India's benchmark equity indices ended Thursday's session on a mixed note amid profit booking in heavyweight stocks. According to reports from Mint, the Sensex declined 135 points, or 0.18%, to finish at 75,183.36, while the Nifty 50 slipped 4 points, or 0.02%, to close at 23,654.70. The Nifty 50 opened with a strong gap-up at 23,830.05 and registered its intraday high of 23,859.90 within the first few minutes of trade, but selling pressure emerged thereafter. The weakness persisted through the day as the index slipped to an intraday low of 23,596.60 before settling at the day's close.
As reported by Mint, Sumeet Bagadia, Executive Director at Choice Broking, noted that on the daily timeframe, the formation of a bearish candlestick pattern along with rejection near the 20-DEMA indicates selling pressure emerging at higher levels. The Relative Strength Index (RSI) stands at 45.55, indicating neutral-to-weak momentum in the near term. The India VIX declined by 3.35% to close at 17.82, suggesting easing volatility and slightly improving market stability. In the derivatives segment, notable call writing was seen at the 23,700 strike, followed by 23,800, while significant put writing was observed at 23,600 and 23,500 levels.
According to Mint, the Bank Nifty index opened with a sharp gap-up at 53,963.10, indicating positive sentiment in the banking space at the opening bell. The index registered its intraday high of 54,109.15 within the initial few minutes of trade. However, profit booking emerged from higher levels thereafter, resulting in sustained selling pressure through the session. The weakness dragged the index to an intraday low of 53,156.15 before it eventually settled at 53,439.40, declining by 122.80 points or 0.23% for the day.
As reported by Mint, amid ongoing tensions in the US-Iran war uncertainty, Sumeet Bagadia recommends five shares to buy on Friday, 22 May. Dr. Agarwal's Health Care is recommended at ₹481 with a target of ₹520 and stop loss at ₹460, showing strong breakout after consolidation between 435-465 zone. Knowledge Marine & Engineering Works is suggested at ₹2161 with a target of ₹2300 and stop loss at ₹2065, showing trend continuation after healthy rebound from previous all-time high swing zone. Jammu and Kashmir Bank is recommended at ₹140 with a target of ₹150 and stop loss at ₹135, showing strong bullish momentum after breakout above 127-135 resistance levels.
According to Mint, Lincoln Pharmaceuticals is recommended at ₹732 with a target of ₹785 and stop loss at ₹700, witnessing strong momentum-driven breakout after spending several months in broad accumulation phase. Aarti Industries is suggested at ₹482 with a target of ₹520 and stop loss at ₹460, showing strong bullish recovery with over 4% gain in the current session. Bagadia noted that traders should closely monitor immediate resistance and support zones, as sustained movement beyond these levels will be crucial in determining the next directional trend in the market.
