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Below the Quote on Pre-market comment for Friday May 15 by Hitesh Tailor, Technical Research Analyst, Technical Research at Choice Broking

Indian equity markets are expected to open on a mildly positive note, with Gift Nifty trading around 23,769, up by 40 points. Global equities traded mixed after a muted session on Wall Street, as investors remained cautious amid concerns over elevated bond yields, inflation outlook, and uncertainty surrounding the pace of global economic recovery. Market participants will also continue to monitor geopolitical developments and crude oil price movements, which may keep overall sentiment volatile in the near term.

Nifty ended on a strong positive note on 14th May 2026, closing at 23,689.60, up 277 points or 1.18%, supported by broad-based buying across key sectors. The index opened gap-up at 23,530.25 and, after witnessing initial volatility, recovered sharply to touch an intraday high of 23,777.20. Technically, the formation of a Morning Doji Star candlestick pattern indicates a potential bullish reversal and improving market sentiment. The RSI improved to 45.86, reflecting strengthening momentum, while India VIX declined to 18.61, signalling easing volatility and improved investor confidence. Derivatives data also indicated recovery sentiment with strong put writing at 23,500–23,600 strikes. Immediate support is placed around the 23,450–23,500 zone, while resistance is seen near the 23,950–24,000 range.

Bank Nifty ended on a positive note on 14th May 2026, closing at 54,128.95, up 672.80 points or 1.26%, supported by strong buying interest in the latter half of the session. The index opened gap-up at 53,639.50 and, after initial weakness, recovered sharply to touch an intraday high of 54,393.75. Technically, the formation of a Morning Doji Star candlestick pattern indicates a potential bullish reversal and improving sentiment in the banking space. The RSI improved to 43.79, reflecting recovery in momentum, while immediate support is placed around the 53,400–53,500 zone and resistance is seen near the 54,700–54,800 range.

The market outlook for the near term remains cautiously optimistic, as buying interest from lower levels and improving market breadth indicate gradual strengthening in sentiment. However, with Nifty approaching the 23,900–24,000 resistance zone and Bank Nifty nearing key supply areas, some consolidation or stock-specific volatility cannot be ruled out. Stability in global markets and continued support from banking and broader market segments will remain crucial for sustaining the ongoing recovery momentum.

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