Equity Market Technical Analysis Snapshot: May 21st, 2026

Nifty50: 

Nifty slipped -0.04%, opening gap-up at 23,827.80 and hitting an intraday high of 23,857.45 near the previously discussed resistance zone of 23,800, where selling pressure emerged, leading to a nearly 250-point decline before closing at 23,648.60; the index continues to remain range-bound, and the trend remains sideways to bearish as it trades below its 200DMA, 11DMA, and 30DMA, while the RSI at 45.43 indicates weak momentum with limited bullish strength; immediate resistance is placed at 23,800-24,050 and support at 23,450-23,270, where a sustained move above 23,800 could trigger recovery momentum, while a break below 23,450 may invite fresh downside pressure.

 Bank Nifty: 

Bank Nifty declined -0.23%, opening gap-up at 53,963.10 and touching an intraday high of 54,109.15 near the 11DMA, where selling pressure emerged, eventually closing weak at 53,439.40; the trend remains sideways to bearish as the index continues to trade below its 200DMA, 11DMA, and 30DMA, reflecting a weak broader structure, while the RSI at 41.29 remains in a subdued zone; immediate resistance is placed at 53,850-54,450 and support at 53,100-52,710, where holding above 53,100 is crucial, while a sustained move above 53,850 may trigger short-covering recovery.

Nifty Mid Select: 

Nifty Mid Select (Midcap Nifty) ended slightly lower by -0.12%, opening gap-up at 14,480.85 and hitting an intraday high of 14,522.80, before witnessing profit booking and closing at 14,351.90; despite the decline, the trend remains bullish as the index continues to trade comfortably above its 200DMA, 30DMA, and 11DMA, indicating underlying strength in the midcap space, while the RSI at 61.08 reflects healthy momentum; immediate resistance is placed at 14,450-14,590 and support at 14,150-13,950, where holding above 14,150 keeps the bullish structure intact, while a breakout above 14,450 could extend the rally further.

Nifty India Defence: 

Nifty India Defence gained +1.43%, opening gap-up at 9,079.75 and witnessing a steady uptrend throughout the session after crossing above the 11DMA, eventually hitting an intraday high of 9,235.65 before profit booking emerged at higher levels, leading the index to close at 9,119.55, still holding above the 11DMA; the trend remains sideways to bullish as the index continues to trade above its 11DMA, 30DMA, and 200DMA, reflecting a positive broader structure despite some intraday selling pressure, while the RSI at 58.38 indicates improving bullish momentum; immediate support is placed at 9,050-8,950 and resistance at 9,200-9,300, where a sustained move above 9,200 could strengthen the uptrend further, while holding above 9,050 remains crucial to maintain bullish momentum.

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