Market Commentary (closing) for 19th May 2026 by Bajaj Broking
Below the Market Commentary (closing) for 19th May 2026 by Bajaj Broking
Market Closing Commentary
Benchmark indices traded choppy within a narrow range on 19th May amid weekly Nifty expiry, eventually settling near the 23,600 mark. Market sentiment remained cautious as the Indian Rupee continued its depreciation, touching a fresh low of 96.61 against the US dollar. Additionally, elevated crude oil prices weighed on investor confidence and remained a key concern for market participants. At close, the Sensex declined 114.19 points or 0.15% to settle at 75,200.85, while the Nifty fell 31.95 points or 0.14% to close at 23,618.00.
On the sectoral front, buying interest remained broadly positive, with major support coming from Nifty IT and Realty stocks, whereas the Private Banking sector emerged as the primary laggard during the session. The broader market continued to outperform the benchmark indices, witnessing strong buying interest. The Nifty Midcap 100 index gained 0.91%, while the Nifty Smallcap 100 index advanced 1.17%, reflecting sustained participation in the broader market space.
Nifty Outlook
Index in the daily chart formed a small bearish candle with a long upper shadow signaling selling pressure at higher levels around the recent breakdown area of 23,800-23,900. Going ahead, failure to move above the recent breakdown area of 23,800-23,900, will keep the bias corrective and the index will consolidate with downward bias in the range of 23,200-23,900. Index need to start forming higher high and higher low on a sustained basis in the daily chart and a move above the breakdown area of 23,800-23,900 to signal a pause in the recent downtrend.
Nifty has key support at 23,200-23,000 levels being the confluence of the lower band of the 8th April bullish gap area and the 61.8% retracement of the previous pullback (22,182-24,601). The daily 14 periods RSI is facing resistance near its nine periods average highlighting corrective bias.
Bank Nifty Outlook
Index formed a small bearish candle with a long upper shadow highlighting consolidating with corrective bias. Index likely to consolidate in the range of 52,700-54,700. Bank Nifty holding above the key support area of 52,700-52,400 will lead to a pullback towards the recent breakdown area of 54,000 and 54,700. However, Index need to form higher high and higher low on a sustained basis in the daily chart and a move above the breakdown area of 54,400-54,700 to signal a pause in the recent downtrend.
Key support 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 14 periods RSI is sustaining below its nine periods average highlighting overall corrective bias
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