The Indian stock market experienced significant selling pressure on Monday, with Nifty 50 crashing 359 points or 1.49% to close at 23,816 and BSE Sensex nosediving 1,312 points or 1.70% to close at 76,015. According to reports from Live Mint, the Bank Nifty index tanked 832 points or 1.51% to close at 54,478. Selling pressure was broad-based across sectors, with real estate, energy, and auto stocks seeing heightened weakness, while defensive sectors like pharma and FMCG displayed relative resilience. Broader markets also remained under pressure, with both midcap and smallcap indices declining by over 1% each.
The Gift Nifty index opened lower at 23,745 and touched an intraday low of 23,596, signalling a big gap-down opening for the Indian stock market. As reported by Live Mint, by 7:30 AM, the index was trading around 23,650, suggesting the 50-stock index may test the major support at 23,600 to 23,500. Lisa Pallavi Barbora, Technical Research Analyst at Prabhudas Lilladher, believes the index tanked heavily, opening with a gap down below the 24,000 zone, with the bias and sentiment turning very cautious amid renewed geopolitical tensions in the Middle East.
According to Lisa Pallavi Barbora's analysis reported by Live Mint, the Nifty 50 is precariously placed near the important support zone of 23,800 level, which needs to be sustained, failing which can trigger fresh intensified selling pressure in the coming sessions. On the upside, the 24,300 zone continues to be the tough resistance hurdle which needs to be breached decisively. For Bank Nifty, the key index witnessed heavy profit booking and is witnessed near the important and crucial support zone of 54,400 level, with major support positioned near the 53,500 zone. The 200-period MA at the 57,200 level would be the important hurdle as of now, which needs to be breached decisively above to improve the bias.
Lisa Pallavi Barbora of Prabhudas Lilladher has recommended three intraday stock picks for May 12, 2026. As reported by Live Mint, Fortis Healthcare is recommended as a buy at ₹970 with a target of ₹1000 and stop loss at ₹960. Eternal is suggested as a sell at ₹248 with a target of ₹238 and stop loss at ₹255. Goa Carbon is recommended as a buy at ₹432 with a target of ₹455 and stop loss at ₹426. These recommendations come amid the cautious market sentiment and technical analysis suggesting potential trading opportunities in select stocks.
