The Indian stock market closed lower for the third consecutive session on Monday, May 11, with broad-based selling pressure triggered by weak global market sentiment. According to reports from Mint, the 30-share Sensex tumbled 1,313 points, or 1.70%, to settle at 76,015.28, while the Nifty 50 declined 1.50% to end at 23,815.85. The BSE Midcap 150 and Smallcap 250 indices fell 1.26% and 0.96%, respectively. As reported by Mint, the Nifty 50 opened with a sharp gap-down at 23,970.10 and witnessed selling pressure in the first half, though buying interest emerged in the second half, taking the index to an intraday high of 23,997.45 before closing near the day's low.
According to Sumeet Bagadia, Executive Director at Choice Broking, the formation of a strong bearish candlestick pattern indicates sustained selling pressure and weakening market sentiment. As reported by Mint, the Relative Strength Index (RSI) stands at 46.11, slipping below the midpoint of 50 and indicating weakening momentum with a bearish undertone. For Nifty 50, immediate support is seen between 23,450–23,500 with resistance between 24,100–24,150 levels. In the derivatives segment, notable call writing was seen at the 23,900 strike, followed by 24,000, while significant put writing was observed at 23,800 and 23,600 levels. For Bank Nifty, immediate support is in the 53,600–53,700 range with resistance in the 55,000–55,100 zone, where the RSI stands at 43.74.
Despite the market decline, Sumeet Bagadia of Choice Broking recommends five breakout stocks for Tuesday, May 12, 2026. As reported by Mint, the recommended stocks include Acme Solar Holdings (buy at ₹290, target ₹313, stop loss ₹275), Endurance Technologies (buy at ₹2628, target ₹2800, stop loss ₹2500), Knowledge Marine & Engineering Works (buy at ₹2197, target ₹2350, stop loss ₹2079), Narayana Hrudayalaya (buy at ₹1886, target ₹2050, stop loss ₹1800), and JK Paper (buy at ₹391, target ₹420, stop loss ₹378). According to the analysis, these stocks demonstrate strong technical setups with breakout patterns and are well-positioned to achieve their respective targets.
The market decline was attributed to weak global market sentiment, renewed geopolitical concerns, and rising crude oil prices, as reported by Mint. Additionally, government calls for austerity and a record low for the rupee weighed on investor sentiment. Bagadia advised investors to remain selective and closely monitor key support zones, as sustained weakness below these levels could lead to further downside in the near term. The recent price action suggests a highly volatile and weak trading session, with both benchmark indices witnessing sustained selling pressure after gap-down openings amid ongoing US-Iran war uncertainty.