The benchmark indices wiped out all their opening rally and finished slightly lower on May 21, according to reports from Moneycontrol. However, market breadth remained positive with around 1,711 shares advancing against 1,237 declining shares on the NSE. The market needs a decisive move above the upper end of the 23,300–23,800 range for a fresh leg of rally. Until then, consolidation may continue, as noted by Jay Mehta, Technical Research at JM Financial Services.
According to technical research analysts from multiple brokerages, several stocks show strong bullish momentum with specific trading strategies. Niva Bupa Health Insurance Company is recommended as a buy at ₹83.62 with targets of ₹88.3 and ₹94 and stop-loss at ₹79. Authum Investment & Infrastructure is suggested as a buy at ₹527.2 with targets of ₹578 and ₹635 and stop-loss at ₹481.5. ACME Solar Holdings is recommended as a buy at ₹282.65 with targets of ₹310 and ₹333 and stop-loss at ₹254.
Gland Pharma is showing strong bullish momentum after delivering a horizontal breakout at ₹2,331 with a target of ₹2,580 and stop-loss at ₹2,200. The stock has closed strongly above the previous day's high, reflecting renewed buying interest and potential continuation of the uptrend. An EMA bullish crossover further supports short-term strength, while the RSI continues to trend higher, signalling improving momentum. Thermax is recommended as a buy at ₹4,575 with targets of ₹5,100 and stop-loss at ₹4,325, showing early signs of bullish strength after witnessing strong accumulation near lower levels and rebounding sharply from support zones.
Bajaj Auto is recommended as a buy at ₹10,667 with targets of ₹11,250 and stop-loss at ₹10,250, supported by a bullish flag pattern and strong auto sector performance. The stock has staged a sharp recovery and is now sustaining well above key support levels, trading comfortably above the 20-day SMA with volumes rising alongside the price. The daily and weekly RSI are both holding above 60, reflecting broad-based strength across timeframes. Endurance Technologies is suggested as a buy at ₹2,623 with targets of ₹2,800 and stop-loss at ₹2,530, following a sharp recovery after forming a bottom near the ₹2,500 zone and holding above the ₹2,600 level.
