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Published on 15-05-2026 10:15 am

Market Outlook

The Indian market traded with a positive bias, extending their rebound for the second consecutive session amid the supportive global cues and selective buying in heavyweight counters helped the Nifty50 index to end the session with gains of more than one percent. From a technical perspective, the Nifty index continues to trade below the key EMA resistance zone of 23900-24000, and sustained trading below this range keeps the cautious undertone intact. On the derivatives front, fresh put writing was observed at the 23500 and 23400 strikes, indicating immediate downside support. Meanwhile, significant call writing at the 24000 strike highlights an immediate upside hurdle.

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Published on 15-05-2026 10:14 am

BANK NIFTY

* The banking index halted its four-session corrective decline and rebounded strongly, indicating renewed buying interest.

* After opening on a firm note, the index witnessed initial selling pressure; however, it recovered sharply during the latter half, showing V-shaped recovery supported by short covering.

* Except for Axis Bank, all major banking constituents closed in positive territory, with momentum led by HDFC Bank and Bank of Baroda.

* Immediate resistance is around 55,300, while key support is around 53,150.

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Published on 15-05-2026 10:14 am

NIFTY

* Nifty traded with a positive bias on Thursday, extending the rebound for the second consecutive session amid supportive global cues and selective buying in heavy weight counters.

* Going forward, the earlier support zone of 23,800–23,900, which coincides with the lower band of the previous consolidation range and the 20-DEMA, may now act as a key resistance hurdle.

* On the downside, immediate support has shifted to 23,500, while the major support remains intact near 23,150.

* Meanwhile, we continue to recommend a stock-specific approach based on sectoral trends while maintaining caution on leveraged positions.

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Published on 15-05-2026 10:13 am

Nifty

Nifty opened with an upward gap and remained in positive terrain throughout the day. Nifty closed at 23690 with a gain of 277 points. On the daily chart the index has formed a Bullish candle which has totally Engulfed its previous day's move forming a Morning Star candlestick formation which is a bullish reversal formation. For such formation confirmation is necessary, so if the index breaks above previous day's high it would witness a change of trend to the upside. The chart pattern suggests that if Nifty breaks and sustains below 23580 level it would witness selling which would lead the index towards 23500-23400 levels. However, if index crosses above 23780 level it would witness pullback rally which would take the index towards 23900- 24000.

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Published on 15-05-2026 10:11 am

Comments

Nifty weekly contract has the highest open interest at 24500 CE and 22500 PE while monthly contracts have the highest open interest at 24000 CE and 23000 PE. The highest OI addition was seen at 24500 CE and 23700 PE in weekly and at 23700 CE and 23700 PE in monthly contracts. FIIs increased their future index long holdings by 6.70%, decreased future index shorts by 3.72% and in index options, 0.98% decrease in Call longs, 3.86% increase in Call short, 3.84% decrease in Put longs and 24.85% increase in Put shorts.

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