Nifty 50, Sensex today: What to expect from Indian stock market in trade on May 19

The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open lower on Monday, tracking weakness in global markets.

The trends on Gift Nifty also indicate a tepid start for the Indian benchmark index. The Gift Nifty was trading around 25,060 level, a discount of nearly 18 points from the Nifty futures’ previous close.

On Friday, the Indian stock market indices ended marginally lower on the back of profit-booking at higher levels.

The Sensex fell 200.15 points, or 0.24%, to close at 82,330.59, while the Nifty 50 settled 42.30 points, or 0.17%, lower at 25,019.80.

Here’s what to expect from Sensex, Nifty 50 and Bank Nifty today:

Sensex Prediction

Sensex surged by 2,875 points last week, forming a long bullish candle on weekly charts, and on daily charts, it is holding a higher high and higher low series formation, which is largely positive.

“We are of the view that, in the short-term, the market texture is bullish, but buying on dips and selling on rallies would be the ideal strategy for traders. On the downside, 81,300 and 80,500 or 20 day SMA (Simple Moving Average) would act as key support levels for Sensex, while 82,700 could serve as an immediate resistance zone for the bulls,” said Amol Athawale, Vice-President Technical Research.

According to him, a successful breakout above these levels could push the market toward 83,800, however, if the index falls below 80,500, the uptrend could become vulnerable.

Nifty 50 Prediction

Nifty 50 witnessed consolidation in a narrow band, and finally settled the day on a marginally negative note, holding above the 25,000 level.

“Nifty 50 took a breather after the recent strong rally and formed a very small red candle on the daily scale. However, on the weekly scale, Nifty 50 formed a big green candle and witnessed a fresh breakout, indicating strength. As per this breakout, the index can test 25,500 – 25,800 in the medium term,” said Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd.

He added that immediate support for Nifty 50 is placed near the 24,800– 24,850 zone. Thus, traders are advised to follow a buy-on-dips strategy.

Om Mehra, Technical Research Analyst, SAMCO Securities noted that both daily and weekly RSI remain comfortably above the 60 mark, highlighting the bullish momentum. The daily MACD has also turned constructive, with the fast line crossing above the slow line, signalling a continuation of a positive outlook.

“India VIX, the fear gauge, dropped nearly 23% over the past week and now stands at 16.55. A further decline below 15 could act as a catalyst for an extended rally as volatility cools off. On any pullback, the immediate support is placed at 24,800, resistance is placed at 25,150, followed by 25,300, which could act as breakout zones if momentum sustains,” Mehra said.

Bajaj Broking Research said in a note that the Nifty 50 index formed a sizable bull candle with a higher high and higher low on the weekly chart, signaling continuation of the up move. The index in the process closed firmly above the December 2024 high of 24,857.

“Going ahead, we expect the Nifty 50 to maintain a positive bias and head towards 25,200 - 25,300 levels being the measuring implication of the recent range breakout. Some consolidation is likely around the 25,200 - 25,300 levels. While a breakout above 25,300 will open further upside towards 25,750 in the coming weeks,” Bajaj Broking Research.

The recent breakout zone, along with last week’s low placed near 24,400–24,500 levels is expected to serve as a crucial support for the Nifty 50. Stock specific action will continue to remain in focus as we progress through the Q4 FY25 earning session, it added.

Bank Nifty Prediction

Bank Nifty ended flat at 55,354.90 on Friday, while for the week, the index posted a strong 3.28% gain and formed a bullish candle on the weekly chart.

“Bank Nifty index has been consolidating within a downward-sloping flag pattern, a typical continuation structure after a sharp rally. Friday’s session saw a flat close, yet the price managed to stay near the upper boundary of the flag, hinting at a potential breakout. The RSI on the daily timeframe is holding above 60, while the MACD shows signs of flattening out after a prior decline, suggesting momentum is stabilizing,” said Om Mehra.

According to him, a decisive breakout above 55,500 could resume the prior rally, with the next resistance zone placed near 56,100 - 56,500. The immediate support is placed around 54,800, followed by 54,500, which aligns with the median of the channel.

Hrishikesh Yedve said that the Bank Nifty index formed a small green candle on the daily scale and a bullish candle on the weekly scale, both indicating strength.

“On the upside, the Bank Nifty index is facing strong resistance near 55,500. If the index sustains above this level, it could move towards 56,000–56,100 levels. On the downside, 54,440 will act as strong support. Traders should closely monitor these levels for potential trading opportunities,” Yedve said.

Bajaj Broking Research expects the Bank Nifty index to maintain positive bias and gradually head higher towards 56,400 levels in the coming sessions, being the 123.6% external retracement of the recent breather (56,194 - 53,585).

“Key observation is that the index has taken 15 sessions to retrace just 38.2% of the prior 9-session rally (49,157 – 56,098), indicating a shallow pullback during current correction and an overall positive bias. The daily 14 period RSI is at the cusp of generating a buy signal moving above its nine periods average highlighting strength and supports positive bias. Key support for the short-term point of view is placed at 54,500 - 54,000 being the confluence of the Monday’s gap area and 20-day EMA,” said the brokerage house.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.