GIFT Nifty May 2026 futures are currently trading 158 points higher, suggesting a positive opening for Indian equity benchmark indices today. This represents a significant improvement from the previous session's negative opening indicators, with the current premium suggesting renewed market optimism. According to reports from Business Standard, benchmark indices recovered sharply from early losses on Wednesday, with the Sensex rebounding nearly 800 points from the day's low and the Nifty closing above 23,650. The market rebound was driven by value buying at lower levels, easing crude oil prices and hopes of de-escalation in Middle East tensions after reports showed Chinese oil tankers moving through the Strait of Hormuz.
Foreign portfolio investors (FPIs) sold shares worth ₹1,597.35 crore, while domestic institutional investors (DIIs) were net buyers to the tune of ₹1,968.35 crore in the Indian equity market on 20 May 2026, according to provisional data from Business Standard. The FIIs have maintained their selling pressure, with shares worth ₹25,896.97 crore sold so far in May till 20 May 2026. This follows their cash sales of ₹70,135.46 crore in April, ₹122,540.41 crore in March and ₹6,640.78 crore in February, indicating sustained foreign investor outflows despite recent market recovery.
Global sentiment improved sharply overnight after Wall Street rebounded from a three-day selloff, led by gains in technology and chip stocks ahead of Nvidia's quarterly results. As reported by Moneycontrol, the Dow Jones Industrial Average surged 645.47 points or 1.31 percent to 50,009.35, the S&P 500 climbed 1.08 percent to 7,432.97, while the Nasdaq Composite rallied 1.54 percent to 26,270.36. Asia-Pacific markets opened higher on Thursday, following overnight gains on Wall Street amid hopes of a possible resolution to the Middle East conflict. Japan's Nikkei 225 jumped over 3% after the release of the country's latest trade data, with exports rising at the fastest pace since January, rising 14.8% in April driven by surge in semiconductor shipments.
Nifty 50 has been consolidating between 23,800 and 23,250 levels, and in that process, it seems to be forming a symmetrical triangular pattern. As per technical analysis from PTI, on the upside, the 23,800 level is acting as stiff resistance, as it had earlier acted as critical support; hence, a break of the same would make it a stiff resistance. On the downside, 23,150 is a critical support after 23,250, as it is the gap-area support, and below that, the ultimate support will be 23,000, as it is the psychological support. Above 23,800, the next hurdle will be 24,000, and thereafter 24,400, with the overall range being 24,400-23,000. Jay Thakkar of ICICI Securities recommends Indian Energy Exchange (IEX) Futures, Glenmark Pharmaceuticals Futures, and Titan Company Futures.
