Nifty 50 ended with a marginal gain of 0.14%, closing at 23,412.95 points. This modest recovery provided a breather after four consecutive days of intense selling pressure, though the index remained well below its 50-day moving average. Sentiment was weighed down by a combination of a weaker Rupee, hitting the low of 95.80, against the US Dollar, and elevated crude oil prices. The India VIX remained high at approximately 19, signaling that traders remain cautious amid ongoing FII outflows and geopolitical uncertainty. Overall, the technical structure continues to appear weak, with the market searching for a firm bottom near the 23,200 support zone.

Bank Nifty index faced a turbulent session o failing to sustain its early recovery ended the day in the red, slipping roughly 100 points to close at 53,454. This downward movement followed a heavy 1.6% crash the previous day, highlighting the persistent weakness in the banking sector. The intraday high reached approximately 54,103.90, but the rally was short-lived as concerns over contracting net interest margins (NIMs) and record-low Rupee levels weighed heavily banks. Performance across the banking constituents remained mixed, with SBI continuing its significant correction, now down over 20% from its peak, following underwhelming Q4 earnings that rattled investor confidence. The sector continues to grapple with high volatility, with the India VIX remaining elevated at 19, suggesting that market participants are bracing for further uncertainty in the financial space as they monitor global interest rate narratives and domestic inflationary pressures.

Nifty Auto for the fourth consecutive day traded in red and closed the day at 26,033.10, down by 0.42%. Index struggled under the weight of broader market volatility and rising input costs amid surging crude oil prices, which hit $107 per barrel, and a record-low Indian Rupee, fueling concerns over margin compression for automakers due to more expensive raw materials. Performance across the 15-stock index was notably mixed, with individual stock stories diverging from the overall index trend. Bharat Forge and Tata Motors managed a slight uptick. Conversely, the heavyweights saw pressure, as Eicher Motors fell. By 1.61% drop, followed by Hero MotoCorp (-1.17%), Ashok Leyland (-1.11%), and Mahindra & Mahindra (-1.09%).

NIFTY DAILY CHART

Nifty saw marginal recovery of 33 points by 436 points and closed at the 23,412. 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 13th, 2026

Nifty50: 

Nifty edged up +0.14%, opening at 23,362.45 and finding support near 23,270, before recovering sharply to hit an intraday high of 23,582.95, exactly near the previously discussed resistance zone of 23,570, where selling pressure emerged, leading the index to close at 23,412.60 in an indecisive manner; the trend remains bearish, although short-covering moves may continue at lower levels, as the index still trades below its 200DMA, 11DMA, and 30DMA, reflecting an overall weak structure, while the RSI at 40.52 indicates slightly improving momentum from oversold conditions; immediate resistance is placed at 23,560-23,800 and support at 23,270-23,120, where a sustained move above 23,560 could trigger further short-covering, whereas a break below 23,270 may resume the downward trend.

 Bank Nifty: 

Bank Nifty slipped -0.18%, opening at 53,600.40 and initially falling to a low of 53,194.25, before witnessing a recovery towards the key resistance zone of 54,100, where it hit an intraday high of 54,103.90 but failed to sustain higher levels, eventually closing lower at 53,456.15; the trend remains bearish as the index continues to trade below its 200DMA, 11DMA, and 30DMA, reflecting weakness across all major time frames, while the RSI at 38.99 indicates subdued momentum despite the intraday recovery attempt; immediate resistance is placed at 54,100-54,450 and support at 53,100-52,710, where a break below 53,100 could extend the downside further, whereas a sustained move above 54,100 may trigger short-covering recovery.

Nifty Mid Select: 

Nifty Mid Select (Midcap Nifty) gained +0.73%, opening at 13,982.65 and initially slipping to a low of 13,931.70, before recovering strongly to hit an intraday high of 14,181 after briefly crossing above the 11DMA, but failed to sustain higher levels and closed at 14,074.05, indicating some profit booking near resistance; the broader trend remains bullish, although the index is still hovering around/below the 11DMA, suggesting the possibility of a short-term pullback or consolidation, while it continues to trade above its 200DMA and 30DMA, maintaining a positive broader structure; the RSI at 56.55 reflects stable momentum with underlying strength; immediate resistance is placed at 14,180-14,300 and support at 13,930-13,825, where holding above 13,930 keeps the bullish structure intact, while a sustained move above 14,180 could revive upward momentum.

Nifty Metal: 

Nifty Metal surged +3.18%, opening at 12,949.60 and witnessing a sharp rally throughout the session after crossing above the 11DMA, eventually hitting a fresh all-time high of 13,344.10 before closing strong at 13,290.80, indicating robust buying momentum in the metal space; 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 66.01 reflects strong momentum with room for further upside, though some short-term consolidation near record highs cannot be ruled out; immediate support is placed at 13,050-12,850 and resistance at 13,650-14,000, where a sustained move above 13,650 could extend the rally further, while holding above 13,050 remains crucial to maintain the bullish structure.

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