Last week we said that Nifty is range bound and can make a bullish breakout of its range. That view had gone wrong. Nifty 50 fell breaking the range on the downside. Last week’s fall has turned the short-term bias negative and keeps the index vulnerable to fall more.

Nifty has to rise above 24,100 in order to go back up to 24,700. Else nifty 50 can fall to 23,100-23,000 or even 22,400.

Nifty Bank index has to break its resistance at 55,500 to go up to 57,500-58,000. Else nifty bank can fall to 52,500 or even 50,000

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Published on May 16, 2026