Benchmark indices Sensex and Nifty 50 ended slightly lower on Wednesday, extending losses for the second consecutive session. According to reports from Mint, the Sensex slipped 141.90 points or 0.19% to close at 75,867.80, while the Nifty edged down 6.55 points or 0.03% to settle at 23,907.15. The decline was largely attributed to poor performance of select heavyweights, including HDFC Bank and ICICI Bank, as mid and small-cap segments continued their outperformance with the Nifty Midcap index rising 0.4% and the Smallcap index ending with modest gains.
Market expert Raja Venkatraman from NeoTrader has recommended three stocks for trading on May 29. As reported by Mint, the first recommendation is IDFC FIRST Bank Ltd (NSE: IDFCFIRSTB) at ₹71.48, with a buy above ₹72 and stop loss at ₹67 targeting ₹79 within 2 months. The second pick is Computer Age Management Services Limited (CAMS) at ₹787, recommended for buy above ₹787 with stop loss at ₹750 and target price of ₹865 within 2 months. The third recommendation is The Indian Hotels Company Limited (NSE: INDHOTEL) at ₹667.70, suggested for buy above ₹670 with stop loss at ₹645 and target price of ₹750.
According to Mint's technical analysis, IDFC FIRST Bank shows a P/E ratio of 37.54 with 52-week high of ₹87 and volume of 16.57M, while CAMS has a P/E ratio of 44.65 with 52-week high of ₹875 and volume of 1.56M. The Indian Hotels Company demonstrates a P/E ratio of 47.19 with 52-week high of ₹811.90 and volume of 1.36M. The stocks are recommended based on technical indicators showing consolidation patterns and potential for upward movement, with support and resistance levels clearly defined for each recommendation.
As reported by Mint, the current market scenario shows Nifty moving above 23,950, which represents the immediate resistance for potential bullish revival. The analysis indicates that Bank Nifty needs to cross 56,000 for bullish sentiment to emerge, while Bank Nifty is struggling to hold above 60,100 in the current week. Selling pressure in banking, IT, and oil & gas stocks has capped market upside, while strength in power, metals, telecom, auto, and media counters provided support to the broader market. The report suggests that investors should continue participating in stock-specific actions rather than focusing on broad market movements.
