Nifty failed to sustain higher on Tuesday after getting a good follow-through rise in the early trades. The index opened with a gap-down today and is trading lower. It touched a low of 23,397 in the early trades and is attempting to rise back. Nifty is currently trading at 23,520, down 0.41 per cent. The advances/declines ratio is at 14:36. This is negative.
Nifty if facing resistance around 23,800. The price action indicates that the index is struggling to breach this hurdle. Cluster of resistances are there in the 23,600-23,800 region. So, the bounce that is happening from the intraday low now may not sustain. A strong rise above 23,800 is ideally needed to turn the outlook positive.
As long as the index stays below 23,800, there are good chances to see 23,300-23,200 on the downside in the coming sessions.
The Nifty 50 May futures (23,485) is down 0.54 per cent. The contract touched a low of 23,386.60 and has bounced back from there. The immediate outlook is unclear. If the bounce sustains, a rise to 23,600-23,650 is possible.
Support is around 23,350. Failure to get a follow-through from here and a break below 23,350 can be bearish. Such a break can drag the Nifty 50 May futures contract down to 23,100 in the coming sessions.
Since the Nifty 50 futures contract can go either way from here, we suggest traders to stay out of the market today.
Supports; 23,350, 23,100
Resistances: 23,650, 23,720
Published on May 20, 2026
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