The Indian stock market witnessed its third consecutive session of decline on Monday, with the Sensex crashing 1,313 points (1.70%) to close at 76,015.28 and the Nifty 50 plunging 1.50% to end at 23,815.85. According to reports from Mint, the BSE 150 Midcap and 250 Smallcap indices also declined by 1.26% and 0.96% respectively. The market selloff was attributed to surging crude oil prices and weak global cues that rattled investor sentiment.
Market expert Raja Venkatraman from NeoTrader has identified three stocks for trading on May 12, 2026. As reported by Mint, the recommendations include JKLAKSHMI (CMP ₹683.15) with a buy above ₹688 targeting ₹735, HINDUNILVR (CMP ₹2,307.20) with a buy above ₹2,310 targeting ₹2,525, and FORTIS (CMP ₹974.15) with a buy above ₹980 targeting ₹1,098. Venkatraman's technical analysis suggests these stocks present opportunities despite the broader market weakness.
According to the technical analysis provided by Mint, JKLAKSHMI shows support at ₹630 and resistance at ₹750, while HINDUNILVR has support at ₹2,200 and resistance at ₹2,600. FORTIS demonstrates support at ₹900 and resistance at ₹1,200. Key risk factors identified include declining profitability for JKLAKSHMI, raw material price volatility for HINDUNILVR, and regulatory risks for FORTIS. The recommendations are based on technical patterns and volume analysis, with specific stop-loss levels and target prices outlined for each stock.
As reported by Mint, the Nifty appears to be in a consolidation phase with resistance around 24,500 coinciding with the 20-day moving average. The Relative Strength Index (RSI) has declined breaching the neutral zone, suggesting the recent rally has lost momentum. Venkatraman notes that the Max Pain point has slid to 23,900 as the uptrend appears to be sealed, with mixed reactions on the floor indicating hesitation in trends. He recommends watching the 23,500-support zone closely, as a breakdown could accelerate selling, while a rebound above 25,850 may revive bullish momentum.
