Market Outlook for 29 May 2026 - NIFTY, BANK NIFTY, SENSEX and FINNIFTY

The NIFTY 50 closed marginally lower by 6.55 points (-0.03%) at 23,907.15, as weakness in select stocks outweighed a positive breadth, keeping the benchmark index under mild pressure. The declines were led by ONGC (-4.94%), followed by HDFCBANK (-2.54%), HDFCLIFE (-1.36%), WIPRO (-1.00%), and SBILIFE (-0.97%). Additional weakness in DRREDDY (-0.59%), ICICIBANK (-0.52%), INFY (-0.49%), ITC (-0.48%), and RELIANCE (-0.32%) further dragged the index lower during the session. On the other hand, buying interest emerged in select metal, power, and auto stocks, with TMPV (+4.53%), HINDALCO (+4.23%), POWERGRID (+2.73%), ETERNAL (+2.21%), and NTPC (+2.09%) ending in positive territory. Market breadth remained positive, with 34 stocks advancing and 16 declining. 

The NIFTY 50 opened at 23,880.35, touched a low of 23,858.25, hit a high of 23,983.20, and closed at 23,907.15, down 6.55 points (-0.03%). The index extended losses for a second straight session, dragged by weakness in ONGC (4Q earnings miss) and heavyweight financials. However, strength in broader markets and softer crude oil prices limited the downside. The RSI slipped closer to the 50 mark, indicating fading momentum. Near-term support levels are at 23,673/23,528, and resistance levels are at 24,141/24,286. 

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Nifty Extends Weakness Amidst Cautious Sentiment

Bank Nifty Commentary for 29 May 2026

The NIFTY BANK index closed lower by 239.05 points (-0.43%) at 54,853.85, as selling pressure in major private sector banks offset gains in select PSU and retail banking names. The weakness was primarily driven by HDFCBANK (-2.54%), followed by AUBANK (-0.68%), ICICIBANK (-0.52%), FEDERALBNK (-0.43%), and YESBANK (-0.39%). Further pressure from INDUSINDBK (-0.35%) and SBIN (-0.12%) also dragged the index lower during the day. Meanwhile, buying interest was seen in select banking counters, with IDFCFIRSTB (+2.39%), CANBK (+0.86%), UNIONBANK (+0.71%), PNB (+0.67%), and AXISBANK (+0.40%) ending with gains. Market breadth remained evenly poised, with 7 stocks advancing and 7 declining. 

The NIFTY BANK opened at 54,992.95, touched a low of 54,738.60, hit a high of 55,221.70, and closed at 54,853.85, down 239.05 points (-0.43%). The index opened on a muted note and witnessed range-bound trading during the first half of the session. Selling pressure in heavyweight private banking stocks dragged the index lower in the latter half, keeping the index in negative territory. The RSI slipped closer to the 50 mark, indicating weakening momentum. Near-term support levels are at 54,142/53,702, and resistance levels are at 55,565/56,005. 

Quick Comment on FINNIFTY And SENSEX

The NIFTY FINANCIAL SERVICES index settled lower by 180.05 points (-0.69%) at 25,752.20, as weakness in banking, insurance, and exchange-related counters overshadowed gains in select NBFC and lending stocks. The drag was mainly caused by BSE (-3.48%), followed by HDFCBANK (-2.54%), MFSL (-2.35%), HDFCLIFE (-1.36%), and SBILIFE (-0.97%). Further downside from MUTHOOTFIN (-0.62%), ICICIGI (-0.55%), ICICIBANK (-0.52%), SBICARD (-0.51%), and SBIN (-0.12%) also impacted the index movement. In contrast, buying support emerged in a few financial counters, with LICHSGFIN (+2.18%), SHRIRAMFIN (+1.24%), JIOFIN (+1.22%), CHOLAFIN (+0.81%), and BAJAJFINSV (+0.61%) posting gains. Market breadth stayed negative, with 9 stocks advancing and 11 declining. Near-term support levels are at 25,412/25,201, and resistance levels are at 26,092/26,303. 

The BSE SENSEX closed lower by 141.90 points (-0.19%) at 75,867.80, as pressure in heavyweight banking, IT, and energy stocks offset gains in power, metal, and automobile counters, resulting in a subdued trading session for the benchmark index. The downside was mainly driven by HDFCBANK (-2.63%), followed by INFY (-0.71%), ITC (-0.61%), HINDUNILVR (-0.53%), and RELIANCE (-0.51%). Additional drag from ICICIBANK (-0.50%), TECHM (-0.27%), BEL (-0.24%), KOTAKBANK (-0.12%), and SBIN (-0.10%) also kept the index under pressure. However, buying activity in select frontline stocks provided partial support, with POWERGRID (+2.56%), ETERNAL (+2.54%), NTPC (+2.14%), TATASTEEL (+2.04%), and INDIGO (+1.90%) emerging as the top gainers. Market breadth remained positive, with 20 stocks advancing and 10 declining. Near-term support levels are at 75,039/74,526, and resistance levels are at 76,697/77,210. 

Intraday levels for NIFTY, BANK NIFTY, SENSEX and FINNIFTY Levels: