India's equity benchmarks closed flat on Monday as concerns over the Iran conflict offset a partial rebound in IT stocks. According to reports from Mint, the Nifty 50 closed 0.03% higher at 23,649.95, while the Sensex rose 0.1% to 75,315.04. Both indexes had fallen as much as 1.4% during the session, with broader sentiment remaining weak amid worries over a weakening rupee, elevated energy prices, rising bond yields and escalating geopolitical tensions linked to the war in West Asia. On 18 May, domestic equities ended on a weak note as selling pressure in metal, oil-linked, PSU bank and realty stocks weighed on sentiment, with the Sensex slipping 160.73 points to close at 75,237.99 and the Nifty falling 46.10 points to settle at 23,643.50. Market breadth remained negative with 2,381 shares declining against 1,631 advancing, underscoring broad-based weakness across sectors.
Market expert Sumeet Bagadia of NeoTrader has recommended five stocks for trading on May 19. As reported by Mint, the recommended stocks include Torntpower with a buy recommendation above ₹1530 and target price of ₹1680, Maxhealth with buy above ₹1065 and target of ₹1185, Federal Bank with buy above ₹285 and target of ₹310, Apollo Tyres with buy above ₹310 and target of ₹350, and Bharat Electronics with buy above ₹250 and target of ₹280. All recommendations are based on technical analysis and volume indicators, with stop loss levels clearly defined for risk management. The ongoing decline over the past week suggests the index is now testing support zones, with the Nifty needing to hold above 24,800 to retain a bullish bias.
According to the technical analysis provided by NeoTrader, Torntpower shows support at ₹1400 and resistance at ₹1800, with a P/E ratio of 29.74 and 52-week high of ₹1824. Maxhealth demonstrates support at ₹900 and resistance at ₹1250, featuring a P/E ratio of 205.94 and 52-week high of ₹8970. Federal Bank shows support at ₹250 and resistance at ₹350, with a P/E ratio of 16.96 and 52-week high of ₹301.75. Apollo Tyres shows support at ₹250 and resistance at ₹300, with a P/E ratio of 20.00 and 52-week high of ₹350. Bharat Electronics shows support at ₹200 and resistance at ₹250, with a P/E ratio of 16.00 and 52-week high of ₹280. The daily structure shows that the recent rally into a gap zone has contained the downside, but momentum is fading and appears increasingly stretched, which could weigh on sentiment. Hourly momentum indicators suggest continued pressure, with a potential resumption of selling if 23,200 is breached.
Sectoral performance was subdued with the Nifty Metal index falling nearly 2%, while PSU Bank, Realty and Oil & Gas also logged sharp declines. Midcap and smallcap indices underperformed the benchmarks, highlighting stress in the broader market. Select pockets offered limited support, with IT, Media and FMCG stocks ending in the green. The India VIX edged up nearly 1%, signaling elevated volatility, while the uneven close in the Nifty during the May series does not bode well for near-term stability. The ongoing decline over the past week suggests the index is now testing support zones, with May largely characterized by a downward drift that has conditioned participants for sharp moves. Going forward, the trajectory is likely to depend on foreign institutional flows and the upcoming RBI policy, which could help restore directional bias.
