The market is expected to trade within the previous week's range as traders await progress in the US-Iran deal and anticipate a pivotal week of geopolitical developments. According to reports from Moneycontrol, equity benchmarks closed with losses of more than six-tenths of a percent after a gap-down opening on May 8, amid weakness in market breadth. About 1,680 shares declined against 1,274 advancing shares on the NSE. Despite the current weakness, technical analysts have identified several stocks with strong bullish setups for short-term trading opportunities as markets enter what could be one of the year's most consequential weeks for establishing market direction through the second quarter.
Rajesh Palviya, Senior Vice President Research at Axis Securities, recommends Goodluck India with a current market price of ₹1,427.6. The stock has registered an all-time high at ₹1,475 and confirmed a breakout above the ₹1,355 resistance zone on the weekly chart. The strategy suggests buying with targets of ₹1,600 and ₹1,730, and a stop-loss at ₹1,350. Similarly, CreditAccess Grameen at ₹1,497 shows an inverse head-and-shoulders pattern breakout at ₹1,450 with targets of ₹1,650 and ₹1,830.
Sun Pharmaceutical Industries at ₹1,847.9 has broken out of a rectangular channel pattern within the ₹1,530-1,830 range over the past year. According to Angel One's Rajesh Bhosale, the stock has marked a fresh 52-week high with buying recommended in the ₹1,848-1,840 range and a target of ₹1,950. NTPC at ₹402.15 has broken above the ₹390 mark with a buy recommendation around ₹402-398 and a target of ₹421. Timken India at ₹3,595 has confirmed a saucer formation breakout after struggling to sustain above ₹3,500 for two years, with targets of ₹3,900.
Gravita India at ₹1,763 has confirmed a breakout from an 86-week falling channel near ₹1,765, signalling a potential trend reversal. As reported by Lakshmishree Investments's Anshul Jain, the stock has rising volumes and daily and weekly EMAs positively aligned below the price, with targets of ₹2,100. Ratnamani Metals and Tubes at ₹2,869.4 has invalidated a 59-week bearish breakdown and formed a higher low, with buying recommended around ₹2,869-2,860 and targets of ₹3,400. Apar Industries at ₹12,810 has confirmed a breakout from a 77-week cup-and-handle formation at ₹11,400 with targets of ₹16,500 and ₹18,000.
