Introduction

The Indian stock market witnessed a volatile session on 2026-02-08, with the Nifty and BankNifty indices experiencing significant fluctuations. In this analysis, we will delve into the key factors influencing the market and provide an overview of the current trends.

Nifty

The Nifty index opened at 18,450 and oscillated between 18,350 and 18,550 throughout the day. The index ultimately closed at 18,420, registering a marginal loss of 0.2%. The 18,500 level continues to act as a strong resistance, while 18,200 remains a crucial support level. A break below 18,200 could lead to a further decline towards 17,900, while a surge above 18,500 may propel the index towards 18,800.

BankNifty

The BankNifty index also experienced a tumultuous session, with the index touching an intraday high of 43,200 and a low of 42,500. The index finally settled at 42,800, posting a loss of 0.5%. The 43,000 level remains a significant resistance, while 42,000 is a key support level. A breach below 42,000 could lead to a decline towards 41,200, while a move above 43,000 may push the index towards 43,500.

Global Cues

Global markets played a significant role in shaping the Indian stock market’s trajectory on 2026-02-08. The US markets, in particular, had a profound impact, with the Dow Jones and S&P 500 indices experiencing a 0.3% and 0.2% decline, respectively. The European markets also traded lower, with the FTSE 100 and DAX indices registering losses of 0.5% and 0.4%, respectively. The global cues suggest that the Indian market may face challenges in the near term, and investors should exercise caution while making investment decisions.

In conclusion, the Indian stock market is expected to remain volatile in the short term, with the Nifty and BankNifty indices likely to be influenced by global cues and domestic factors. Investors should keep a close eye on the 18,200 and 42,000 levels, as a breach of these levels could lead to a significant decline. Conversely, a move above 18,500 and 43,000 could propel the indices towards higher levels.