Stock Market Outlook Today, May 15: Will Nifty Cross 24,000 As Dalal Street Extends Recovery Rally?
Indian equities are showing signs of settling down after a sharp sell-off and choppy session for days. The Nifty 50 benchmark has closed Thursday’s trade at 23,689.60, up by 277 points (1.18%), while the Sensex has closed up 789 points at 75,398.72, up by 1.06%.
This is the second consecutive session of recovery post an agonising five-session slide that saw Nifty dip to 23,379.55 levels on May 12. The rebound was supported by positive global sentiment, lower Brent crude prices, strong buying in selected heavyweight stocks and optimism from international developments.
Now, market participants will look to see if Friday’s session provides the best technical confirmation of a broader market reversal.
On Thursday, the broad-based rally in the index saw mixed sectoral participation.
Nifty Pharma, Healthcare and Metal indices were at the top among the gaining sectors, while the IT index was left behind as Nasdaq crossed a new all-time high of 26402 in overnight trading.
Bharti Airtel, Adani Enterprises and Cipla were the highest gainers, and the Nifty was seen up by 0.2% at 18,212, whereas Infosys, Tech Mahindra and HCL Technologies were among the lowest performers.
The Nifty Midcap 100 advanced by 1.12%, indicating wide participation on a narrow risk profile with specific willingness to take risks. However, the small-cap index remains largely unchanged.
Bharti Airtel’s strong earnings performance in Q4 FY26 was one of the key market-moving events on Thursday.
The telecom major surged 4.74 per cent to close at Rs 1,874 after it said:
Revenue at Rs 55,383 crore is up 15.7% YoY
EBITDA at Rs 32,038 crore, up 16.9%
EBITDA margin rises to 57.8%
Rs 245 ARPU last year Rs 257 ARPU this year 650 million customer milestone crossed
Announcement of final dividend of Rs 24 per share
The results have led to a significant improvement in sentiment around large-cap defensives and telecom plays, with analysts now eyeing whether the stock can extend gains towards the Rs 1,900-2,000 zone.
The close on Thursday has improved the short-term technical setup for the first time since May 7, market experts say.
The Nifty has now recovered the five-day moving average, and the daily relative strength index (RSI) is also bouncing back from the oversold reading of 16.81, which was hit on May 12.
According to Univest’s senior research analyst, Ankit Jaiswal, 23,800 is the most critical resistance zone for Friday’s trade, while 23,500 is the first meaningful support level.
Jaiswal said that with the recent bounce of 310 points to 23,379.55, the index still looks like a short-covering rally from oversold territory, not a confirmed medium-term reversal.
But a decisive close above 23,800 could pave the way for 24,000 in the coming sessions, which traders will be watching closely.
Banking stocks will be key to keeping Friday’s momentum going.
Earlier this week, Bank Nifty dipped below the crucial 54,440 level and is now trying to recover. From the analysts’ perspective, 55,000 is now the most important resistance zone.
A close above 55,000 would signal that the recent sell-off in the banking sector is largely over, said Kunal Singla, associate director at Univest.
Traders should watch HDFC Bank, ICICI Bank and Kotak Mahindra Bank closely, he said.
The performance of these heavyweight private banks could decide whether Friday’s rebound gains further steam or loses steam intraday.
Investors digesting its Q4 FY26 results could see Tata Steel among top earnings-driven stocks on Friday.
Metal stocks outperformed on Thursday, buoyed by optimism on global industrial demand and improving trade sentiment after the Trump-Xi summit talks in Beijing.
uptrend while Tata Steel’s healthy earnings surprise could add momentum to the metals pack and lend support to the Nifty’s efforts to reclaim 23,800.
Indian IT stocks trailed significantly Thursday even as the Nasdaq hit record highs.
Now, traders are beginning to notice this divergence.
When US tech stocks are on a strong uptrend while Indian IT remains weak, the gap generally narrows in one or two sessions through a mean-reversion move, Ankit Jaiswal said.
That makes HCL Technologies one of the most watched contrarian plays going into Friday’s trade.
Brent crude prices eased a bit below $106 a barrel from recent highs of $107.08, and ONGC continues to be firmly on traders’ radar.
The moderation in crude prices eases the pressure on inflation expectations while still providing favourable upstream profitability for oil producers.
At ~7x PE and an estimated dividend yield of 4.3%, ONGC continues to remain in the limelight as a somewhat defensive large-cap energy play.
The Indian rupee edged up after hitting a new lifetime low of 95.96 against the US dollar earlier this week.
The rupee dropped 6 paise to close at 95.77 on Thursday, amid rising optimism that New Delhi may take steps to encourage foreign inflows into Indian debt.
The partial rebound put pressure on the rupee, helping ease some concerns around imported inflation and foreign fund outflows.
In early trade on Friday morning, Gift Nifty was trading at 23,678, down marginally by 51.50 points or 0.22% at 7:08 AM IST.
Despite the slight dip, domestic as well as global market cues continue to suggest a relatively firm opening for Indian equities.
US markets closed higher overnight, buoyed by optimism around the Trump-Xi summit and strong earnings from Cisco Systems, which helped lift sentiment globally.
The S&P 500 closed at 7,501.24, up 56.99 points, or 0.77%.
Finally, Dalal Street appears to be stabilising after a week of turbulence from inflation worries, currency weakness and geopolitical uncertainty.
But Friday’s session may be a key one for the market’s short-term direction.
A sustained move above 23,800 on the Nifty may reinforce the bullish momentum towards 24,000, while failure to hold gains could again bring back volatility and profit-booking pressure across sectors.
Also Read: After 30,000 Layoffs, Oracle Now Cancelling Job Offers At IIT, NIT Campuses – Is Your Job Safe?
(Disclaimer: This article is for informational purposes only and should not be considered investment advice. The views, opinions, and recommendations expressed herein are those of the respective experts. Readers are advised to consult a qualified financial advisor before making any investment decisions.)
Priyanka Roshan is a business writer and chief sub-editor at the NewsX website who tracks everything from stock market swings and corporate earnings to personal finance trends and policy shifts. Known for turning fast-moving business developments into sharp, reader-friendly stories, she combines speed, accuracy, and a data-driven approach to break down complex financial news for everyday audiences.
With over 9.5 years of newsroom experience, Priyanka has worked with leading media organisations, including Moneycontrol, Times Now, and Ping Digital, covering diverse beats such as business, politics, technology, auto, travel, sports, and the world. From live breaking news desks to SEO-led digital storytelling, she specialises in creating engaging content that keeps readers informed without overwhelming them.
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