Nifty दिन के High से नीचे गिरा। 20 May के लिए प्रमुख Level क्या हैं ?

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.

Equity Market Technical Analysis Snapshot: May 19th, 2026

Nifty50: 

Nifty slipped -0.14%, opening at 23,675.30 and largely trading in a narrow range during the weekly expiry session, while hitting an intraday high of 23,782.30 near the previously suggested resistance zone of 23,800, where selling pressure emerged, eventually closing lower at 23,618; the trend remains bearish as the index continues to trade below its 200DMA, 11DMA, and 30DMA, reflecting weakness in the broader market structure, while the RSI at 44.70 indicates subdued momentum with limited bullish strength; immediate resistance is placed at 23,800-24,050 and support at 23,270-23,100, where a sustained move above 23,800 could trigger short-covering recovery, whereas a break below 23,270 may accelerate downside pressure.

 Bank Nifty: 

Bank Nifty slipped -0.24%, opening at 53,553.75 and moving higher initially to hit an intraday high of 53,770.65, but failed to sustain at higher levels and eventually closed lower at 53,409.15, indicating continued weakness and selling pressure near resistance zones; the trend remains bearish as the index continues to trade below its 200DMA, 11DMA, and 30DMA, reflecting a weak technical structure across all major time frames, while the RSI at 40.00 suggests subdued momentum with limited signs of strength; immediate resistance is placed at 53,850-54,450 and support at 53,100-52,710, where a break below 53,100 could extend the downside further, whereas a sustained move above 53,850 may trigger short-covering recovery.

Nifty Mid Select: 

Nifty Mid Select (Midcap Nifty) gained +0.94%, opening at 14,212.45 and witnessing a sharp rally during the session, successfully reclaiming the 11DMA and hitting an intraday high of 14,428, before closing strong at 14,298.85, indicating renewed buying momentum in the midcap space; the trend remains bullish as the index now trades firmly above its 200DMA, 30DMA, and 11DMA, confirming strength across all key moving averages, while the RSI at 60.24 reflects healthy momentum with room for further upside; immediate resistance is placed at 14,450-14,590 and support at 14,150-14,050, where a sustained move above 14,450 could extend the rally further, while holding above 14,150 remains crucial to maintain the bullish structure.

Nifty IT: 

Nifty IT surged +3.23%, opening at 28,679.85 and witnessing a sharp rally throughout the session to hit an intraday high of 29,609.60, before closing strong at 29,308, indicating aggressive short-covering and buying from lower levels; however, the overall structure remains cautious and this move can still be considered a dead cat bounce as the trend remains sideways to bearish, with the index trading below its 30DMA and 200DMA, though it has managed to close above the 11DMA, reflecting some short-term improvement in momentum; the RSI at 49.92 remains near the neutral zone, suggesting recovery but not a confirmed bullish reversal yet; immediate support is placed at 28,650-28,100 and resistance at 29,850-30,400, where a sustained move above 29,850 could improve sentiment further, while failure to hold 28,650 may bring back selling pressure.

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