
The Indian stock market is expected to open higher on May 16, supported by positive cues from global markets. Gift Nifty, which gives early signals about the Indian market, was trading around 25,176 — nearly 98 points higher than the previous close of Nifty futures — indicating a strong start.
On May 15, the market had a strong rally, with the Sensex jumping 1,200.18 points or 1.48% to close at 82,530.74, while the Nifty 50 rose 395.20 points or 1.60% to end at 25,062.10, crossing the key 25,000 mark.

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The Sensex is showing strong momentum, with bullish patterns on both daily and intraday charts. According to analysts, the outlook remains positive, and traders could follow a strategy of buying on dips and selling during rallies. The key support levels for the Sensex are 82,200 and 81,800, while resistance is expected around 82,800 to 83,000. If the index falls below 81,800, the uptrend could weaken.
Nifty 50 also showed a strong breakout on May 15, forming a bullish candle on the daily chart. Analysts believe this breakout signals continued strength in the market, especially after a period of consolidation. The overall trend remains positive, with the next resistance levels seen at 25,250 and 25,500. Support is expected around 24,800. Technical indicators such as the Relative Strength Index (RSI), currently at 66, suggest that the index still has room to rise before hitting overbought territory. A sustained breakout above 25,300 could push the index towards 25,750 in the coming weeks. The previous breakout zone between 24,400 and 24,600 is expected to act as a strong support area.
For Bank Nifty, the index gained 554.30 points or 1.01% on May 15 to close at 55,355.60. It also formed a bullish candle, indicating upward momentum. Experts believe the structure of Bank Nifty remains positive, and dips should be seen as buying opportunities. The index could move towards 56,400 in the short term. Key support levels are at 54,500 and 54,000, while resistance is likely near 55,860 and 56,000. Technical indicators such as the MACD show early signs of a positive crossover, and the RSI at 61 indicates strength without being in the overbought zone. If Bank Nifty stays above the 20-day moving average of 54,850, the trend is expected to remain upward. A decisive move above 55,600 could take the index closer to its recent all-time high of 56,098.70.
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In summary, the Indian stock market is showing strong bullish momentum across major indices. Sensex, Nifty 50, and Bank Nifty are all positioned for potential gains, supported by technical strength and investor sentiment. However, investors should keep an eye on key support and resistance levels and seek expert guidance before making any trading decisions.
Disclaimer: The views in this article are based on analysis by market experts and brokerage firms. Please consult with certified financial advisors before investing.