Weekly Update- 15 May 2026

NIFTY50

Nifty closed the week at 23,643, declining 533 points (2.20%) from the previous weekly close. The index witnessed heavy selling pressure during the week, breaking below key short-term support zones before witnessing a recovery from lower levels near 22,800. However, the rebound lacked strong follow-through buying, and the index again faced resistance near the 23,800 to 24,000 zone. Weekly price action reflects continued volatility with traders remaining cautious amid weak momentum and elevated swings. The latest candles indicate that the market is attempting to stabilize after the sharp correction, but sustained strength is still missing at higher levels. For the coming week, key support is placed around 23,550 followed by 23,250, while resistance is seen near 23,850 and 24,200. Overall view remains cautious, with selective buy on dips approach preferred only if Nifty sustains above the 23,550 zone.

BANKNIFTY

Bank Nifty closed the week at 53,710, declining 1,600 points (2.89%) from the previous weekly close. The index witnessed strong selling pressure throughout the week, with banking stocks remaining under pressure and failing to sustain recovery attempts near higher levels. Weekly price action indicates a continuation of weakness after rejection near the 55,000 to 56,000 zone, while the latest candles reflect cautious sentiment and lack of strong buying momentum. Although some intraday recovery attempts were visible from lower levels around 53,200, sellers continued to dominate near resistance zones. For the coming week, key support is placed around 53,200 followed by 52,800, while resistance is seen near 54,200 and 55,000. Overall view remains cautious to bearish unless Bank Nifty reclaims and sustains above the 54,200 zone.

TOP GAINING SECTOR

NIFTY Pharma was top gainer sector for the week

Major gainers were:-

BIOCON:- up by 13%

LAURUS LABS:- up by 7.7%

ZYDUSLIFE:- up by 7.6%

DR REDDY:- up by 3.3%

TOP LOSING SECTOR

NIFTY Realty was top losing sector for the week

Major losers were:-

LODHA:- down by 11%

PRESTIGE:- down by 10.9%

GODREJ PROPERTIES:- down by 8.5%

DLF:- down by 6.8%

IMPORTANT NEWS

• The government approved the Ahmedabad–Dholera semi high-speed rail corridor with a ₹20,667 crore investment. The project will improve connectivity to Gujarat’s industrial and semiconductor hub at Dholera. It is expected to boost logistics, manufacturing, infrastructure development, and real estate activity while creating significant opportunities for railway, EPC, and capital goods companies.

• The Cabinet cleared a ₹37,500 crore coal gasification scheme aimed at reducing India’s dependence on imported fuels and chemicals. The initiative supports energy security, domestic manufacturing, and value addition from coal resources. The move is positive for the coal, chemicals, industrial gas, and engineering sectors, while strengthening India’s long-term self-reliance strategy.

• NTPC plans to invest ₹56,000 crore in a nuclear power project in Bihar, highlighting India’s growing focus on clean baseload energy. The investment is expected to create opportunities for power equipment suppliers, EPC companies, and infrastructure firms. It also strengthens the long-term outlook for India’s nuclear and power generation ecosystem.

• India’s goods exports remained strong in April despite ongoing global supply chain disruptions and geopolitical tensions. The resilience indicates healthy demand across sectors and improving export competitiveness. Strong export performance supports India’s manufacturing growth outlook and benefits sectors like engineering, chemicals, textiles, and electronics, which continue seeing steady international demand and expansion opportunities.

• India’s foreign exchange reserves increased by $6.295 billion to nearly $697 billion, strengthening the country’s external financial position. Higher reserves improve the RBI’s ability to manage currency volatility and defend the rupee during global uncertainty. Strong forex reserves also provide a cushion against crude oil shocks, capital outflows, and imported inflation pressures.