The Indian stock market ended Tuesday's session on a lower note as Sensex declined 479 points (0.63%) to 76,009.70 and Nifty 50 fell 118 points (0.49%) to 23,913.70. According to reports from Mint, the benchmark indices ended their two-session gaining streak due to profit booking, weak global sentiment, and rising crude oil prices. However, mid- and small-cap indices outperformed with BSE 150 Midcap gaining 0.33% and BSE 250 Smallcap advancing 0.21%. The Nifty 50 opened with a marginal gap-down of 27.60 points at 24,004.10 and registered its intraday high of 24,089.80 before closing near the day's low of 23,885.45.
As reported by Mint, Sumeet Bagadia, Executive Director at Choice Broking, noted that the formation of a bearish kicker candlestick pattern indicates profit booking after the recent sharp upmove. The Nifty 50's RSI stands at 51.51, indicating momentum remains above neutral territory despite the corrective move. Immediate support is placed in the 23,750–23,800 range while resistance is observed between 24,050 and 24,100 levels. In the derivatives segment, notable call writing was seen at the 24,000 strike and significant put writing at 23,900 and 23,700 levels. Bank Nifty opened with a marginal gap-up of 18.15 points at 55,311.80 but settled at 55,092.90, declining 200.75 points (0.36%).
According to reports from Mint, Sumeet Bagadia recommends five breakout stocks for Wednesday, May 27: Adani Energy Solutions at ₹1,463 with target ₹1,590 and stop loss ₹1,395, Wockhardt at ₹1,700 targeting ₹1,850 with stop loss ₹1,620, Vedanta at ₹345 targeting ₹375 with stop loss ₹329, IFCI at ₹64.40 targeting ₹70 with stop loss ₹61.40, and Tata Motors Passenger Vehicles at ₹386 targeting ₹420 with stop loss ₹369. As reported by Mint, these recommendations are based on technical breakouts and strong chart patterns, with each stock showing renewed buying interest and strengthening bullish momentum.
According to Mint reports, despite the corrective move in benchmark indices, overall market breadth remained balanced and volatility eased further, indicating that the broader undertone of the market still remains relatively stable. Bagadia advised traders to closely monitor immediate support and resistance zones, as sustained movement beyond these levels will be crucial in determining the next directional trend. The analyst noted that recent price action suggests a volatile trading session with profit booking emerging at higher levels after the recent strong upmove, while the banking sector showed weakness with Bank Nifty declining 0.36% despite initial strength.
