Stock market today: The Gift Nifty Live Chart shows a negative start for the Indian stock market today. By 8:23 AM, the Gift Nifty was trading around the 23,416 level, a discount of 196 points from the Nifty futures’ previous close of 23,612.
Indian benchmark indices, Sensex and Nifty 50, finished slightly lower on Tuesday, 19 May, amid profit booking, as investors exercised caution amid mixed global signals, ongoing uncertainty over the US-Iran conflict, high crude oil prices, and the ongoing weakness of the rupee.
The BSE Sensex dropped by 114 points, equivalent to 0.15%, to close at 75,200.85, whereas the NSE Nifty 50 decreased by 32 points, or 0.14%, ending at 23,618.
Despite Brent crude prices falling by nearly 2% amid growing hope of a US-Iran peace agreement, market sentiment remained strained by continued worries about the Indian currency. As reported by PTI, the rupee reached a new all-time low of 96.52 against the US dollar on Tuesday.
Market Outlook by Jay Thakkar, Vice President & Head of Derivatives and Quant Research, ICICI Securities
Nifty 50
Nifty 50 has been consolidating between 23,800 and 23,250 levels, and in that process, it seems to be forming a symmetrical triangular pattern. For the next couple of days, watch out for this range to hold, and only once it breaks, a directional move can be expected.
Now, on the upside, the 23,800 level is acting as stiff resistance, as it had earlier acted as critical support; hence, a break of the same would make it a stiff resistance. On the downside, 23,150 is a critical support after 23,250, as it is the gap-area support, and below that, the ultimate support will be 23,000, as it is the psychological support.
Above 23,800, the next hurdle will be 24,000, and thereafter 24,400. So, overall, 24,400-23,000 is the range, with a narrower range of 23,250-23,800 levels. Only above 24,400 can one expect a larger uptrend; until then, the Index is likely to consolidate for some time longer, hence short iron butterfly or short iron condor strategies may work well until this range is broken.
Stocks To Buy in the near-term – Jay Thakkar
Jay Thakkar of ICICI Securities recommends Indian Energy Exchange (IEX) Futures, Glenmark Pharmaceuticals Futures, and Titan Company Futures.
Buy IEX Fut in the range of ₹124-126; stop loss below ₹119; Targets of ₹130-134
IEX has been consolidating within a range of 120-130 for some time now and there have been short additions in this stock in the recent fall. Now, since it has taken a good support again near 120 levels a short covering move is expected which can again take it to the upper end of the range i.e. 130 and beyond that 134. There has been good put additions at 120 strike which is now going to act as a support whereas in the last trading session there was improvement in PCR as most of the strikes had witnessed call unwinding which can also trigger some short covering as we head towards the expiry.
Buy Glenmark Fut in the range of ₹2,390-2,410; stop loss below ₹2,330; Targets of ₹2,550 and ₹2,650 levels
Glenmark has provided a breakout from multiple swing resistances and it has recently retested the same as well. Now , it has again started to form higher tops and bottoms with increase in OI indicating fresh long built up, hence one can go long on this stock from hereon as the risk: reward is in favour of the bulls. Overall , there is a strong uptrend in the Nifty Pharma sector and we have been maintaining our bias positive on this sector and we believe that there is quite some upside still left in this sector hence this will also provide the support to this stock. As per the options data, there is a huge call base at 2,400 strike and it has closed above the same, so if it continues to trade above the same then there is a higher chance that the 2,400 ce writer will panic and start unwinding the positions which will eventually help the bulls in the near term. The max pain is also at 2,400 levels and the stock has closed above the same, so multiple resistances at 2,400 have been taken off and further upside can be witnessed if is sustain and trades with a positive bias from hereon too.
Sell Titan Futures in the range of ₹4,110-4,090; stop loss above of ₹4,185; Targets of ₹3,800-3,900
Titan has been forming lower tops and bottoms and with that there has been decrease in the OI indicating long unwinding in the stock hence the selling pressure is expected in the current series at least until the monthly settlement day. The rollovers are likely to be impacted on account of muted top line growth and only an increase in that will lead to further recovery in this stock else some more profit booking cannot be ruled out in days to come. As per the options data, there is huge call additions 1t 4,100 and 4,200 strikes, hence these levels will act as a strong resistance now 3900 strike has witnessed some put additions and that can be the near-term support, hence that is the 1st Target level. The max pain is at 4,200 levels and the stock is trading well below that and it will act as a strong resistance going forward.
Disclaimer: The Research Analyst or his relatives or I-Sec do not have actual/beneficial ownership of 1% or more securities of the subject company, at the end of 19/05/2026 or have no other financial interest and do not have any material conflict of interest.
The views and recommendations provided in this analysis are those of individual analysts or broking companies, not Mint. We strongly advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.
