Quote on Pre-market comment for Friday May 22 by Hitesh Tailor, Technical Research Analyst at Choice Broking
Below the Quote on Pre-market comment for Friday May 22 by Hitesh Tailor, Technical Research Analyst at Choice Broking
Indian equity markets are expected to open on a positive note, with Gift Nifty trading around 23,669, up by 153 points, indicating firm opening cues for domestic indices. Positive global market sentiment, strength across Asian equities, and easing concerns over geopolitical tensions are likely to support overall investor confidence in the near term.
Nifty ended on a flat to marginally negative note on 21st May 2026, closing at 23,654.70, down 4.30 points or 0.02%, amid selling pressure from higher levels. The index opened gap-up at 23,830.05 and touched an intraday high of 23,859.90 before gradually drifting lower throughout the session. Technically, the formation of a bearish candlestick pattern along with rejection near the 20-DEMA indicates cautious undertones and resistance at higher levels. The RSI stood at 45.55, reflecting neutral-to-weak momentum, while India VIX declined to 17.82, signalling easing volatility. Derivatives data showed notable call writing at 23,700–23,800 strikes, while put writing remained concentrated at 23,600–23,500 levels. Immediate support is placed around the 23,500–23,550 zone, while resistance is seen near the 23,850–23,900 range.
Bank Nifty ended on a mildly negative note on 21st May 2026, closing at 53,439.40, down 122.80 points or 0.23%, amid profit booking from higher levels. The index opened gap-up at 53,963.10 and touched an intraday high of 54,109.15 before witnessing sustained selling pressure throughout the session. Technically, the formation of a bearish candlestick pattern reflects cautious sentiment and inability to sustain above key resistance zones. The RSI stood at 40.53, indicating weak momentum in the banking index, though support-based buying interest may emerge near lower levels. Immediate support is placed around the 53,300–53,500 zone, while resistance is seen near the 54,400–54,500 range.
Foreign Institutional Investors (FIIs) turned net sellers on 21st May 2026 and offloaded equities worth Rs1,891 crore, reflecting cautious sentiment among overseas investors. However, Domestic Institutional Investors (DIIs) continued to provide support to the market and remained net buyers with equity purchases worth Rs 2,492 crore.
Overall market sentiment appears moderately positive for the near term, supported by firm global cues, Gift Nifty indications, and continued buying support from domestic institutions. However, the inability of benchmark indices to sustain at higher levels in recent sessions suggests that traders may continue to witness stock-specific action along with intermittent volatility. A sustained move above immediate resistance zones could strengthen bullish momentum further, while holding above key support areas will remain crucial to maintain the prevailing recovery structure.
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