The Indian stock market faced significant pressure last week, with Sensex and Nifty 50 declining 2.7% and 2.2% respectively. According to reports from Mint, rising crude oil prices, weak rupee, FII selling, and geopolitical concerns weighed heavily on the market. The Nifty 50 settled at 23,643.50 on Friday, 15 May, breaking below the important 23,900 support level and retracing nearly 50% of its previous rally. Jigar S. Patel, Senior Manager of Equity Technical Research at Anand Rathi Share and Stock Brokers, believes the key resistance for this week is placed near 23,850, with potential upside towards 24,500–25,000 if sustained above this level.
Patel recommends Kotak Mahindra Bank as a short-term buy with specific trading parameters. According to reports from Mint, the stock is recommended for the ₹385–390 buying zone with a target price of ₹425 and stop loss at ₹365. The recommendation is based on the stock forming a strong base near the ₹370–380 zone, which coincides with the yearly Camarilla support and floor pivot levels. The stock is showing signs of stability after recent consolidation, with the RSI remaining above 50, indicating positive momentum and improving strength.
For Ashok Leyland, Patel identifies the ₹152–154 buying zone with a target price of ₹168 and stop loss at ₹145. As reported by Mint, the stock is showing stability near the crucial ₹150 support level on the three-hour chart. The technical importance of this level is highlighted by its coincidence with the 78.6% Fibonacci retracement, completion of the AB=CD pattern at 100%, and the 1.618 external retracement level. The MACD indicator is gradually losing downside momentum, indicating that selling pressure may be fading.
Patel recommends Bikaji Foods International for the ₹650–670 buying zone with a target price of ₹730 and stop loss at ₹625. According to Mint reports, the stock is witnessing stability near the crucial ₹640–650 support zone on the two-hour chart. This area aligns with the 61.8% Fibonacci retracement level, completion of the AB=CD pattern at 100%, and the 1.27 external retracement level. Both the MACD and DMI indicators are showing positive signals, indicating improving strength and momentum in the counter.
According to Patel's analysis reported by Mint, Bank Nifty has important support near 53,200 while resistance is placed near 54,500. A breakout above 54,500 could revive bullish momentum, whereas a breakdown below 53,200 may lead to further weakness towards 52,800. On the downside, support for Nifty is placed near 23,500, below which the index may retest 23,300–23,100 levels. The technical outlook suggests potential for fresh upside moves if key resistance levels are breached.
