stock-specific buying in select banking counters.

"A decisive move above the recent swing high of 58,700 will strengthen the bullish setup and can pave the way for an advance towards 59,200 and 60,000 in the coming weeks, which coincide with the 138.2% and 150% external retracement of the previous decline from 57,456 to 52,783. Failure to move above 58,700 will signal extension of the last 8 sessions consolidation in the range of 57,000-58,700," said the brokerage.

Analysts noted that the 57,000-57,500 zone has consistently attracted buying over the past three weeks and continues to serve as an important short-term support level. As long as Bank Nifty remains above this range, the broader bullish outlook is expected to stay intact.