Nifty 50 experienced a sharp decline, closing at 23,379.55, a loss of 436.30 points or 1.83% from the last close of 23,815.85. The market opened weak at 23,722.60 and faced sustained selling pressure throughout the day, hitting an intraday low of 23,348.40 as investors stayed cautious to escalating geopolitical tensions in the Middle East and a record low for the Indian Rupee which went to the low of 95.74. This broad-based sell-off was led by the IT sector, with heavy weights like TCS and Infosys dropping over 4%, while ONGC emerged as a rare bright spot, surging nearly 6% due to rising crude oil prices. Overall sentiment remained cautious as the index breached critical support levels, with technical analysts pointing toward the 23,800–24,000 zone as a significant new resistance barrier.

Bank Nifty followed the path of the broader market’s sentiment, closing the session at 54,439.90, a significant decline of 884.70 points or 1.63%. The index opened weak at 54,832.45 and faced relentless selling pressure as the Indian Rupee hit a record low of 95.74 against the USD and crude oil prices surged above $100, stoking fears of prolonged inflation and tighter monetary policy. This bearish sentiment weighed heavily on private banking heavyweights like HDFC Bank and ICICI Bank, while the PSU Bank index saw even steeper corrections of 2% to 4%. On the technical charts if the index falls below crucial support zone at 54,400, warning that a failure to hold this level could further trigger a slide toward the 53,500 mark in the coming sessions.

Nifty Energy buckled under the weight of broader market volatility, closing at 39,542.35 with a loss of 500.95 points. Though, the index initially touched an intraday high of 40,333.55 as global crude oil prices surged toward $106 per barrel, these gains were erased by intensifying concerns over rising fuel costs and higher financing expenses. The sector’s performance was a mix of stark contrasts, as ONGC and NTPC showed relative strength, but the index was dragged down by a crash of 6% in JSW Energy amid disappointing Q4 results and sharp declines in Adani Energy Solutions and Adani Green. Ultimately, the breach of the psychological 40,000 mark signaled a shift in momentum, leaving the sector vulnerable to further corrections despite the underlying strength in commodity prices.

NIFTY DAILY CHART

Nifty plunged by 436 points and closed below the 23,600 level at 23,3379.55. The index is seen breached the lowest band of the Bollinger Band at 23,611.13. Thus, if the index falls below the 23,300 level, the next downside destination would be 23,100. Upside can only be witnessed if the index manages to gain momentum and surges above the key level of 23,800-24,000 and sustains above the same.

Equity Market Technical Analysis Snapshot: May 12th, 2026

Nifty50: 

Nifty declined sharply by -1.83%, opening gap-down at 23,722.60 below the 30DMA and witnessing a steep sell-off of nearly 436 points, breaching recent lows before closing weak at 23,379.55, indicating strong bearish sentiment in the market; the trend remains bearish, as the index is now trading below its 200DMA, 11DMA, and 30DMA, reflecting weakness across all major time frames, although a short-covering bounce cannot be ruled out after the sharp fall; the RSI at 39.86 suggests weakening momentum nearing oversold territory; immediate resistance is placed at 23,570-23,800 and support at 23,270-23,120, where a break below 23,270 could extend the downside further, while a move above 23,570 may trigger short-covering recovery.

 Bank Nifty: 

Bank Nifty declined -1.63%, opening gap-down at 54,178.40 and witnessing a sharp sell-off of nearly 885 points during the session, eventually closing weak at 53,555.20, indicating continued bearish pressure in the banking space; the trend remains bearish as the index trades firmly below its 200DMA, 11DMA, and 30DMA, reflecting weakness across all major time frames, while the RSI at 39.45 suggests fading momentum and increasing downside pressure; immediate resistance is placed at 54,200-54,450 and support at 53,270-52,710, where a break below 53,270 could extend the decline further, whereas a move above 54,200 may trigger short-covering recovery.

Nifty Mid Select: 

Nifty Mid Select (Midcap Nifty) declined -1.09%, opening gap-down at 14,396.65 and witnessing selling pressure during the session to close at 14,333.20, while slipping below the 11-DMA, indicating short-term weakness after the recent rally; however, the broader trend remains bullish as the index continues to trade above its 200DMA and 30DMA, though the break below the 11DMA suggests a possibility of a short-term pullback or consolidation, while the RSI at 54.50 remains in the positive zone, reflecting underlying strength despite the correction; immediate resistance is placed at 14,120-14,350 and support at 13,825-13,600, where holding above 13,825 is crucial to maintain the broader bullish structure, while a move back above 14,350 could revive upward momentum.

Nifty Realty: 

Nifty Realty declined sharply by -4.11%, opening gap-down at 799.20 and witnessing sustained selling pressure throughout the session, eventually closing weak at 765.70, indicating strong bearish sentiment in the realty space; the trend has shifted to sideways to bearish as the index trades below the 11DMA and 200DMA while hovering near the 30DMA, reflecting weakening short-term momentum, and the RSI at 45.83 suggests fading strength with risk of further downside; immediate support is placed at 745-730 and resistance at 790-805, where a break below 745 could extend the decline further, whereas a move above 790 may provide short-term relief and improve sentiment.

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