Indian equities remained volatile during the week ended Friday, 29 May, amid renewed US-Iran tensions, fluctuating crude oil prices, persistent FII selling, and MSCI-related rebalancing. According to Jigar S. Patel, Senior Manager of Equity Technical Research at Anand Rathi Share and Stock Brokers, the Nifty 50 ended at 23,547.75 on Friday, losing 1.50% for the week. The index shed 0.72% for the week and declined nearly 2% in May after a 7.5% rise in April. Patel believes the Nifty 50 has now retreated towards the critical 23,300–23,100 support band, which remains the key level for the medium-term trend.
For Bank Nifty, the breakout above 54,500 remains valid, and as long as the index sustains above the 52,800–53,200 support zone, the bullish bias is intact. As reported by Anand Rathi, a decisive move above 55,500 could open the doors for an advance towards 56,000–58,000. Patel continues to maintain a positive outlook on the banking space and expects it to outperform the broader market.
Jigar Patel recommends buying JSW Energy for the next 1-2 weeks with a previous close of ₹595.05, target price of ₹680, and stop loss at ₹540. According to the analysis, JSW Energy shares have recently delivered a breakout on the weekly chart, signalling a positive shift in trend and momentum. Key momentum indicators such as RSI, MACD, and DMI are showing strength, indicating that buying interest remains intact. Traders may consider accumulating the stock in the ₹595–₹585 zone with a strict stop loss at ₹540 on a closing basis.
Patel recommends AIA Engineering with a previous close of ₹4,503.60, target price of ₹5,000, and stop loss at ₹4,000. The analysis indicates a breakout above the falling trendline, accompanied by a surge in volumes, signals a potential shift in momentum and strengthening bullish sentiment. Key indicators including RSI, MACD, DMI, and AIGEN-G continue to point towards sustained buying interest. Traders may consider accumulating on declines up to ₹4,300 while maintaining a strict stop-loss at ₹4,000 on a closing basis.
For Adani Energy Solutions, Patel recommends buying with a previous close of ₹1,513.30, target price of ₹1,650, and stop loss at ₹1,375. The analysis shows a breakout above the previous swing high indicates continuation of the bullish trend and strengthening price momentum. Key momentum indicators such as RSI, MACD, and DMI have turned bullish, suggesting sustained buying interest. Traders may consider accumulating on dips in the ₹1,450–₹1,480 zone with a strict stop-loss at ₹1,375 on a closing basis.
The ongoing Iran conflict has created stark divergence in oil & gas sector performance, with Adani Total Gas emerging as the standout performer. As per Business Standard, Adani Total Gas shares have surged nearly 40% since the Iran conflict began, outperforming peers significantly. The stock rallied from ₹512 on February 27, 2026, to ₹717.6 on June 3, 2026, making it the best-performing constituent of the Nifty Oil & Gas index. In contrast, the Nifty Oil & Gas index has fallen nearly 9% during the same period, weighed down by losses in heavyweight stocks and concerns over elevated crude prices impacting downstream companies.
