The BSE Sensex declined 114.19 points, or 0.15%, to settle at 75,200.85 on Tuesday, May 19, while Nifty 50 closed at 23,618, down 0.14%. According to SBI Securities, the index formed a small-bodied candle on the daily chart, indicating a lack of strong conviction from both bulls and bears and a phase of indecision. Market analysts note that the index managed to hold above the important 75,000 psychological zone, which continues to act as immediate short-term support. However, failure to sustain higher levels indicates that traders remain cautious near resistance zones. Nifty has turned positive in the short term after reclaiming the 23,700 zone, with the day's range showing buyers stepped in strongly after the open. As per TradingView analysis, the index traded around 23,700–23,760 zone on May 14, 2026, gaining about 1.4%–1.5% intraday, after a previous close near 23,412.60.
IT stocks emerged as major gainers with Nifty IT rising over 3%, driven by stocks like Coforge and Infosys, while BSE SmallCap Select index surged 1.39% and MidCap Select index gained 0.93%. As reported by ET Now, among sectoral indices, BSE Top 10 Banks declined 0.55%, Private Banks index fell 0.54%, and Services dropped 0.30%. The rupee slipped to a record low of 96.60 against the US dollar before settling at 96.52, while Brent crude traded 1.80% lower at USD 110 per barrel. Foreign Institutional Investors (FIIs) bought equities worth ₹2,813.69 crore on Monday, according to exchange data. On May 18, the Nifty 50 rose 6.5 points to 23,650, while the Nifty Bank fell 173 points (0.3 percent) to 53,537. Market breadth remained dominated by bears, with about 2,223 shares under pressure compared to 768 advancing shares on the National Stock Exchange.
According to SBI Securities, Nifty faces immediate resistance near 23,800, while on the downside, the 23,480-23,450 zone serves as crucial support. TradingView analysis indicates immediate resistance is near 23,740–23,900, with technical pivot data placing key resistance around 23,739–23,896, meaning Nifty is now entering a supply zone. A sustained move above this band could open room toward 24,000–24,080, while the key downside support zones are around 23,420, then 23,255–23,300. As long as Nifty holds above the 23,400–23,420 area, the short-term recovery structure remains intact. From here on, 350 points on either side will act as support and resistance, i.e., the 23,300–24,000 range. The broader range is likely to be 23,000–24,300, with the 50 percent retracement level of Nifty's April rally placed near the 23,350 zone acting as crucial technical support. Bank Nifty also remained range-bound within a narrow range of 433 points, marking its lowest daily range since February 2026. The 53,900-54,000 zone likely to act as immediate resistance for Bank Nifty, while 53,100-53,000 zone is expected to provide crucial support.
The market sentiment was impacted by elevated global crude prices tracking geopolitical uncertainties, as reported by ET Now. US President Donald Trump announced he had halted fresh strikes on Iran at the request of Qatar, Saudi Arabia and the UAE, asserting that serious discussions were underway with Tehran that could lead to an acceptable deal. The majority of Adani Group stocks ended higher after the US Department of Justice permanently dropped all criminal charges against business tycoon Gautam Adani and his nephew Sagar, bringing a high-profile securities and wire fraud case in New York to a complete close. Recent developments show Brent crude trading around $104–105 per barrel amid ongoing US-Iran tensions, with reports of stalled peace talks and threats to the Strait of Hormuz. The dollar strength and rising bond yields continue to influence market dynamics, while positive global cues, strong earnings sentiment, and optimism around policy support provide underlying support to the broader market rally. FIIs also turned bullish last week, with nearly 20,000 short contracts covered in index futures and turned positive in the equity cash segment during the last two sessions of the previous trading week.
