Equity benchmarks bounced back amid range-bound trading to close 0.3 percent higher on the Nifty 50 on May 22. Market breadth remained slightly positive, with about 1,539 shares advancing against 1,407 declining shares on the NSE. According to reports from Moneycontrol, a strong move beyond last week's high is required for further market upside; otherwise, range-bound trading may continue.
Sun Pharma Advanced Research Company (SPARC) has decisively surpassed the past one-year consolidation zone around the ₹189 level on a closing basis, indicating a trend reversal on the medium-term chart. As reported by Axis Securities, the stock is well placed above its 20, 50, 100, and 200-day simple moving averages (SMAs), with these averages also inching higher along with the price rise. The daily and weekly Bollinger Band buy signals indicate strengthening momentum, while the daily, weekly, and monthly Relative Strength Index (RSI) remains in favourable territory. Strategy: Buy with targets of ₹235 and ₹255, stop-loss at ₹195.
Gland Pharma has delivered a consolidation breakout following strong gains during the past week, moving beyond its ₹1,400–2,220 range that had held for the past couple of years. According to analysis from AT Research & Risk Managers, the stock is well positioned above its 20, 50, 100, and 200-day SMAs, with these averages gradually moving higher along with the price rise. The weekly and monthly Bollinger Band buy signals indicate increasing momentum, while the daily, weekly, and monthly RSI remains in favourable territory across all time frames. Strategy: Buy with targets of ₹2,460 and ₹2,700, stop-loss at ₹2,250.
Techno Electric & Engineering Company witnessed a breakout above the weekly down-sloping trendline near the ₹1,320 level on a closing basis, with heavy trading volumes indicating increased participation. As reported by Lakshmishree Investments, the stock continues to form higher tops and higher bottoms on the weekly chart, indicating a strong uptrend. Strategy: Buy with targets of ₹1,410 and ₹1,485, stop-loss at ₹1,300.
JSW Steel has been sustaining above the breakout levels of the cup-and-handle pattern while trading range has narrowed over the past few days. According to AT Research & Risk Managers, the stock has created strong support around ₹1,245 and can be bought at current levels with a stop-loss below ₹1,260. GE Power India exhibited a cup pattern spanning nearly two years with the breakout occurring alongside rising volumes, while JB Chemicals and Pharmaceuticals broke out from an 81-week rounding pattern and completed its retest successfully. Endurance Technologies is forming a bullish cup-and-handle pattern with volumes steadily rising as the stock approaches the neckline.
