Market Commentary (closing) for 14th May 2026 by Bajaj Broking
Market Closing Commentary
Benchmark indices witnessed heightened volatility during the weekly Sensex expiry session on 14th May. After facing corrective pressure in the first half, the indices rebounded sharply in the latter half led by short covering and eventually closed on a positive note around the 23,700 marks. Going ahead, key factors to monitor will be the movement in crude oil prices, ongoing geopolitical tensions, and the outcome of the US-China meeting, which could influence overall market sentiment.
At close, the Sensex rose 789.74 points or 1.06 percent to settle at 75,398.72, while the Nifty gained 277 points or 1.18 percent to close at 23,689.60. Among sectors, most indices ended in the green with major gains witnessed in Nifty Pharma, Healthcare, and Metal indices, which advanced between 2–3 %. However, Nifty IT remained under pressure and ended as the only sectoral loser for the session.
The broader market also witnessed buying interest, wherein the Nifty Midcap 100 gained around 1.12 percent, while the Small cap 100 index closed almost flat at -0.01 percent, indicating a mixed undertone in the broader market space.
Nifty Outlook
Index formed a sizable bullish candle with a higher high and a higher low signaling pullback from the oversold territory after the recent sharp decline. Nifty is currently placed around the Tuesday breakdown area of 23,800. A move above the same will signal extension of the pullback towards 24,100 levels. While failure to move above the same will signal extension of the corrective decline towards 23,400 and 23,100 levels.
From a short-term perspective Index need to start forming higher high and higher low on a sustained basis in the daily chart and move above the recent breakdown area of 23,800 to signal a reversal of the corrective trend. Key support area for Nifty is placed at 23,200-23,000 levels being the confluence of the lower band of the 8th April gap area and the 61.8% retracement of the previous pullback ( 22,182-24,601). The daily stochastic has rebounded from the oversold territory thus supports the continuation of the pullback in the coming sessions.
Bank Nifty Outlook
Index formed a bullish candlestick pattern with a lower low and a higher high highlighting intraday volatility and strong pullback from the oversold territory after recent sharp decline. Bank Nifty is currently placed around the Tuesday breakdown area of 54,400-54,600. A move above the same will signal extension of the pullback towards 55,000 levels. While failure to move above the same will signal extension of the corrective decline towards 53,500 and 53,000 levels.
From a short-term perspective Index need to start forming higher high and higher low on a sustained basis in the daily chart and move above the recent breakdown area of 54,400-54,600 to signal a reversal of the corrective trend. Key support area for Nifty is placed at 52,700-52,400 levels being the confluence of the lower band of the 8th April gap area and the 61.8% retracement of the previous pullback ( 49,955-57,456). The daily stochastic has rebounded from the oversold territory thus supports the continuation of the pullback in the coming sessions
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