India's benchmark equity indices ended little changed on Tuesday as gains in information technology stocks, aided by a stronger dollar, were offset by weakness in banking shares. According to reports from Mint, the Nifty 50 fell 0.14% to close at 23,618, while the BSE Sensex slipped 0.15% to 75,200.85. Nine of the 16 major sectors advanced, with broader markets outperforming as the small-cap index rose 1.2% and the mid-cap index gained 0.9%. Market breadth remained weak with 2,381 shares declining against 1,631 advances, signalling broad-based pressure across sectors.
Market expert Raja Venkatraman of NeoTrader has recommended three stocks for trading on May 20. As reported by Mint, the recommendations include GSFC with buy above ₹179, stop ₹168 target ₹198 (multiday), VBL with buy above ₹518, stop ₹490 target ₹570 (multiday), and POWERGRID with buy above ₹301, stop ₹285 target ₹337 (multiday). The recommendations are based on technical analysis showing potential for upward movement in these stocks.
According to the technical analysis provided by NeoTrader, GSFC shows support at ₹166 and resistance at ₹210 with a P/E ratio of 10.41 and 52-week high of ₹220.59. VBL demonstrates support at ₹900 and resistance at ₹1250 with a P/E ratio of 62.50 and 52-week high of ₹534.65. POWERGRID shows support at ₹290 and resistance at ₹375 with a P/E ratio of 14.82 and 52-week high of ₹301.75. The recommendations include specific stop-loss levels and target prices for each stock.
As reported by Mint, market trends continue to show a positive undertone despite the inability to sustain momentum ahead of weekly expiry. The 24,000 mark on the Nifty has emerged as a key resistance level that is triggering intermittent selling pressure. Market sentiment is likely to be shaped by a mix of domestic and global triggers, with recent moves driven by short covering rather than strong institutional buying. Corporate earnings are clouding the outlook for what was initially expected to be a strong quarter, while volatile conditions continue to create turbulence in the market.
