Dhupesh Dhameja, 

Derivatives Research Analyst, 

SAMCO Securities 

Mumbai, 13 May 2026: The Nifty index witnessed a volatile session and closed at 23,412.60 (+0.14%), indicating consolidation after the recent sharp decline. 

Derivatives Analysis Report

Nifty: weak momentum keeps bears active

On the daily chart, the index managed to hold the crucial 0.50 Fibonacci retracement zone near 23,390, highlighting buying interest emerging near lower levels. However, the index continues to trade below its 10-DEMA, suggesting short-term momentum remains weak despite intraday recovery attempts.

Technically, the index is consolidating within a broader corrective structure after slipping below its previous four-week low. The formation of lower highs continues to reflect supply pressure at elevated zones, while repeated rebounds from support levels indicate active buying participation near lower levels. RSI has slipped near 40, reflecting weakening momentum and lack of strong bullish follow-through. Meanwhile, India VIX edged higher near 19.4, indicating elevated volatility and cautious market sentiment.

From a derivatives perspective, PCR stands near 0.80, reflecting a cautious undertone. Option data shows aggressive call writing around 23,500–23,800, restricting immediate upside momentum, while put writing near 23,300–23,000 is providing an initial support cushion. As long as the index remains below the 10-DEMA zone of 23,800–23,900, volatile and sell-on-rise conditions are likely to dominate, while sustained trading below 23,300 could intensify downside pressure towards the psychological 23,000 mark.

Nifty Bank trades below crucial technical hurdle

Nifty Bank index witnessed a volatile session and closed at 53,456.15 (-0.18%), indicating continued consolidation with a negative undertone. On the daily chart, the index failed to sustain above the crucial 10-DEMA and witnessed fresh selling pressure near higher levels, highlighting persistent supply in the banking space.

Technically, the index continues to form lower highs and lower lows, reflecting weakening short-term structure after the recent breakdown below key support zones. The index is currently hovering near the 0.50 Fibonacci retracement level (53,696), and a sustained move below this zone could intensify downside pressure towards the 0.618 retracement support near 52,800. RSI has slipped near 39, indicating fading momentum and weak buying participation.

From a derivatives perspective, PCR stands near 0.71, reflecting a cautious-to-negative undertone. Option data shows aggressive call writing around 54,000–54,500, restricting upside recovery, while put writing near 53,000–53,500 is offering immediate support on declines. As long as the index trades below the 10-DEMA zone near 54,700, volatile and sell-on-rise conditions are likely to persist in the near term.

Technical Analysis Report

Nifty Recovers from Intraday Lows, but Signals Indecision

Om Mehra, Technical Research Analyst, SAMCO Securities

Nifty found some footing after the recent sharp correction, closing at 23,412.60 with a marginal gain of 0.14%. The index tested the 23,262.55 level during the session before recovering to close well above the day’s low, forming a candle with visible lower and upper wicks, indicating indecision.

Nifty continues to trade well below its short-term moving averages. On the hourly chart, Nifty is now retesting the 23,300–23,400 zone, the same band from which the sharp upside rally had originated.

The daily RSI is placed near 40. Meanwhile, the ADX has declined to 14.7, indicating that the strength behind the recent downtrend is fading, even though the directional outlook remains negative. USD/INR settled at 95.70, with the rupee continuing to trade near historic lows, adding to the broader cautious undertone.

On the downside, the 23,260–23,150 zone remains the immediate support area. On the upside, the 23,600–23,700 zone remains the immediate resistance band.

Nifty may be transitioning into a consolidation or range-bound phase.

Nifty Bank closed at 53,456.15, marginally lower by 0.18%, after witnessing a wide intraday range that saw the index swing between a high of 54,103.90 and a low of 53,194.25, though the broader setup remains weak.

On the hourly chart, the prior support zone has now turned into a resistance band after being broken decisively during the recent sell-off.

The RSI has declined to the 39 level, while the MACD remains in negative territory.

Nifty Private Bank declined 0.14% to settle at 25,854.60, while Nifty PSU Bank edged lower by 0.09% to close at 8,064.20, indicating continued selling pressure across the banking space.

On the downside, the 52,780–52,600 zone for Nifty Bank remains the next support area. On the upside, the 54,000–54,300 zone remains the immediate hurdle.