2026-05-19 01:01:17
Latest Post
Nifty Recovers from Intraday Lows, Nifty Bank Flashes Reversal Signal
Archies relaunches 'Archies Express' at Bharat Summit 2026; Founder Anil Moolchandani Honoured and Hanisha Gandhi Leads Retail Strategy Panel
V-Guard Introduces Aurina RO Water Purifier Series with Industry-First DuoGuard Technology- Nifty Bank fails to sustain rebound; technical structure hints at continued consolidation with weak bias
Lloyds Metals' B Prabhakaran Backs Global Education & Industry-Integrated Learning Initiative at UIT Gadchiroli
Market Commentary
Nifty Rebounds Sharply from Morning Lows, Ends Flat
Posted On : 2026-05-18 20:47:20( TIMEZONE : IST )
Mr. Nandish Shah - Deputy Vice President, HDFC Securities
Nifty started the day with a gap-down opening on back of weak global cues and extended its early decline in the first 45 minutes. However, sentiment turned decisively positive post 10 a.m., as strong buying interest emerged, leading to a recovery of 378 points from the intraday low. Nifty finally settled almost flat, up 6 points at 23,649. Meanwhile, NSE cash market turnover declined 7% compared to the previous session.
Among index heavyweights, Tech Mahindra, Infosys, and Bharti Airtel led the gains, while Tata Steel, Power Grid, and NTPC were among the key laggards.
Sectoral performance remained mixed. IT, Pharma and Prive banks ended with gains, while media, PSU banks and Consumer durables came under pressure and ended with most losses.
Broader markets also witnessed a recovery in line with the benchmark, though the undertone remained weak. The Nifty Midcap 100 declined 0.15%, while the Nifty Smallcap 100 fell 1.26%. Market breadth continued to deteriorate for the second consecutive session, with the BSE advance-decline ratio slipping to 0.42, indicating ongoing profit booking in the mid- and small-cap segments.
The Indian rupee extended its losing streak for the seventh straight session, depreciating by 38 paise to close at a record low of 96.34. The weakness was driven by rising geopolitical tensions pushing crude oil prices higher. Additionally, a sharp uptick in both global and domestic bond yields signaled expectations of a prolonged high interest rate environment. Concerns over a widening trade deficit and declining forex reserves further added to the pressure on the currency.
From a technical perspective, the intraday recovery helped Nifty defend its swing low support at 22,262, keeping the near-term bullish outlook intact. With three out of the last four sessions closing in the green, there are early signs of buying interest emerging at lower levels. However, 23,800 remains a critical resistance level, and a decisive breakout above this mark is essential for momentum to tilt firmly in favor of the bulls.
