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Market Commentary
Nifty Recovers from Intraday Lows, Nifty Bank Flashes Reversal Signal
Posted On : 2026-05-18 20:52:59( TIMEZONE : IST )
Om Mehra, Technical Research Analyst, SAMCO Securities
Nifty closed virtually flat at 23,649.95, up just 0.03%, but the intraday session had a different story to tell. The index opened at 23,482 and slipped sharply to an intraday low of 23,317.10 before a strong recovery drove prices back to close near the day's high of 23,695.65. The daily chart formed a candle with both lower and upper wicks.
The recovery from the 50% Fibonacci zone is noteworthy, as this level has now been tested and defended across multiple sessions. The close near 23,650 places the index around the 38.2% Fibonacci retracement level.
On the hourly chart, the session produced a V-shaped intraday recovery, with the index reclaiming the entire decline within the same session. However, the advance-decline ratio remained skewed to the negative side.
Among the Technical indicators, the RSI is placed at 45, while the ADX is positioned near 21, with the directional indicators reflecting a lack of strong trending momentum.
On the downside, the 23,400-23,260 zone remains the immediate cushion. On the upside, the 23,850-24,000 zone, aligned with the moving average cluster, becomes the key resistance band.
Nifty Bank opened with a gap-down, touched an intraday low of 52,783.45, and then witnessed a sharp recovery to close at 53,537.00, down 0.32%. The index has formed a hammer candle on the daily chart.
On the hourly chart, the session produced a V-shaped recovery from the intraday lows but remains below the hourly Supertrend.
The daily RSI is placed near the 40 zone.
The divergence within the banking space widened further, with Nifty PSU Bank declining 1.92% to settle at 7,873.00, while Nifty Private Bank gained 0.23% to close at 26,159.95.
USD/INR stood at 96.39, marking a fresh all-time low for the rupee and continuing to weigh on broader sentiment.
On the downside, the 53,000-52,800 zone remains the key support area. On the upside, the 54,000-54,200 zone becomes the immediate resistance band.
