The Indian stock market ended Friday's session on a lower note amid rising geopolitical concerns. According to reports from Mint, the Nifty 50 fell 0.55% to close at 24,193, while the Sensex declined 0.67% to end at 77,321. Despite heightened intraday volatility, both benchmarks recorded weekly gains of more than 0.70%. The broader market showed mixed trends, with the Nifty Smallcap 100 rising 0.22% and the Nifty Midcap 100 slipping 0.15%.
As reported by Mint, Sumeet Bagadia, Executive Director at Choice Broking, noted that on the daily timeframe, the formation of a bearish candlestick pattern indicates sustained selling pressure and moderation in bullish momentum. Immediate support for Nifty 50 is placed in the 24,000–24,080 range, while resistance is observed between 24,330 and 24,400 levels. The Relative Strength Index (RSI) stands at 52.40, remaining above the midpoint of 50 but indicating weakening momentum. In the derivatives segment, notable call writing was seen at the 24,200 strike, followed by 24,300, while significant put writing was observed at 200 and 24,000 levels.
According to Mint, the Bank Nifty index opened with a gap-down at 55,783.95 and faced selling pressure right from the opening minutes. The index recorded its intraday high of 55,797.70 near the opening level and continued to decline throughout the day, marking an intraday low of 55,062.50 in the second half. The index eventually closed at 55,310.55, registering a decline of 736.85 points or 1.31% for the day. Bagadia noted that the formation of a bearish candlestick pattern with the intraday high near the opening level indicates persistent selling pressure throughout the session.
As reported by Mint, Sumeet Bagadia recommends five breakout stocks to buy for Monday, May 11: Asian Paints at ₹2599.90 with a target of ₹2800 and stop loss of ₹2490, Kaynes Technology India at ₹4507.50 with a target of ₹4900 and stop loss of ₹4300, Tata Consumer Products at ₹1176.20 with a target of ₹1275 and stop loss of ₹1125, VST Industries at ₹264.40 with a target of ₹285 and stop loss of ₹252, and Radico Khaitan at ₹3477.20 with a target of ₹3800 and stop loss of ₹3320.
According to Mint, Asian Paints is showing renewed bullish strength after surpassing its previous swing high and sustaining above the breakout level, with RSI at 68.97 trending higher above the midpoint. Kaynes Technology India is witnessing steady buying interest after successfully retesting its recent swing breakout zone, while Tata Consumer Products has formed a bullish golden crossover and rebounded from the 20-day EMA support zone. VST Industries is showing improving strength after delivering a range breakout, with strong support near ₹255 aligned with the 200-day EMA. Radico Khaitan has recently delivered a rounding bottom breakout, indicating potential continuation of the bullish trend with rising volumes highlighting improving participation.
