क्या Nifty 24,000 की ओर बढ़ रहा है या पहले 23,300 को छुएगा?

Welcome to Chart Pe Charcha, a show where Naresh Sharma (Head of Research) & Moumita Samanta (Research Manager) provide expert insights on the Indian stock market, commodities, and global cues.

NIFTY INDEX DAILY REPORT

Nifty 50 witnessed a highly volatile session, plunging by 1.4% in the early hours to touch the low of
23,317, but later recovered to settle the day up by 0.03% at 23,649.55. Amid macroeconomic
headwinds, including escalating US-Iran tensions, surging Brent crude past $110 a barrel, and the
Indian Rupee tumbling past 96 per US dollar. However, defensive buying in index heavyweights,
particularly within the Nifty IT sector, which gained 1.16% on the back of a weaker rupee, gave
support to the index. While rate-sensitive sectors like Nifty Realty and Nifty Auto faced severe heat.
Nifty’s ability to bounce back formed a strong lower-shadow candlestick, indicating solid valuebuying near the 23,300 support zone and thus rebound to close above 23,600.

Bank Nifty index witnessed downward pressure opening with a sharp gap-down at 53,282.15 amid
macroeconomic headwinds, including soaring global crude oil prices past $110 a barrel and the
Indian Rupee sliding towards record lows near 96.20. Bank Nifty remained structurally weak
throughout the session, weighed down heavily by major public sector banks like the State Bank of
India, which fell over 2.4% alongside losses in Axis Bank. The index ultimately closed in the red,
leaving the technical outlook firmly bearish as it hovers critically close to crucial near-term support at
the 53,000 mark.

Nifty IT index emerged as an outperformer for the Indian equity markets, registering a strong gain
of 2.43% to close near the 28,296.15 level. Amid an intense broader market selloff during early trade,
triggered by escalating geopolitical tensions, global crude oil surging past $110 a barrel, and the
Indian Rupee tumbling to an all-time low of 96.39. The investors sought refuge in export-oriented
sectors that stand to benefit from a depreciating local currency. Buying interest was broad-based
and led aggressively by heavyweights and mid-caps alike, with Oracle Financial Services Software
surging 2.77%, followed by sharp gains in Tech Mahindra and Infosys (+2.20%), effectively supporting
the Nifty 50 from its intraday lows to finish the day virtually flat.

Nifty Pharma index closed 0.52% higher at 24,762.85, successfully outperforming a highly volatile
market. Despite a steep early-morning plunge across global equities that dragged the index to an
intraday low of 24,436.25, the sector leveraged its export-oriented characteristics and the weakening
Indian Rupee to recover intraday, hitting a high of 24,788.95. The day’s spectacular highlight was
Gland Pharma, which soared by 16.22% to a 52-week high of ₹2,170 amid doubling its Q4 net profit,
while frontline heavyweight Sun Pharmaceutical gained 1.47% to close at ₹1,906. This resilient
performance firmly reinforces Nifty Pharma’s intermediate upward trajectory, establishing strong
immediate support around the 24,400–24,500 zone as it may retest its all-time high of 24,847.90.

NIFTY DAILY CHART

Nifty saw a marginal gain of 6.45 points and settled at 23,649.95. This index is seen trading within a
range for four days. On the upside, it is facing resistance at 23,840 and finding support at 23,335.
Thus, only a breach of 23,800 and sustained trading above the same would open the door for 24,000.
Else, a fall below 26,330 would take the index towards 23,270.

Equity Market Technical Analysis Snapshot: May 18th, 2026

Nifty50: 

Nifty ended almost flat at +0.03%, opening gap-down at 23,482.20 and slipping to a low of 23,317.10, where buying interest emerged from lower levels, leading to a strong intraday recovery toward a high of 23,695.65, before closing at 23,649.95, indicating continued short-covering and dip-buying activity; however, 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 45.26 suggests mildly improving momentum but still below bullish territory; immediate resistance is placed at 23,800-24,050 and support at 23,270-23,100, where a sustained move above 23,800 could strengthen recovery momentum, whereas a break below 23,270 may trigger fresh downside pressure.

 Bank Nifty: 

Bank Nifty declined -0.32%, opening gap-down at 53,282.15 and slipping to a low of 52,783.45, before witnessing a sharp recovery of more than 880 points from lower levels to hit an intraday high of 53,667.55, eventually closing at 53,537, indicating strong dip-buying and short-covering at lower zones; 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 40.69 suggests slightly improving momentum but still within a weak zone; immediate resistance is placed at 53,850-54,450 and support at 52,710-52,350, where a sustained move above 53,850 could extend the recovery further, whereas a break below 52,710 may invite renewed selling pressure.

Nifty Mid Select: 

Nifty Mid Select (Midcap Nifty) ended almost flat at -0.02%, opening gap-down at 14,066.95 and initially falling to a low of 13,922.40, before recovering strongly to hit an intraday high of 14,185.15, where it faced resistance near the 11DMA (14,201.45), eventually closing at 14,165.65; the broader trend remains bullish as the index continues to trade above its 200DMA and 30DMA, but the short-term outlook remains cautious since it is still trading below the 11DMA, indicating temporary weakness after the recent correction, while the RSI at 57.48 reflects stable momentum with underlying strength intact; immediate resistance is placed at 14,340-14,450 and support at 14,100-13,950, where holding above 14,100 is important to maintain the bullish structure, while a sustained move above the 11DMA could revive stronger upside momentum.

Nifty IT: 

Nifty IT gained +2.43%, opening at 27,689.60 and witnessing a sharp rally throughout the session to close strong at 28,389.80, indicating aggressive short-covering from lower levels; however, the broader structure still suggests it could be a dead cat bounce as the trend remains bearish, with the index continuing to trade below its 11DMA, 30DMA, and 200DMA, reflecting weakness across all major time frames, while the RSI at 41.60 indicates recovering momentum but still below bullish territory; immediate support is placed at 27,950-27,600 and resistance at 28,600-29,050, where a sustained move above 28,600 could improve short-term sentiment, whereas failure to hold above 27,950 may revive selling pressure.

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