Equity benchmarks remained in a bear trap for the fourth straight session, declining nearly 2 percent amid dismal market breadth on May 12. According to reports from Moneycontrol, about 2,570 shares were dragged down by bears, while 417 shares witnessed buying interest. Technical indicators suggest consolidation and range-bound trading in the market following the recent sharp fall. The current market conditions present opportunities for selective stock trading based on technical analysis and chart patterns.
Max Financial Services (CMP: ₹1,653.7) has shown a robust rally from lower levels and is continuously trading in an ascending triangle chart formation on the daily scale. As reported by Kotak Securities, for positional traders, ₹1,605 would be the decisive level. If the stock trades above this mark, the uptrend formation is likely to continue till ₹1,780. Sun Pharmaceutical Industries (CMP: ₹1,845.7) has given a range breakout move after correcting from higher levels, with the close above resistance indicating bullish momentum likely to continue. The target price is set at ₹1,970 with a stop-loss at ₹1,780.
Anthem Biosciences (CMP: ₹799) has been forming a classical rounding bottom pattern since October 10, 2025, which is considered a bullish reversal structure. According to Waves Strategy Advisors, the stock surged nearly 2 percent in the previous session and is approaching a possible breakout from the pattern. The ADX is trading near the 46 level, well above the 25 mark, indicating strengthening momentum. Biocon (CMP: ₹402.45) has shown strong relative outperformance after announcing strong quarterly results on May 7, with the 20 EMA crossing above the 40 EMA indicating a bullish crossover.
HDFC Bank (CMP: ₹750.45) remains in a strong downtrend with the formation of lower highs and lower lows, consistently trading below all major EMAs. As reported by AT Research & Risk Managers, the stock can be sold on a rise towards ₹768 with a stop-loss above ₹785. DLF (CMP: ₹569.2) has exhibited a negative reversal pattern with prices forming lower highs while the RSI made higher highs. The stock can be sold on a rise around ₹578 level as the negative reversal pattern continues to play out.
