by Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities
🕗 Last Update: 13 May 2026, 9.00 PM for 14 May 2026 Trading
Nifty consolidates after sharp correction; weak momentum keeps bears active
 The Nifty index witnessed a volatile session and closed at 23,412.60 (+0.14%), indicating consolidation after the recent sharp decline. On the daily chart, the index managed to hold the crucial 0.50 Fibonacci retracement zone near 23,390, highlighting buying interest emerging near lower levels. However, the index continues to trade below its 10-DEMA, suggesting short-term momentum remains weak despite intraday recovery attempts.
Technically, the index is consolidating within a broader corrective structure after slipping below its previous four-week low. The formation of lower highs continues to reflect supply pressure at elevated zones, while repeated rebounds from support levels indicate active buying participation near lower levels. RSI has slipped near 40, reflecting weakening momentum and lack of strong bullish follow-through. Meanwhile, India VIX edged higher near 19.4, indicating elevated volatility and cautious market sentiment.
From a derivatives perspective, PCR stands near 0.80, reflecting a cautious undertone. Option data shows aggressive call writing around 23,500–23,800, restricting immediate upside momentum, while put writing near 23,300–23,000 is providing an initial support cushion. As long as the index remains below the 10-DEMA zone of 23,800–23,900, volatile and sell-on-rise conditions are likely to dominate, while sustained trading below 23,300 could intensify downside pressure towards the psychological 23,000 mark.
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Nifty Bank trades below crucial technical hurdle; bears maintain near-term dominance
Nifty Bank index witnessed a volatile session and closed at 53,456.15 (-0.18%), indicating continued consolidation with a negative undertone. On the daily chart, the index failed to sustain above the crucial 10-DEMA and witnessed fresh selling pressure near higher levels, highlighting persistent supply in the banking space.
Technically, the index continues to form lower highs and lower lows, reflecting weakening short-term structure after the recent breakdown below key support zones. The index is currently hovering near the 0.50 Fibonacci retracement level (53,696), and a sustained move below this zone could intensify downside pressure towards the 0.618 retracement support near 52,800. RSI has slipped near 39, indicating fading momentum and weak buying participation.
From a derivatives perspective, PCR stands near 0.71, reflecting a cautious-to-negative undertone. Option data shows aggressive call writing around 54,000–54,500, restricting upside recovery, while put writing near 53,000–53,500 is offering immediate support on declines. As long as the index trades below the 10-DEMA zone near 54,700, volatile and sell-on-rise conditions are likely to persist in the near term.
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