The Indian stock market ended Wednesday's session on a lower note, with benchmark indices Sensex and Nifty 50 marking their second straight session of losses. According to reports from Mint, the Sensex declined 142 points, or 0.19%, to close at 75,867.80, while the Nifty 50 slipped 7 points, or 0.03%, to settle at 23,907.15. The weakness was primarily attributed to declines in heavyweight stocks such as HDFC Bank and ICICI Bank, even as mid- and small-cap shares continued to outperform. The Nifty 50 opened with a gap-down of 33.35 points at 23,880.35 and reached an intraday high of 23,983.20 before settling with a decline of 6.55 points. With GIFT Nifty indicating a gap-down of -261 points (-1.09%) for May 29, 2026, the market outlook remains cautious.
According to Sumeet Bagadia, Executive Director at Choice Broking, the formation of a gravestone doji-like candlestick pattern indicates indecisiveness at higher levels after the recent recovery. As reported by Mint, the long upper shadow reflects rejection from higher levels and suggests that selling pressure emerged whenever the index attempted to move higher. The Relative Strength Index (RSI) stands at 51.35, indicating neutral momentum with the index still holding above the psychological 23,900 zone. In the derivatives segment, notable call writing was seen at the 24,000 strike, followed by 24,200, while significant put writing was observed at 23,900 and 23,800 levels, indicating a broader consolidation range with immediate resistance placed near the 24,000 zone.
The Bank Nifty index opened with a gap-down of 99.95 points at 54,992.95, reflecting mild weakness in the banking space at the opening bell. According to Mint, following the weak opening, buying interest emerged during the first half, helping the index move higher and register its intraday high of 55,221.70. However, profit booking emerged at higher levels thereafter, resulting in gradual weakness through the latter half of the session. The index slipped towards its intraday low of 54,738.60 before eventually settling at 54,853.85, declining by 239.05 points or 0.43% for the day. Bagadia noted that the formation of a bearish candlestick pattern indicates profit booking emerging after the recent sharp recovery.
Despite the market weakness, Sumeet Bagadia of Choice Broking recommends five breakout stocks for investment on Friday, May 29. As reported by Mint, the recommended stocks include Welspun Corp (buy at ₹1,373, target ₹1,485, stop loss ₹1,315), Ola Electric Mobility (buy at ₹39.24, target ₹43, stop loss ₹37.35), Granules India (buy at ₹783, target ₹850, stop loss ₹747), Chennai Petroleum Corporation (buy at ₹1,053, target ₹1,135, stop loss ₹1,000), and IDFC First Bank (buy at ₹71.48, target ₹77.50, stop loss ₹68.50). These recommendations are based on strong technical patterns and bullish continuation patterns observed in the daily charts.
