IGI Logo

Below the Quote on Post market comment for Monday May 11 by Sachin Gupta, VP- Research at Choice Broking

Indian equity benchmarks witnessed a negative close on 11^th May 2026. The index opened with a sharp gap-down of 206.05 points at 23,970.10, reflecting weak global and domestic sentiment at the start of the session. After opening lower, selling pressure dominated throughout the first half of the session, although in the start of the second half, index witnessed buying interest and hence registered its intraday high at 23,997.45. The index then again faced heavy selling pressure, dragging the index towards an intraday low of 23,799.10 during the second half itself. Although intermittent recovery attempts were seen, the index failed to sustain at higher levels and eventually settled near the day’s low at 23,815.85, ending the session lower by 360.30 points or 1.49%. On the daily timeframe, the index formed a strong bearish candlestick pattern, indicating sustained selling pressure across the session. The formation of a close near the day’s low suggests weakness in momentum and reflects cautious sentiment among market participants.

From a technical perspective, immediate support is placed in the 23,450–23,500 zone, while resistance is seen around the 24,100–24,150 range. The Relative Strength Index (RSI) stands at 46.11, slipping below the midpoint and indicating weakening momentum with a bearish undertone. Volatility index, India VIX, surged 10.17% to close at 18.55, indicating heightened uncertainty and nervousness in the market. In the derivatives segment, significant call writing was observed at the 23,900 and 24,000 strikes, while put writing was concentrated at the 23,800 and 23,600 levels, suggesting a broader trading range with a cautious to bearish bias.

Sectorally, the market witnessed broad-based weakness with sharp pressure visible in Realty, Consumer Durables, PSU Banks, Media, and Auto stocks, while selective resilience was observed in Pharma and FMCG counters. Market breadth remained strongly negative, with declining stocks significantly outnumbering advancing stocks, indicating widespread selling pressure in the broader market.

The Bank Nifty index opened with a substantial gap-down of 478.10 points at 54,832.45, indicating weakness in the banking space from the opening bell. The index initially witnessed selling pressure during the first half, although in the beginning of the second half, buying interest emerged and pushed the index higher towards an intraday high of 55,002.45. However, the recovery failed to sustain as fresh selling pressure re-emerged at higher levels, dragging the index down and hence index registered its day’s low at 54,360.70. The index eventually settled near day’s low at 54,439.90, down by 870.65 points or 1.57%. On the daily timeframe, the index formed a bearish candlestick pattern, indicating continued weakness and dominance of sellers. The close near the lower end of the session suggests that bears maintained control throughout the day despite intermittent recovery attempts.

Technically, immediate support is placed in the 53,600–53,700 zone, while resistance is observed around 55,000–55,100 levels. The Relative Strength Index (RSI) stands at 43.74, indicating weakening momentum and a negative bias in the banking index.

Markets witnessed a highly volatile and weak trading session, with both benchmark indices opening sharply lower and remaining under pressure for most of the day. The sharp rise in India VIX, coupled with weak market breadth and broad-based sectoral weakness, reflects increased caution among market participants. Going ahead, the immediate focus will remain on whether key support zones hold, as sustained weakness below those levels could lead to further downside pressure in the near term.

Above views are of the author and not of the website kindly read disclaimer