Indian equity benchmarks ended in the red on Friday, May 15, as selling pressure in IT, banking and broader market stocks dragged indices lower. The decline also marked the end of the market’s two-week winning streak, while the rupee breached the 96-per-dollar level for the first time during intraday trade.
The BSE Sensex dropped 161 points to settle at 75,238, while the NSE Nifty 50 slipped 46 points to close at 23,644. The fall also snapped a two-session rally in benchmark indices.
On a weekly basis, both the Sensex and Nifty registered losses of nearly 2 percent.
Market sentiment remained fragile amid a combination of rising crude oil prices, persistent foreign institutional investor (FII) selling and weakness in the domestic currency. Concerns over global inflationary pressures and geopolitical tensions, especially surrounding the US-Iran situation, further kept investors cautious.
Despite the weak weekly performance, equities recovered significantly during the second half of the week after positive global developments improved risk appetite. Optimism surrounding US-China trade discussions helped markets pare some losses.
The Indian rupee remained under pressure throughout the week and crossed the 96-mark against the US dollar intraday, reflecting concerns over higher import costs and external market volatility. Rising crude oil prices also added to worries over inflation and India’s fiscal outlook.
Stock Market Outlook
Levels to watch out for: 23,850 – 24,300 / 23,500 – 23,200
Mehul Kothari, Deputy Vice President — Technical Research at Anand Rathi noted that the Indian stock markets witnessed sharp volatility during the week of May 9–15, 2026, with heavy selling pressure in the first half followed by a strong recovery towards the end.
He informed that the Nifty slipped below the crucial 23,300–23,400 support zone, while the Sensex corrected nearly 3,400 points during the week, with a massive sell-off around May 11 wiping out significant market value. However, markets managed to recover sharply in the latter half of the week, supported by positive global cues, easing sentiment around US-China trade talks, and buying interest in sectors like pharma and metals. On May 14, the Sensex surged nearly 790 points, while the Nifty gained around 277 points, signaling signs of stabilization after the sharp correction. Despite the rebound, overall sentiment remained cautious heading into the weekend due to elevated oil prices and macroeconomic uncertainties.
Kothari further pointed out that Last week, the Nifty confirmed a breakdown below the crucial 23,900 support zone, thereby invalidating the earlier breakout structure above 24,300. The index witnessed sharp volatility during the week and retraced nearly 50% of the entire rally from 22,200 to 24,600, indicating profit booking and weakening momentum at higher levels.
“Although the market attempted a recovery afterwards, the index failed to sustain above the important 23,850 resistance mark, which now becomes a key level to watch for the coming week. A decisive move and sustained close above 23,850 could trigger fresh bullish momentum and open the doors towards 24,500–25,000 levels in the near term. However, on the downside, if Nifty slips below 23,500, the recent lows near 23,300 are likely to be retested. Moreover, a deeper correction towards the 23,200–23,100 zone cannot be ruled out, as it coincides with the important 61.8% Fibonacci retracement level along with a key unfilled gap area,” he predicted.
Hence, the coming week is expected to be extremely crucial in deciding the next directional move for the markets.
Moreover, he further highlighted that the NIFTY BANK index witnessed sharp volatility during the week and slipped below the important 54,000 support zone, making a low near 53,200 amid broader market weakness. The index has now retraced nearly 50% of its previous upmove, indicating profit booking and loss of momentum at higher levels.
“Going ahead, the crucial support for the coming week is placed near 53,200, and a decisive breakdown below this level could drag the index towards the 52,800 zone, which coincides with the important 61.8% Fibonacci retracement level along with a key gap support area. On the upside, the index continues to face resistance near 54,500, and only a sustained breakout above this level would bring BANK NIFTY back into a stronger and safer bullish structure. Hence, the coming week remains important as the index trades near critical support and resistance levels,” suggested the expert.
Mehul Kothari’s stock recommendations today under ₹200
Regarding stocks to buy under ₹200, Mehul Kothari recommended these three short-term picks: Shree Renuka Sugars, Suzlon Energy, and CESC.
1] Shree Renuka Sugars: Buy near ₹24, Target ₹27, Stop Loss ₹22.50;
2] Suzlon Energy: Buy near ₹53, Target ₹58, Stop Loss ₹50; and
3] CESC: Buy only above ₹184, Target ₹195, Stop Loss ₹178.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
