Stock Market Technical Analysis | 11th to 15th May 2026 Weekly Wrap

Markets witnessed heightened volatility amid global weakness, while pharma stocks showed resilience despite pressure across banking and broader markets.

Expert recommendation by:

• Mr. Ketan Kaushik - Derivative Analyst

Equity

• Benchmark Index traded volatile in the previous week before closing with 2.20% cut at 23644 level. Banking Index underperformed the benchmark index as it closed with 2.89% cut at 53710 level.
• Among the Nifty constituents, ADANIENT and ONGC outperformed the benchmark index as they closed with 8.38% and 7.22% gains while TITAN and SHRIRAMFIN underperformed as they closed with 7.54% and 6.93% cut respectively. Among the Bank Nifty constituents KOTAKBANK outperformed the benchmark index as it closed with 1.64% gain while INDUSINDBK underperformed the benchmark index as it closed with 6.77% cut.
• Among sectors, NIFTYPHARMA index outperformed the benchmark index during the previous week as it closed with 2.18% gain while NIFTYREALTY index underperformed as it closed with 8.21% cut. MIDCAP index performed in line with the benchmark index as it closed with 2.17% cut while SMALLCAP index underperformed the benchmark index as it closed with 4.56% cut.
• Volatility index (India VIX) closed with 11.58% gain at 18.79 level.
• FII were net sellers as they sold stocks worth Rs 13,584 Cr while DII were net buyers as they bought stocks worth Rs 18,625 Cr during the previous week in the cash segment.
• Globally, equity markets traded with negative bias as both US market (DJIA) and European market (STOXX 600) closed with 0.17% and 0.85% cut respectively.

Derivatives

• Derivatives data for Nifty suggest max OI addition at 24000 call and 23000 put side with max OI at 24500 call and 23000 put side (19th May expiry). Nifty cumulative PCR closed at 1.01 for May 15.
• Derivatives data for Bank-nifty suggest max OI addition at 54000 strike for both call and put side with max OI at 60000 strike for both call and put side (26th May expiry). Bank-nifty cumulative PCR closed at 0.77 for May 15.

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Performance:

Indices

Source: NSE

Sector Gainers/Losers

Source: NSE

FII / DII ACTIVITY (WEEKLY)

Source: NSE

SUPPORT/RESISTANCE LEVEL FOR UPCOMING WEEK

Source: NSE

DAILY EXPONENTIAL MOVING AVERAGE

Source: NSE

TECHNICAL OUTLOOK

NIFTY (WEEKLY)

• Benchmark index traded volatile in the previous week and closed with indecisive candlestick formation on the weekly chart
• Benchmark index is likely to continue with volatile price action in the coming week
• Benchmark Index has support at 23,000–22,700 level and resistance at 24,200–24,500 level

BANKNIFTY (WEEKLY)

• Banking index underperformed the benchmark and closed with negative candlestick formation on the weekly chart
• Banking index is likely to perform in line the Benchmark index in the coming week
• Banking index has support at 52,000-51,500 and resistance at 55,000-55,500 level

FINNIFTY (WEEKLY)

• FINNIFTY index performed better than the banking index and closed with negative candlestick formation on the weekly chart
• FINNIFTY is likely to trade in line with the banking index in the coming week
• FINNIFTY has support at 24,600-24,300 level and resistance at 26,000-26,300 level.

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Market FAQs – Weekly Summary

Why did Nifty fall last week?

Nifty declined due to global weakness, rising volatility, and continued FII selling pressure.

Which sector performed best during the week?

The pharma sector outperformed the broader market with positive momentum.

Why did Realty stocks underperform?

Realty stocks witnessed heavy profit booking amid broader risk-off sentiment.

What does rising India VIX indicate?

An increase in India VIX reflects higher market uncertainty and expected volatility.

What is the outlook for Bank Nifty?

Bank Nifty remains weak with pressure on private banks and cautious derivatives positioning.

What does PCR near 1 indicate?

A PCR around 1 suggests balanced market positioning between bullish and bearish traders.

What are the important Nifty levels to watch?

Derivatives positioning indicates strong support near 23000 and resistance around 24500.

How are FIIs and DIIs impacting markets?

FIIs continued selling while domestic institutions absorbed selling pressure through buying.

How are global markets affecting Indian equities?

Weakness in US and European markets negatively impacted overall investor sentiment.

What should traders monitor next week?

Traders should track volatility trends, derivatives data, and sector rotation closely.

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