Nifty 50 has begun the week on a weak note. The index opened with a wide gap-down at 23,482 and has declined further. It is currently trading at 23,328, down 1.33 per cent. The advances/declines ratio is at 4:46. This indicates that the sentiment is highly negative.

Nifty 50 Outlook

The fall below 23,600 is negative. The outlook is bearish. Nifty can fall to 23,220-23,200 during the day. The region around 23,200 is an important intraday support. If Nifty manages to bounce back from around 23,200, then a recovery towards 23,400 is possible.

But a break below 23,200 can increase the downside pressure. Such a break can drag the index down to 23,000.

The price action around 23,200 will need a close watch during the day.

Nifty 50 Futures

The Nifty 50 May Futures (23,391) are down 1.06 per cent. Intraday resistance is around 23,500. The outlook is bearish. The Nifty 50 May Futures contract can fall to 23,300 during the day. A break below 23,300 can then drag the contract down to 23,150.

A rise above 23,500 is needed to get some breather. Such a rise can take the contract higher to 23,600-23,700. But that looks less likely.

Trade Strategy

Traders can go short now at 23,391. Add more shorts on a rise at 23,440. Keep the stop-loss at 23,530. Trail the stop-loss down to 23,365 as soon as the contract falls to 23,340. Revise the stop-loss lower to 23,310 and 23,230 when the contract falls to 23,280 and 23,190, respectively. Exit the shorts at 23,170.

Supports: 23,300, 23,150

Resistances: 23,500, 23,600

Published on May 18, 2026