Indian stock market: Benchmark indices Sensex and Nifty 50 ended their two-session gaining streak on Friday, May 15, as investors booked profits amid subdued global signals, a steep rise in crude oil prices, and the rupee slipping to a fresh record low against the US dollar.
The declined 161 points, or 0.21%, to close at 75,237.99, while the Nifty 50 dropped 46 points, or 0.19%, to settle at 23,643.50.
Stock market next week
Nifty 50
On Friday, the Nifty 50 opened with a gap-up at 23,731.40, indicating a positive start to the session. The index registered its intraday high of 23,839.30 during the first half of the session. However, selling pressure emerged from higher levels, dragging the index lower towards an intraday low of 23,610.30 in the second half. The index eventually settled at 23,643.50, registering a decline of 46.10 points or 0.19% over the previous close.
According to Sumeet Bagadia, Executive Director at Choice Broking, on the daily timeframe, the formation of a bearish candlestick pattern indicates profit booking at higher levels and cautious sentiment among market participants.
“From a technical perspective, immediate support is placed in the 23,450–23,500 range, while resistance is observed between 23,850 and 23,900 levels. The Relative Strength Index (RSI) stands at 45.13, indicating weak momentum and lack of strong bullish conviction. The volatility index, India VIX, increased by 0.95% to close at 18.79, suggesting a slight rise in market uncertainty. In the derivatives segment, notable call writing was seen at the 23,700 strike, followed by 23,800, while significant put writing was observed at 23,500 and 23,400 levels, indicating near-term support zones within a defined trading range,” Bagadia said.
Bank Nifty
The index opened with a gap-up at 54,207.75 and registered its intraday high of 54,325.45 during the first half of the session. Thereafter, sustained selling pressure emerged, dragging the index lower towards an intraday low of 53,628.30 in the second half. The index eventually closed near its day’s low at 53,710.35, declining by 418.60 points or 0.77% for the day.
Bagadia noted that on the daily timeframe, the formation of a bearish candlestick pattern with the intraday high near the opening level reflects selling pressure right from the start of the session.
“From a technical standpoint, immediate support is placed in the 53,000–53,100 range, while resistance is seen in the 54,400–54,500 zone. The Relative Strength Index (RSI) stands at 41.60, indicating weakening momentum and a cautious undertone in the banking index. Sustaining above key support levels will be important to avoid further downside pressure,” he said.
Bagadia further advised to remain selective and monitor key support zones closely, as sustained weakness below these levels could trigger further downside pressure in the near term, as recent price action suggests a weak trading session with both benchmark indices witnessing selling pressure from higher levels after a positive opening.
Stocks to buy
Sumeet Bagadia has recommended three to buy on Monday, April 18. The three stock picks by Bagadia are – NMDC, Bank of Maharashtra, and Motherson Sumi Wiring India.
1] NMDC: Buy at ₹91.41 | Target Price: ₹99 | Stop Loss: ₹87.50
2] Bank of Maharashtra: Buy at ₹78.02 | Target Price: ₹85.50 | Stop Loss: ₹74.40
3] Motherson Sumi Wiring India: Buy at ₹40.07 | Target Price: ₹43 | Stop Loss: ₹38.30
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.