Nifty 50 traded with positive bias for the second consecutive trading session and gained
277 points, amid euphoria in global markets on Trump’s and Xi’s jingling summit in China.
Markets eagerly await positive developments from the summit, which may help the global
crisis, which has started amid the ongoing US-Iran war since the month of February, thus
pushing the crude oil prices over $100. However, continued weakness in the Indian Rupee,
which touched the high of Rs95.96, is keeping the market on check along with continuous
selling by FIIs. May is the 11th consecutive month which saw selling by the FII. On the flip
side, the market remained supported by the continuous buying by domestic institutional
investors.

Bank Nifty iindex pared previous day’s losses and gained 1.27% to settle the day at the
level of 54,128.95, after hitting the daily high of 54,393.75. The rally in the Bank Nifty is
supported by the surge in private banks, which snapped a four-session losing streak as
sentiment improved following positive cues from the Trump-Xi Summit in Beijing. Bank
Nifty reclaimed the level of 54,000 mark, sustaining at this level, and a breach of 54,343,
may further aid the index to move towards the next upside target of 54,960.

Nifty Metal index extended its euphoric run on May 14, 2026, surging 271.45 points to
settle at 13,562.25. This rally was primarily fueled by a significant spike in global metal
prices, with base metals reaching all-time highs on the London Metal Exchange. During the
session, the index hit an intraday peak of 13,580, propelled by robust gains from
heavyweights such as Vedanta (+3.0%) and Hindalco (+2.4%). Adani Enterprises emerged
as a top gainer, while a notable recovery in steel giants like SAIL and Tata Steel further
solidified the sector’s dominant performance.

Nifty Pharma index surged 655 points to finish the session at 24,573.30. The rally was
spearheaded by a stellar performance from Cipla, which jumped over 8% fueled by strong
fundamentals, while other major players like Zydus Lifesciences (+4.56%), Ipca Labs, and
Glenmark also secured impressive gains. Buoyed by favorable regulatory shifts and
resilient export demand, the sector successfully moved past previous anxieties regarding
Q4 earnings dips to emerge as a key market driver.

NIFTY DAILY CHART

Nifty saw gain of 277 points and managed to close at 23, 689.60. But Index still remains under the key
level of 23,800. Only after a sustainable breach of 23,800 level, can index move towards the next
upside destination of 24,000-24,100. However, RSI at 45.86 is hinting at room for the upside in the
index and is supportive on the technical levels.

Equity Market Technical Analysis Snapshot: May 14th, 2026

Nifty50: 

Nifty gained +1.29%, opening at 23,530.25 and initially slipping to a low of 23,426.55, where buying interest emerged from lower levels, leading to a strong recovery and a high of 23,777.20, before closing at 23,689.60, indicating a notable short-covering rally; despite the rebound, the trend remains bearish as the index continues to trade below its 200DMA, 11DMA, and 30DMA, reflecting an overall weak technical structure, while the RSI at 45.86 suggests improving momentum but still below the bullish threshold; immediate resistance is placed at 23,800–24,050 and support at 23,425-3,270, where a sustained move above 23,800 could trigger further short-covering, whereas a break below 23,425 may resume downside pressure.

 Bank Nifty: 

Bank Nifty gained +1.26%, opening at 53,639.50 and initially slipping to a low of 53,191.60, before witnessing a strong recovery of more than 1,100 points from lower levels, hitting an intraday high of 54,393.75 and eventually closing at 54,128.95, indicating sharp short-covering and buying support at lower levels; however, the trend remains bearish as the index continues to trade below its 200DMA, 11DMA, and 30DMA, reflecting weakness in the broader structure, while the RSI at 43.79 suggests improving momentum but still below bullish territory; immediate resistance is placed at 54,450-55,100 and support at 53,630-53,250, where a sustained move above 54,450 could extend the recovery further, whereas a break below 53,630 may bring back selling pressure.

Nifty Mid Select: 

Nifty Mid Select (Midcap Nifty) gained +1.36%, opening at 14,157.70 and initially slipping to a low of 14,033, before recovering strongly to hit an intraday high of 14,290.90 near the previously suggested resistance zone, while also reclaiming the 11DMA, and eventually closing strong at 14,265.55; the trend remains bullish as the index trades firmly above its 200DMA, 30DMA, and 11DMA, confirming renewed strength after the recent pullback, while the RSI at 60.19 indicates healthy momentum with scope for further upside; immediate resistance is placed at 14,340-14,450 and support at 14,100-13,950, where holding above 14,100 keeps the bullish structure intact, while a sustained breakout above 14,340 could extend the rally further.

Nifty Pharma: 

Nifty Pharma surged +2.74%, opening gap-up at 24,151.65 and extending its sharp rally throughout the session to hit a fresh all-time high of 24,573.30, before closing near the day’s high at 24,551.05, reflecting strong buying momentum and sustained sectoral strength; the trend remains firmly bullish as the index trades well above its 11DMA, 30DMA, and 200DMA, confirming strength across all major time frames, while the RSI at 73.29 has entered the overbought zone, indicating strong momentum though some short-term consolidation or profit booking may emerge at higher levels; immediate support is placed at 24,270-24,100 and resistance at 24,830-25,250, where a sustained move above 24,830 could extend the rally further, while holding above 24,270 remains crucial to maintain the bullish structure.

Disclaimer:

Investment in securities markets is subject to market risks. Please read all related documents carefully before investing. (Our SEBI Reg. No. INH000010335)For Full Disclaimer: Click Here