Indian equity benchmarks ended in the red on Friday, May 15, as selling pressure in IT, banking and broader market stocks dragged indices lower. According to reports from LiveMint, the BSE Sensex dropped 161 points to settle at 75,238, while the NSE Nifty 50 slipped 46 points to close at 23,644. The decline also marked the end of the market's two-week winning streak, with both indices registering losses of nearly 2 percent on a weekly basis. Market sentiment remained fragile amid a combination of rising crude oil prices, persistent foreign institutional investor (FII) selling and weakness in the domestic currency. However, equities recovered significantly during the second half of the week after positive global developments improved risk appetite.
Mehul Kothari, Deputy Vice President — Technical Research at Anand Rathi, noted that the Nifty slipped below the crucial 23,300–23,400 support zone during the week of May 9–15, 2026. As reported by LiveMint, the index witnessed sharp volatility and retraced nearly 50% of the entire rally from 22,200 to 24,600, indicating profit booking and weakening momentum at higher levels. The Nifty confirmed a breakdown below the crucial 23,900 support zone, thereby invalidating the earlier breakout structure above 24,300. Key levels to watch include 23,850–24,300 for bullish momentum and 23,500–23,200 for potential declines.
The NIFTY BANK index witnessed sharp volatility during the week and slipped below the important 54,000 support zone, making a low near 53,200 amid broader market weakness. According to LiveMint, the index has now retraced nearly 50% of its previous upmove, indicating profit booking and loss of momentum at higher levels. The crucial support for the coming week is placed near 53,200, and a decisive breakdown below this level could drag the index towards the 52,800 zone, which coincides with the important 61.8% Fibonacci retracement level along with a key gap support area.
Despite the market volatility, Mehul Kothari from Anand Rathi recommended three short-term picks for stocks under ₹200. As reported by LiveMint, the recommendations include Shree Renuka Sugars with a buy near ₹24, target ₹27, stop loss ₹22.50, Suzlon Energy with a buy near ₹53, target ₹58, stop loss ₹50, and CESC with a buy only above ₹184, target ₹195, stop loss ₹178. The expert highlighted that the coming week remains crucial as markets trade near critical support and resistance levels.
Despite the weak weekly performance, equities recovered significantly during the second half of the week after positive global developments improved risk appetite. According to LiveMint, optimism surrounding US-China trade discussions helped markets pare some losses. On May 14, the Sensex surged nearly 790 points, while the Nifty gained around 277 points, signaling signs of stabilization after the sharp correction. However, the Indian rupee remained under pressure throughout the week and crossed the 96-mark against the US dollar intraday, reflecting concerns over higher import costs and external market volatility.
