Pre-Market, 18 May 2026: GIFT Nifty Positive Despite Global Selloff; Nifty Faces 23,800 Hurdle After Trump-Xi Summit

Markets head into Monday after benchmark indices ended lower in the previous session, snapping a two-day winning streak. The BSE Sensex declined 160.73 points to settle at 75,237.99, while the Nifty 50 fell 46.10 points to close at 23,643.50 on 15 May 2026.

What Happened In Friday’s Session?

Indian equities closed lower on Friday after a volatile trading session, with selling pressure visible in banking, metal and realty stocks. The broader market mood also remained cautious as the Nifty struggled to reclaim the 23,800 level, which analysts now see as an important resistance zone in the near term.

Volatility stayed elevated. India VIX ended at 18.79, up 0.95% from the previous close, indicating continued nervousness among traders.

Global Cues After Market Hours

Global markets weakened after Indian market hours.

US indices closed lower amid broad-based selling in technology stocks. The Dow Jones Industrial Average fell 537.29 points or 1.07% to 49,526.17. The Nasdaq Composite Index declined 410.08 points or 1.54% to 26,225.15.

US markets closed lower after investors reacted cautiously to the outcome of the summit between US President Donald Trump and Chinese President Xi Jinping. Market sentiment weakened as traders saw no major policy announcements or breakthrough agreements after the meeting. Technology stocks remained under pressure, while rising US Treasury yields also weighed on equities.

European markets also ended sharply lower. The FTSE 100 Index dropped 177.56 points or 1.71% to 10,195.37, while France’s CAC 40 Index fell 129.72 points or 1.60% to 7,952.55.

In Asian markets, Japan’s Nikkei 225 Index declined 946.93 points or 1.54% to 60,462.36. Hong Kong’s Hang Seng Index fell 426.31 points or 1.62% to 25,962.73.

GIFT Nifty Update

Despite weak global cues, GIFT Nifty traded at 23,769.00, up 61 points or 0.26% as of 16 May 2026, 02:30 IST. The trend suggested a mildly positive opening for domestic equities on Monday despite weakness across global markets.

Technical Levels To Watch

Nifty continues to face resistance near the 23,800 mark after Friday’s decline.

• Analysts expect renewed selling pressure if Nifty slips below 23,500

• A break below this level could drag the index towards 23,150

• On the upside, 23,800 remains a key resistance zone for the short term

The index is also facing resistance near the 20-day EMA on the daily chart and the 50-day EMA on the weekly chart.

For Sensex, immediate resistance is placed in the 75,600–76,000 zone, while support is seen around 74,500–74,200 levels.

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What Should Investors Expect Today?

Markets may remain volatile at the start of the new week as investors react to weak global signals and technical resistance levels.

Friday’s session showed that traders are still hesitant to take aggressive positions near the 23,800 zone on Nifty. The broader trend also remains cautious after the index formed lower highs on the daily chart.

At the same time, positive GIFT Nifty trends could support early sentiment in domestic trade. Global market movements, volatility trends and institutional activity are expected to remain in focus through the day.

Sources:

The Economic Times

Business Today

CNBC

Reuters