Bajaj Broking Research - Closing Market Commentary for 21st May 2026

Benchmark indices ended on a negative note on 21 May during the weekly Sensex expiry session, as markets witnessed volatile trade and profit booking at higher levels. Although crude oil prices cooled off and the Indian Rupee recovered after touching record low levels, selling pressure continued to weigh on the indices through the session. At close, the Sensex declined 135.03 points or 0.18% to settle at 75,183.36, while the Nifty slipped 4.30 points or 0.02% to close at 23,654.70.

Sectoral performance remained mixed during the session. Buying interest was witnessed in Nifty Realty, Consumer Durables, and Healthcare stocks, whereas selling pressure was visible in Nifty IT, FMCG, and Media counters. Broader markets continued to outperform the benchmark indices. The Nifty Small cap 100 index advanced 0.63%, reflecting stock-specific buying interest, while the Nifty Midcap 100 index remained largely flat and ended marginally lower by 0.04%.

Nifty Outlook

Index in the daily chart formed a bearish candlestick pattern with a higher high and a higher low signaling selling pressure at higher levels around the recent breakdown area of 23,800-23,900. Going ahead, index to extend the last seven sessions consolidation in the range of 23,200-23,900. Only a move above the recent breakdown area of 23,800-23,900, will signal a pause in the overall corrective trend.

Index need to start forming higher high and higher low on a sustained basis in the daily chart and a move above the breakdown area of 23,800-23,900 to signal strength. Nifty has key support at 23,200-23,000 levels being the confluence of the lower band of the 8th April bullish gap area and the 61.8% retracement of the previous pullback (22,182-24,601).

Bank Nifty Outlook

Index in the daily chart formed a bearish candlestick pattern with a higher high and a higher low signaling selling pressure at higher levels around the 54,000 levels. Index likely to consolidate in the range of 52,700-54,700. Bank Nifty holding above the key support area of 52,700-52,400 will lead to a pullback towards the recent breakdown area of 54,000 and 54,700.

Index need to form higher high and higher low on a sustained basis in the daily chart and a move above the breakdown area of 54,400-54,700 to signal a pause in the recent downtrend. Key support is placed at 52,700-52,400 levels being the confluence of the lower band of the 8th April gap area and the 61.8% retracement of the previous pullback (49,955-57,456).

Source : Equity Bulls

Keywords

BajajBroking MarketCommentary Nifty Sensex